The so-called “price deposit”

As of Law 4th August 2017, n. 124, the parties of a purchase may expressly appoint the Notary to receive in deposit the amount of money owed as a payment or other amount destined to the extinguishment of mortgages, foreclosures or other pending expenses. In such cases, the Notary will release – to the seller or another creditor, according to the appointment received – the amount of money deposited, once ascertained that no further burdens on the concerned asset exist or – if so requested – at the occurrence of another particular event or service deemed by the parties as necessary for finalizing the payment.

In a nutshell, the “price deposit” represents a further service which the Public Officer may provide to the citizens, thereby contributing to their peace of mind in purchasing a real estate asset. 

novembre 2017 -