2405 Deposit at compromesso

[quote=marco mando]Hi all,
What's the normal amount of deposit at compromesso?
Does it vary (is it negotiable or fixed?)
Any thoughts?
Mille Grazie,
Marco Mando[/quote]

As far as I know it's negotiable. We paid 30% on a property over euro 200k and it was negotiated directly with the vendor. In fact we paid this in 2 instalments of roughly equal size - one at compromesso and one about a month after. From what we know 25 - 30% seems to be about the norm.

It depends on the vendor...although usually around 20% at this stage.
More importantly, make sure you clearly understand your obligations and liabilities before entering into a legally binding contract.

Mine was just under 10%

Ours was 10%.

Norm is 20% although it's negotiable. If you back out you'll lose everything, so if the seller backs out will have to give you back double the amount you paid.

Ours was 10% which we understood to be the norm in our area.

Hi

We were also told in the past 20-30% deposit - it's alot of money to loose if the sale does not proceed. Under certain
conditions you may be entitled to have your deposit returned - but that may be easier said than done. Always take legal advice before parting with any money.

We paid €3k initial deposit (about 1% of the purchase price) which we would loose if we did not proceed with the sale. Then agreed to 10% deposit after certain checks had been completed at the compromesso stage. A previous sale that did not go through we also agreed 10% deposit as well.

Rgds

We paid 500 euros on the day we signed the compromesso with the agreement that we would transfer the balance to make it up to 20% within 1 month. Never had a problem with it.

Hi - we paid 14%. I think it tends to vary from agent to agent - and depends on your relationship with them, or so it seems to me.

Use good advisers. A geometra or agent should guide you through this. I agreed to pay 20% which was understood to be the normal amount and if the seller backed out he was liable for double. As a further safeguard, our compromesso or Preliminare di Vendita contained a clause to the effect that the agreement would be considered valid and binding between the parties only when the vendor had recieved the deposit moneys in his bank account. Thus it was not necessary to pay on the day, and if you had any research on land boundaries to do, you could in fact make a commitment with the compromesso, and send the money later, knowing that you could back out without losing your deposit, if you found something did not stack up at the early stages. I had a reasonably compliant vendor. But this meant that you could sign a promesso, and leave yourself some days to organise a bank transfer, knowing that if you got cold feet, you had an exit route.

[QUOTE=marco mando]Hi all,
What's the normal amount of deposit at compromesso?
Does it vary (is it negotiable or fixed?)
Any thoughts?
Mille Grazie,
Marco Mando[/QUOTE]
we were asked for 10% but i insisted on 30% the purchase showed no technical /legal flaws and at 30% there was no way the vendor was going to back out of the sale...you're going to pay the moneyanyway ..no?

We paid 20% in Bagni but our nephew paid 30% in Viaregggio

Susi

[LEFT][FONT=Arial]When you have signed the preliminary contract or Compromesso, the principle of reciprocity kicks in and your deposit (caparra) becomes subject to the provisions as per articles 1385 and 1386 of the Civil Code. [/FONT][/LEFT]

[COLOR=black][FONT=Arial]There are two types of deposit, each with its own set of legal consequences under Italian law. In either case the deposit is irrecoverable should either party break the contract without lawful reason: [/FONT][/COLOR]

[B][FONT=Arial]A) Caparra penitenziale (Article 1386) [/FONT][/B]

[FONT=Arial]If the buyer fails or refuses to perform the contract without lawful reason he/she automatically forfeits the entire deposit. However, there is some comfort in that the buyer has, by law, the same route to compensation should the vendor pull out without lawful reason, who is under a legally binding obligation to pay the buyer double the original deposit paid.[/FONT]

[B][FONT=Arial]B) Caparra confermatoria (Article 1385)[/FONT][/B]

[FONT=Times New Roman][FONT=Arial]As with the [/FONT][FONT=Arial]caparra penitenziale[/FONT][FONT=Arial], the buyer risks losing the entire deposit if he/she fails or refuses to perform the contract without lawful reason. If the vendor pulls out without lawful reason, he/she forfeits double the deposit. Additionally, in the event of a material breach, not only is the injured party entitled to recover damages as outlined above, he/she can seek a hearing to enforce the contract. For example, if the vendor sells to someone else, you may seek additional damages equivalent to the value of the property itself. On the other hand, if you default, the vendor can force you to buy the property. [/FONT][/FONT]

I paid 10% too (cheap house though!)

Didn't pay a deposit. But then didn't sign a compremesso. Signed a proposta d'aquisto, but refused to attach a deposit, as the offer was considerably below the "asking" price, and couldn't know whether the vendor would accept. It was a sort of take it or leave it. They took it. :) Returned directly to do the Atto before the notary, and paid in full then.;)