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Judicial Property Auction Sales in Italy

Participate in a judiciary property Auction Sale held in the Courts in Italy

General considerations

Winning a property sold in a property auction sale held in Court guarantees a safe and very convenient purchase, which allows 30% to 50% to be saved on the market value.

The bidder wins the property entirely free of any encumbrance.
Participation in the Auctions is free and public.
Once the asset you wish to bid for is identified and the execution number is known through advertising, you must locate the relative file from the Property Executions Registry of the Court to view the survey (with the property data and description) as well as the date of the auction sale.

The application form must be submitted on stamped paper by 13:00 on the day before the Auction Sale is held together with two non-transferrable bank drafts payable to the Ordinary Court, property executions section. The amount due is stipulated in the Auction Sale notice.

The bank drafts respectively constitute an advance payment on the price and an advance payment on the award expenses and charges paid to the "judicial deposits" Registry of the Court.
As a rule, the deposit is equal to 30% of the base price.
This deposit can also be paid through Government Bonds, in which case, the receipt of payment made at the Ministry of Treasury must be attached to the application form.

The application form must contain:
- for individuals, certification of the matrimonial property regime
- for companies, a certificate of good standing.

On the day of the auction sale, the bidder can attend personally or ask a representative to attend with a special power of attorney to submit the bid and/or any relaunches. Remember that the bidders admitted to the Auction Sale can relaunch by voice, increasing the last offer by a value that is no less than the minimum relaunch value stipulated in the Auction Sale notice.

It follows that:
- if the bidder does not win the asset, the deposited bank drafts will be returned immediately;
- if, on the other hand, the bidder wins the asset, the base price less the deposit must be settled.

In the latter case, you must wait 10 days to allow for an increase by a sixth.
In fact, the sale may be reopened (with the successful winner) if, in compliance with the relative terms, bids are submitted by increasing the winner's price by at least one sixth. Another Auction Sale date will be set, in which only the winner and those who have submitted a higher bid by one sixth can attend.

Once this new Auction Sale is held, the sale is considered permanently closed with the new award. The final winner must then settle the price within 40 days from the sale; if there is a mortgage loan on the property, the payment will be made directly to the loaning institute for the part of the price owed and the possible difference is paid to the Registry.

Please note that the amount to be paid must include taxes (VAT if the owner is an entrepreneur, registration in other cases) and transfer and benefits provided by law may be applied if, for example, the "first house" is being purchased (which must be requested when submitting the application form). The property is transferred by the Judge, however, not when the sale is won but only when the payment is settled.

The Judge will issue a transfer decree in favour of the winner. Once this decree is transcribed in the Registry (by the Registrar), it will constitute a title of ownership and executive title against anyone who resides in the relative property. (The transfer decree stipulates the Judge's order to the Registrar of the Public Property Registry to clear the mortgages on the property and the order to the previous owner to release the sold property and make it available to the buyer).

Lastly, clearance of the mortgages, transcriptions and prejudicial registrations will be seen to by the party and borne by the execution, which, even if still present on the property, they do not actually have any relevance for the new owner (if need be, you can remit the building permit abuses of the purchased property through the Court within 120 days as from when the transfer is registered with the expenses for the granting taxes or fines borne by the winner).

Data Sheet
n.b. If the application is submitted, however, the bidder does not attend without presenting any documentation or justified cause, only 9/10 of the deposit will be reimbursed and the remaining part will be gained at the executive procedure.

The following must be submitted together with the application:
- if the participant is an individual, a photocopy of his identity card and tax code and extracted summary of the marriage certificate or certificate of freedom;
- if the participant is a company or legal entity, the Business Registration Certificate (or the Legal Person Registry Certificate), attesting the validity of the entity and the powers of attorney, as well as a photocopy of the identity card/s of the legal representative/s;
- if a voluntary representative participates, the original or authenticated copy of the special power of attorney;
- if a lawyer submits the bid for an appointed person, the appointment reservation must be made when participating in the auction;
- if the participant is a foreign citizen, either of two situations must be distinguished:
    a. a non-EU citizen legally resident in Italy;
    b. a non-EU citizen not resident in Italy;
1. In the case of a non-EU citizen legally residing in Italy and therefore holder of a regular and valid residence permit for foreigners or a stay permit, Art. 2 of the immigration law (no. 40 of 6.03.1988) states that the person has civil rights attributed to an Italian citizen, thereby acknowledging EQUAL treatment as an Italian citizen. Equality in terms of judicial protection of rights and legitimate interests in relations with public administration and access to public services.
It follows that a citizen of any non-EU State, residing regularly in Italy, can freely purchase property in Italy.
2. In the case of a non-EU citizen not residing in Italy, property cannot be freely purchased in Italy, unless the so-called "reciprocal condition" applies with his country of origin. This means that an Italian citizen can purchase property in that non-EU country, just like a citizen of that State can purchase property in Italy (just like opening a company or buying shares).
Needless to say, a non-EU buyer must:
a. be in possession of a valid passport;
b. obtain an Italian tax code from the Italian Revenue Agency;
c. know and understand the Italian language in order to sign the deed of purchase, otherwise, organise to have a legal translator present;
d. settle the price in Euro, by bank drafts issued by an Italian Bank (or EU Bank) and not in cash (prohibited by law), or by a mortgage granted by a Bank operating in Italy.

* Money laundering issues are to be dealt with by the Notary who shall stipulate the deed of sale.

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