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Legal
Advisor role of our law
firm in Italy (Milan, Bologna, Padova)
in the typical transaction is as follows. A
client advised by a lawyer shall never forget the significant role played
by property matters, which can interfere with a dispute managed by his
attorney. Namely, enforcement of judgment suggests the extreme importance
of a legal advise on property rights. There are further divisions within the estate and real property classification. The most important are freehold estates, non-freehold estates, and concurrent estates. (Others are future interests, specialty estates, and incorporated estate and real interests). Freehold estates are those in which an individual has ownership for an indefinite period of time. An example of a freehold estate is the "fee simple absolute", which is inheritable and lasts as long as the individual and his heirs want to keep it. |
INVESTMENT IN ITALY, find herein the link to our database of articles
find here our database on-line.
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Another example is the "life estate", in which the individual retains possession of the land for the duration of his or her life. Non-freehold estates are property interests of limited duration. They include tenancy for years, tenancy at will, and tenancy at sufferance. Concurrent estates exist when property is owned or possessed by two or more individuals simultaneously.
On
other side, a wide body of national statutes worldwide governs real
estate transactions . The counselling on requirements established by state law
often differs significantly from one state to the next.
We have a lot of
contracts and juridical roles. The contract between the broker and
seller is called a listing agreement. The agreement may be an open
agreement where by the broker earns a commission only if he or she
finds a buyer. A listing is exclusive if the broker is the only agent
entitled to a commission for finding a buyer. Under an exclusive
arrangement a broker may be entitled to a payment even if the seller
finds the buyer without the brokers aid. Estate brokers and
salesperson are licensed and regulated by different national state
laws. The agreement to sell between a buyer and seller of real estate is governed by the general principles of contract law in every state. It is commonly required in estate contracts that the title to the property sold be marketable. This requires that the seller have proof of title to all the property he or she is selling and that third parties not have undisclosed interests in the title. A title insurance company or an attorney is often employed by the buyer to investigate whether the title is, indeed, marketable. Title insurance companies also insure the buyer against losses caused by the title being invalid. In order to pass title, a deed with a proper description of the land must be executed and delivered. Some states require that the deed be officially recorded to establish ownership of the property and/or provide notice of its transfer to subsequent purchasers. The most common method of financing real estate transactions is through a mortgage. |
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since 05/31/2003
© 2003 SMAF Associates. All Rights Reserved. |
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