Guarantees on account of real estate sales

The Law of August 2, 2004 n. 210 "Delegation to the Government for the protection of the property rights of buyers of real estate to be built" and the related Legislative Decree of June 20, 2005 no. 122 “Provisions for the protection of the property rights of buyers of real estate in the construction phase, in accordance with the law of August 2, 2004, n. 210”, introduced new obligations for the builder in order to guarantee the buyer a true quality of construction:

Obligation to contract a guarantee policy that guarantees all the advances that the client pays to the seller, and that will be returned in full in case of bankruptcy of the builder and impossibility of finishing and delivering the property; Obligation to take out a ten-year posthumous compensation policy that covers construction defects of the structure, envelope, waterproofing, flooring and interior coatings, etc.

The selling construction company grants the buyer a guarantee equal to the amounts collected in the manner established in the contract to guarantee the possible bankruptcy of the construction company.

The guarantee can be stipulated immediately on the entire amount of the advances, both those paid and those payable, provided for in the preliminary contract of sale.

The premium is paid in a single payment for the entire duration of the guarantee, or until the transfer of ownership of the property.