“Technical question on Notaio

08/11/2017 - 10:47

“Technical"  question on Notaio function What is the responsibility of a Notaio to ascertain the “validity” of the method of payment at the closing of a real estate sale in Italy? In forty plus years of real estate dealing, buying and selling in Europe and obviously in the lower price brackets, have always had all cash transactions. Does the Notaio have to verify the validity of the payment method?If the seller accepts a check, personal, bank draft, certified, whatever, does the Notaio have any responsibility to determine the validity of such payment or is the seller’s willingness to accept such payment satisfactory, provided, however the stated price/value is legitimate.Or accepting stock certificates, bitcoins, other property in exchange, or a partridge in a pear tree?Every transaction we have had, the Notaio always left the room or turned his back when the payment was handed over so how would he know what the payment actually consisted of. Anyone have any wisdom on this?Thanks,Fred



Fred hopefully Modi or Ugo will answer your question in full based on their vast experience. However we were specifically asked to by the notaio to provide details of the payments made, both deposit and final payment. For both he wanted sight of a reference and quoted this in the final deed.

Payments in cash are no longer permitted.  If the notaio turned his back then there was something illegal going on such as underdeclaration.   Now payments must be inserted into the text of the act with all the details - bank, cheque number, etc.  Most notaries insist on assegni circolari - bankers drafts, or bonifici.  Very few notaries will advise personal cheques.  The traceability of all funds is a legal requirement.