Hi there, I am buying a house in Italy and

07/19/2022 - 09:36

Hi there, I am buying a house in Italy and the Notary has asked that i send the cleared funds to his account 7 days before the date of the reading / key handover.

I have a euro account in another country but not italy therefore cant do the bankers draft stuff. I just feel a little apprehensive about transferring such a lot of money (its a big villa) to someone and having to just sit there and wait a whole week without the money before receiving the keys.

Am I crazy for being suspicious of this? My lawyer thinks it's normal but thought I would ask here for some thoughts.

Thanks very much indeed!

Topic

Legal

Buying

Location

Garda

Comment

this is standardly Italian Notary procedure -

You both need to know that the notary in Italy is a public official, and has, for this use, a bank account, called a fiduciary account - This fiduciary account is governed, in Italy, by a law - the art. 1, paragraphs from 63 to 67, of the law of 27 December 2013, n. 147 -

More info at > https://biblioteca.fondazionenotariato.it/art/conto-corrente-dedicato-c…

For two years this is now the norm. The notary's dedicated account is a state held account - and the buyers money is deposited in there. Once the act is done, and the notary has checked there are no last minute debts on the property, and the act is full transcribed, he releases the funds to the seller. It is in fact a good safeguard for buyers.

Hi there, I am buying a house in Italy and

Comment

this is standardly Italian…

For two years this is now…

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