Italy Real Estate Update - February 2014

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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 which, 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.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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