Lesson 17

01/12/07 Lesson 17
From ILE text book:
p. 143 Listening 2: Buying a house in Spain ex 24-26

p. 144 Reference email

pp. 146-147 Language Focus ex. 146-147

Language notes to buying a house in Italy

red tape = nastro rosso; burocrazia pedanteria burocratica lungaggine burocratica
C18: so named because of the red or pink tape used to bind official documents.
from the red tape formerly used to bind legal documents in England


GAZUMPING = VENDENDO UNA CASA AL MAGGIOR OFFERENTE. IMBROGLIANDO. DELUDENDO
The verb "gazump" means to refuse to formalise a sale agreement at the last minute in order to accept a higher offer. The word is thought to have come from the Yiddish word gazumph meaning to swindle or overcharge, which became gangster slang in the 1920s.
With buoyant property prices in the British residential property market of the late 1980s and early 1990s, gazumping became commonplace in England and Wales because a buyer's offer is not legally binding even after acceptance of the offer by the vendor.
When the owner accepts the offer on a property, the buyer will usually not yet have commissioned a building survey nor will the buyer have yet had the opportunity to perform recommended legal checks. The offer to purchase is made "subject to contract" and thus, until written contracts are exchanged either party can pull out at any time. It can take as long as 10-12 weeks for formalities to be completed, and if the seller is tempted by a higher offer during this period it leaves the buyer disappointed and out-of-pocket.

Cog = tecn. (tooth) dente m. (di ingranaggio); (wheel) ruota f. dentata, rotella f.; a (tiny) cog in the machine fig. una (semplice) rotella nell'ingranaggio. “the cogs of the bureaucratic machine”

Loophole = 1 arch. feritoia f. 2 fig. to close o plug a loophole rimediare a una lacuna; to find a loophole trovare una scappatoia o via d'uscita.

Levy = v. imporre; riscuotere, esigere; (Mil) arruolare, reclutare, chiamare alle armi; muovere, fare; (Dir) agire esecutivamente su

an irrrevocable purchase agreement = a Proposta irrevocabile d'acquisto

The preliminary contract = (Compromesso) commits both parties to the sale. This contract establishes the terms and conditions of the final contract (Rogito) and details price, date for completion, the nature of the property and guarantees from the seller. It may also include any other relevant legal details.

Deposit = (Caparra) You will be expected to pay a deposit at this stage which is usually 1/3 of the purchase price. It is important to note that if you withdraw from the sale after signing the Compromesso, you lose your deposit. However, if the seller withdraws, he must pay you double your deposit.

Rogito = This is the final stage of the process and transfers ownership of the property from the seller to the buyer (usually 1-3 months after the Compromesso). The document is drawn up by the Notary (Notaio), who represents both parties. The buyer, seller and estate agent are all required to be present for the signing of the contract at the Notary's office. You can sign the Rogito in person or we may be able to appoint a Power of Attorney in your absence

Surveyor fee = – This fee is also payable at the signing of the final contract. Some Notaries liaise with a Geometra directly and you will only pay one fee directly to the Notary. The geometra will check all the documents for the house are up-to-date and legal, that buildings have fully registered title and that the house complies with planning regulations.

Purchase tax = – which is either 3% (replaced by 4% VAT if buying from a building company) if the buyer purchases the property as his first residential home in Italy and applies for residency in the local area, or 10% if the foreign buyer already owns property in Italy or does not wish to apply for residency. Please note that the tax is calculated on the declared value of the property and not the purchase price ie. on the value stated in the building registry. The declared value of land is extremely low, unless it is valuable land such as olive groves or building land;