Purchase and sale without payment of the price

Payment for the sale of a property usually takes place at the very moment in which the parties sign the deed before the notary, who has the task of ascertaining the delivery of the checks or the transfer of the borrowing bank .

Despite this, the parties could agree on a deferred payment, since it is not forbidden to pay the price after the signing of the sales contract. Beyond the payment, from a civil point of view the property is transferred at the time of the notarial stipulation, and the sale takes place at this moment https://www.provisionhomes.com/we-buy-houses-nashville-tn/

On the fiscal side, there is an obligation to transfer the sale price of a property in a traceable manner, i.e. by bank transfer or non-transferable checks. If the parties declare that the consideration has been paid and it is not the truth, there is a hypothesis of forgery.

The notary usually verifies the authenticity of the declarations of the parties by requesting a copy of the checks or account statement showing the transfer of money. As written above, nothing prevents the seller and the buyer from agreeing to implement a deferred or postponed payment for the sale itself.

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In such circumstances the notary, unable to ascertain the transfer of the money, takes note of the agreement between the parties. Again as mentioned above, if the price is not paid, the contract can be terminated by one of the two parties for breach, and the termination can be requested within a maximum of ten years.

However, if there is a simulated agreement between the parties aimed at not paying the sale price, the seller can no longer claim payment, and it is up to the buyer to demonstrate this agreement in writing.

In the event of debts, the seller may want to fake the transfer of ownership of the property in order not to have the asset foreclosed.

The sale, simulated, and not the donation is chosen because this can be easily revoked by creditors within five years of signing.

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