Preliminary Purchase Agreement

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apr 112021

On the other hand, on the occasion of the signing of the pre-order, the seller receives a substantial down payment (caparra confirmatoria) which could be maintained in case the buyer has abandoned the purchase. As a general rule, the pre-agreement is not a public document, but a private agreement (scrittura privata) which is binding only between the parties and not against third parties, unless the provisional agreement is transcribed into the real estate register. The ”preliminare di compravendita contract”, also known as ”compromesso”), is – like an offer to buy – a contract that obliges the parties to sell and acquire a particular property through the final contract of compravendita. A recurring misunderstanding in the context of a temporary real estate contract is that the contract transfers ownership from the seller to the buyer. Indeed, the interim real estate contract merely lays the groundwork and identifies the general parameters of the final sale transaction and the transfer of ownership, a process that will take place later. In view of the binding effects of the interim purchase and sale contract, the following the PSPA, before signing, we strongly recommend that it be processed by an Italian lawyer or at least have it reviewed by an Italian lawyer, taking into account the outcome of the legal real estate diligence. Unless otherwise agreed, the buyer must pay taxes related to the purchase of a property. At Stornelli Law Firm, we offer support throughout the buying and selling process, from negotiating all PSPA terms to the closing exchange, based on the specific needs of our clients and without them being physically present at every stage of the process. The first formal legal step in the purchase of real estate is the conclusion of a temporary real estate contract, according to the California Real Estate Practice of Lowell Anderson and Daniel Otto. California laws, as well as those on books in other states, require parties who wish to transfer real estate through a sale to enter into a temporary real estate contract, according to Mark Warda`s ”Essential to Real Estate Contracts Guide.” Since the buyer transfers money into the seller`s account by signing the preliminary contract, all the terms and conditions contained in the contract must be clearly explained and well explained for both parties, thus avoiding misunderstandings, legal procedures, waste of money and time. Prior to the signing of the ”interim sale contract,” the Local Tax Office (”Eforia”) calculates an estimated value of the land or land.

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