In order to stop a property being sold (to somebody else) and to take it off the market, you need to get a signed contract (ie by both the vendor and the purchaser), in addition, you need to pay a deposit, this is the first step , called Compromesso:-
Part 1: Compromesso (preliminary agreement of sale)
This initial contract (literally ‘compromise) stipulates all the conditions of the sale. It is usually prepared by your real estate agent and will include every aspect of the sale (you will be expected to supply certain personal data, copy of passport etc). You also need to agree the on the deposit amount (typically 25 or 30% of the sale price). The date on which the final contract will be completed must also be stipulated (this can be as little as a few weeks or as long as 6 months), all of these items are a matter for discussion to fit in with yours/vendors personal circumstances and availability.
The compromesso does not need to be signed in the presence of a lawyer/notary, but when signed by both parties it must also be ‘registered’ (an Italian govt anti-fraud process), and specially purchased stamps are attached to the document (the vendor pays for these!). If you are foreign, your agent should automatically provide a translation of the Compremesso document, and will explain any unfamiliar terms.
At this stage the property is still legally owned by the vendor and you will not be able to have a key or do any work on the house until the final contract is signed unless you have an agreement in writing from the owner.
NB: If , the vendor changes his mind after having signed the contract and received the deposit from the buyer, he will have to refund the buyer not only the money received but double. OR If the buyer changes his mind after having signed the contract and paid the deposit, then he will forfeit the deposit.
This is enshrined in Italian law and is called “ Caparra Confirmatoria” (article 1385 of the Codice Civile).
Part 2: Rogito Notarile (final deed of purchase)
On a pre-agreed date, both vendor and buyer will meet to finalise the deal, and pay the outstanding balance of the sale:
This is the actual point at which you become the legal owner of the property. The Rogito should be worded in exactly the same way as the compromesso. If there are any changes you should have been told by your agent prior to the signing ceremony.
This contract is signed in the presence of a Notary who is legally responsible for making sure the contract is sound and the parties understand what is being signed. To this end, the whole of the contract will be read out (in Italian and English) and you will be asked if you understand everything. If you will not be present at this signing, you can give Power of Attorney to someone you trust (eg your agent) who will sign on your behalf.
Once the Rogito is signed by all parties then you must hand over the final payment of balance (usually in the form of pre-issued bankers drafts), in return you will get the keys to the property (if it has one!), and the house is now yours.
In addition, you will also be required to pay the Notary fees (another buyer prerogative), again by bank cheque or cash. You will not receive a copy of the signed contract immediately, as this also has to be registered etc, you will get your copy 4-8 weeks later from your agent.
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