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Untitled Document
In the United States, lawyers
carry out the functions that are traditionally taken care of by the "Notaio"
in Italy lead to closing. The lawyer is selected by the buyer and is responsible
for verifying the seller's ownership and checking that any outstanding taxes
and mortgages on the property have been paid for. The closing costs are responsibility
of the buyer. The lawyer creates an escrow account through which payments
are made.
The escrow account stipulates
that the payments made through the account are subject to verification of
certain contractual conditions. The initial deposit is made through the escrow
account. This is different than in Italy where the initial deposit is given
directly to the seller. Only upon closing does the lawyer, once all contractual
points have been verified, hand over the entire payment to the seller.
Further information can
be provided upon request.
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