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 Post subject: Payment
PostPosted: January 17th, 2012, 5:19 pm 
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Joined: June 5th, 2007, 4:36 pm
Posts: 1105
Location: Italy
The property agent is asking that funds be sent straight to them, and not to a notary. Is this normal practice?


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 Post subject: Re: Payment
PostPosted: January 17th, 2012, 5:19 pm 
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Joined: June 5th, 2007, 4:36 pm
Posts: 1105
Location: Italy
Clients should always pay to the person or company on their preliminary contract, who should be the entity holding the title deeds to the property or land.

The notaries we work with are used to working with foreigners by now and assist us by receiving client money into their escrow account, from which they will write a bankers draft (assegno circolare) to give to the vendor when he/she has signed the notary act.

Should the notary not be able to do this, the alternatives are as follows:
- open a personal account in Italy with a local bank (useful for bills later anyway), wire the money there and request a bankers draft to take to the notary
- use a lawyer that is able to provide escrow services (try Zagami Law in Rome or International Property Law Center in London)

I would strongly advise your client not to wire the money to the agent unless the agent also happens to be the owner/developer and that can be proved by existing title deeds.

The agent may just be trying to help, but he may also disappear.


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