Italian escrow account

In the last quarter of 2017 Italy has introduced a new rule for the real estate transactions; it aims to provide stronger  protection to both the buyer and the seller.

Today, funds for the completion of purchase of Italian property could be held in a escrow account by the Notary in charge for the transaction.

On the other hand it is worth to precise there is no obligation to follow this prescription, as it is more about a specific buyer request.

Deposits connected with a purchase proposals, preliminary and/or Rent-to-Buy agreements are not included in this new law.

This law applies for those ongoing property transactions started before the 29th August 2017.

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