In the planned purchase it is possible to immediately go and live in the property and consequently there is immediate availability. To complete the deed, the buyer and seller go to the notary to stipulate a preliminary contract of sale .
In this phase the buyer pays a share of the price, at least 10% is recommended (for the mortgage the bank usually requires at least 20%), the same can be considered as an advance on the price or a deposit . The preliminary sales contract is recorded and transcribed and is therefore opposable to third parties https://www.provisionhomes.com/we-buy-houses-nashville-tn/
From this moment on, the lessee/future owner will be able to start living in the property and pay a monthly fee which, however, will be deducted in full from the final price of the property. This is an important difference from buy-to-own purchases. Another important difference with respect to the previously seen contract is given by the fact that the contract is valid for 36 months , i.e. three years.
This is an effect derived from the fact that the law does not precisely regulate the planned purchase contract and consequently reference must be made to the civil code which provides for the validity of the transcription of the documents in the register for a maximum of 3 years.
In the period between the preliminary contract and the final deed , the owner remains the seller and consequently it is up to him to pay the taxes, for example the IMU, and to bear the extraordinary expenses, while the future buyer has to bear the maintenance costs ordinary and operational, just like in a rental contract.
If at the end of the stipulated period the lessee decides not to purchase, the owner can in any case retain the sums already collected . To recover the sums it is possible to look for a person interested in the purchase and therefore available for the deed, he should enter into the contract and consequently return the sums to the previous contractor.
One of the advantages of stipulating the preliminary sale or planned purchase is the possibility of acquiring credibility with the bank because it can be demonstrated that throughout the previous period there was regularity in the payment of the monthly amounts.