What are the legal guarantees for the buyer?
The Italian legislation intervened over 10 years ago with the legislative decree n. 122 of 20 June 2005 to protect buyers with a series of regulatory interventions that tend to guarantee the weaker party, the buyer, especially in the event of the onset of negative events against the construction company (real estate executions, bankruptcy procedures,
arrangement with creditors, administration forced or liquidation of the company). Unfortunately, to date, the legislation is still little known and, above all, little used and applied by construction companies although it is a legislation that has as its primary objective precisely that of giving security to the real estate market through shared rules, thus giving new impetus to the sale. of the House. Let’s see together the main contents:
A state of insolvency of the builder following the request of the buyer to return the amounts paid as a deposit, the construction company is required to deliver a bank or insurance guarantee to the buyer equal to the total amount of all the sums advanced. The guarantee must necessarily be effective until the definitive deed of transfer of the real estate property and therefore must also be extended to the sums that will be paid by the buyer after the signing of the preliminary contract of sale. The sums that the buyer will pay through a bank loan and any public contributions are excluded from the aforementioned guarantee. How does this important guarantee work?
The buyer will be able to collect the surety and get back all the sums advanced. For this to be effectively applicable, the waiver of the benefit of the prior enforcement must be affixed to the surety so that the buyer can directly request the payment of the amounts to the bank or insurance company without contacting the manufacturer.