Italy real-estate update — February 2014: new rules on the payment of purchase prices in real-estate asset deals
Paragraphs 63 through 67 of section 1 of the Law no. 147 of 27 December 2013 (the so-called ‘Stability Law’) introduced certain new provisions applicable to the payment of the purchase price in real-estate transactions.
The aforementioned law, in a nutshell, introduces a system that, similarly to what occurs in certain foreign jurisdictions (for example in France), introduces a layer to the direct transfer of the purchase price from the purchaser to the seller upon signing real-estate and businesses transfer deeds. Accordingly, the price will necessarily be routed through the notary public notarising the transfer agreements.
Moving on to the details of the new provisions, it is paramount to draw the perimeter of the transactions that are affected…
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