this is standardly Italian…
Submitted by Ugo on Fri, 05/19/2023 - 17:29
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…
Submitted by modicasa on Sun, 05/21/2023 - 02:29
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.
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