The notary’s figure in Italy
A notary, or notaio, in Italy is a public officer, appointed by the state and whose role is to authenticate and attest acts. No property transaction in Italy cannot be undertaken without the intervention of a notary. Once you have chosen the property that you wish to purchase, the time has come to also choose a notary to carry out the required formal document checks on said property, including ownership, land boundaries, rights of way and existing mortgages. It is normal practice that the notary be both chosen and paid for by the buyer, although it is worth bearing in mind that he/she is there in an official capacity as a government representative and not to represent either the seller nor the buyer. The notary is always a neutral party in the property transaction. As part of his/her investigations, the notary will confirm the identities of buyer and seller, as well as confirming that the respective parties are entitled to part of the transaction. Another part of the Italian notary’s duties is to calculate the taxes (imposta ipotecaria e catastale, valore catastale due to be paid on the transaction, to collect said taxes on completion of the property sale and then to pay them on behalf of the two parties. The notary will undertake to register the contract of sale within thirty days, and a copy of the deeds will then be sent to you within a short space of time.
The notary is a professional figure in the real estate sector
Notaries in Italy will often specialise in the following fields: Conveyances, Property Law, Family Law, Corporate Law and Successions and are able to provide consultations regarding contractual obligations. Under Italian law legge notarile (Legge 16 Febbraio 1913 n. 89), notaries must provide impartial and independent advice to all parties. You may require the services of an Italian notary while: – purchasing real estate. – formalising a mortgage with an Italian bank. – preparation of power of attorney for a third party. – changes to property ownership between spouses. – court application pertaining to authorisation regarding a minor. – donation of assets. – last will and testament. – formalising legal documents to set up or make changes to a company. – confirming acceptance and use of foreign public documents in Italy.