Question from lilla, Can I Claim Financial Damages if a House Sale Fails Due to the Buyer’s Inability to Secure a Mortgage in Italy?
Answer from AI:
In Italy, the process of buying and selling property involves several steps, including the signing of a preliminary contract or “compromesso”. This contract outlines the terms of the sale and is usually accompanied by a deposit from the buyer. If the buyer fails to complete the purchase, for example, by not securing a mortgage, the seller may be entitled to keep the deposit. However, the question of whether the seller can claim additional financial damages is more complex.
Understanding the Compromesso
The compromesso is a legally binding agreement. If the buyer backs out without a valid reason, the seller is typically entitled to keep the deposit, which is usually around 10-30% of the property’s price. This is stipulated under Article 1385 of the Italian Civil Code.
Claiming Additional Damages
Claiming additional damages beyond the deposit requires demonstrating that you have suffered a financial loss as a direct result of the sale falling through. This could be challenging, as you would need to prove that the buyer’s failure to secure a mortgage directly caused you to lose money.
For example, if you had already committed to buying another property based on the expectation of funds from the sale, and you lost money as a result of not being able to complete that purchase, you might have a case. However, the amount you could claim would depend on the specific circumstances and the extent of your financial loss.
Seeking Legal Advice
Given the complexity of this issue, it’s advisable to consult with a legal professional who specializes in Italian property law. They can provide personalized advice based on your specific situation and help you understand your options.
Remember: This information is a general guide and does not constitute legal advice. Laws can change, and each individual situation can be different. Always consult with a legal professional for advice tailored to your situation.
The answer is written by AI.
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Disclaimer: The information provided in this response is intended for general informational purposes only and should not be considered as legal advice. While we strive to provide accurate information, we make no guarantees regarding the accuracy or legal validity of the information presented. Laws and regulations vary by jurisdiction and can change over time, and the application of laws can vary widely based on the specific facts and circumstances involved. Therefore, you should consult with a qualified legal professional before making any decisions related to legal matters. Do not rely solely on the information provided in this response for any legal decisions. We disclaim any and all liability with respect to actions taken or not taken based on the contents of this response.
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