Keeping Your Money Safe in a Holding Account until the Completion of Your Italian Property Purchase
On 29th August, 2017, the holding account was introduced. The new legislation governing payments for the purchase of Italian residential and commercial real estate property came in to effect as part of the Law of Competition. The legislation is retroactive, which means that it also applies to ongoing property purchases started prior to 29th August 2017.
New rules aim to give better protection to both buyers and sellers. Funds for the completion of purchase of Italian property real estate will now be held in a holding account by the chosen notary to the transaction. Deposits connected with a reservation offer and preliminary contracts are not subject to this new legislation. (more…)