Update! The notaio has said
Submitted by Dreamgirl on Sat, 05/17/2014 - 04:19
In reply to A newbie all over again! by Annec
There is theoretically no
Submitted by modicasa on Tue, 05/20/2014 - 03:54
In reply to A newbie all over again! by Annec
There is theoretically no problem with paying for a property in sterling, as long as the notaio stipulates the act in Italy adn everything is written clearly in the atto. The problem comes as the money should be in the sellers' bank account at the moment of the signing, so either you need a very reliable bank manager who will do an instant transfer or you have to trust your sellers. Alternatively the notaio can write into the atto that it takes effect only when the money has been receievd by the seller and within a certain amount of time. Only then can the notaio transcribe the atto.
Yes there are escrow accounts
Submitted by Dreamgirl on Tue, 05/20/2014 - 04:05
In reply to There is theoretically no by modicasa
Yes there are escrow accounts in the UK to ensure the money is available for immediate transfer - a very convenient system. As it is the buyers who have requested the payment in sterling in this case the current idea is that their payment will be made first, verified as having been received into my friends' account and only then will the transfer of title be done at the notaio's. In other words the buyers are driving the sterling purchase process and so they can bear the (small) risk. Thanks for your idea about the notaio including a clause that stipulates it is only after the money is verified as having been received that the atto takes effect.
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