AREAS OF ACTIVITY

The Notary’s expertise

Notary Portelli’s office, also thanks to the cooperation with a qualified and skilled staff under the direct guidance of the Notary, offers consultancy and assistance together with competitive and efficient services that, apart from being delivered rapidly, stretch to all legal sectors, including family office and private banking, civil and tax consultancy on contracts, corporate transactions and wealth planning transactions (Trust).

The Notary’s activity, in any case, does not end with the the signing of the document, but it includes also requirements, tasks and obligations performed with the highest dedication and the most careful attention. Talks with the parties are central, therefore they are personally held by the Notary, in order to identify the most convenient solution from a legal and tax point of view, to put into practice according to the needs declared by the parties.

The Function of the Notary

Notaries are public officials established to receive inter vivos and testamentary deeds, give them credit and authenticity, filing them, issuing copies, certificates and extracts.

Notaries also have the faculty to:

sign and file actions related to cases of voluntary jurisdiction, regarding stipulations entrusted by the parties;
take acknowledgment of acts of notoriety in civil and trade matters;
receive declarations of acceptance of inheritance with the benefit of inventory as provided by the article 955 of the Civil Code, as well as the acts of permission for minors to enter into contracts, as provided by the article 9 of the Commercial Code. These declarations and deeds will not become effective until the day when they are transcribed in dedicated registers kept for this reason in the legal records office;
proceed, after having been delegated by judicial authority, to affix and remove seals in the cases provided by civil and trade laws;
- to inventaries in civil and trade matters, as provided by the article 866 in Civil Procedure Rules, unless the judge responsible for the case and in the interest of the party, does not decide to delegate the chancellor;
- to auctions and partitions by court and to all the necessary operations;
- to issue birth certificates to retired people and to other recipients of public subsidies, as provided by the article 402 of the regulation on government accounting on 4th May 1885, n. 3074.

Notaries, moreover, perform other functions as provided by the law.

Notary’s Costs

The notarial bill includes both the Notary’s fee, plus taxes, fees and other expenses related to the case.

Notaries, as withholding agent, are required to pay to the Tax Agency all taxes related to the deeds they received. As this sum, especially for real estate practices, is often high, they can deny their performance if the necessary sums are not made available to them.

Clients have the right to ask for the a detailed list of expenses, knowing that an accurate answer means an accurate exam of the practice, reading all the necessary documents, as well as an in-depth talk in order to understand the party’s intentions.

Areas of activity

1
Buying and Selling
In order to prepare all the documents necessary to institute proceedings, Notaries carry out different activities: first of all they investigate the parties’ will, in order to identify the most suitable kind of deed to achieve clients’ goal, in the respect of law; this is the reason why they ask for any information that could give them the possibility to fully understand the result they wish to obtain. The parties have the right to personally talk to Notaries and ask them for any useful explanations to understand the consequences and the legal effects of the deed; this is the reason why often, after talking to the Notary, the initial decision changes.
2
Donations and Divisions
Notaries have the faculty to manage generational transitions due to death causes such as: inheritance by law or by will, presentation of succession complaints and payment of the related taxes.
3
Family
Law regulates many aspects of family life, both in the asset field and in others, establishing the rights and duties that, with marriages or civil partnerships, arise between the subjects involved.

In the field of family law the role of Notaries is by far more important one could think because – having a specific knowledge about the subject – are able to offer a highly qualified consultancy and to propose the most suitable solutions in the area of property regime, both in order to regulate the relations between spouses or civil partners, and to work correctly in the benefit of sons or possible incapacitated subjects, avoiding non-compliance with legal provisions.
4
Company acts
Notaries take action also in the field of extraordinary operations of limited companies, that is when assemblies of these companies approve modifications in the content of the Statute or, in order to meet new needs, they decide to carry out operations leading to the variation of the share capital or a radical change in the organizational structure.

As provided by the law, these operations must be recorded by Notaries, who are also entrusted with transformations, mergers, divisions, issuing of bonds.

Notaries, after checking the conditions established by the law are met, ask that the deed is filed in the Companies’ Register. This will ensure the deed efficacy.
5
Setting up companies
Also in this sector the Notary has a vital role. The Italian law provides that only in the case of setting up an “individual” company there is no obligation to call a notary, while in every other cases it is necessary the notary takes action to draw up the incorporation act and files it at the local Chamber of Commerce, to have the new company included in the relevant Register.
6
Transfer of shares
In case of transfer of shares in limited companies, Notaries have the task to check legal ownership of the shareholding, that it is not undermined by prejudicial formalities, and that all the laws setting limitations to transfer of shares are respected. Moreover, Notaries checks the shareholdings are regularly filed at the Companies’ Register, and is responsible, together with the seller, for the existence of constraints or burdens resulting from the Register and that had not been explicitly declared.
7
Sale of companies
Selling a company means transferring a company’s right of exercise to another economic and/or legal subject. It usually happens after an act of sale-purchase, succession or donation.
8
Rent of companies
Renting a company is a contract through which a subject (called lessor or grantor) grants another one (tenant) the right to use its company, or a branch of it, for a set period of time and upon the payment of a price (fee).

It is a very flexible instrument and is used in the trade field, as it allows to meet numerous organizational and business needs without totally disposing of the business.
9
Mortgages and Subrogations
A Mortgage is defined by the law in the article 1813 of the Civil Code as the «contract with which a party delivers to another a certain quantity of money or other fungible things, and the other takes on the obligation to return the same quantity of things of the same species and quality». The object of the most frequently used contract is money mortgage. Private individuals can stipulate between themselves a mortgage, however the most popular one is the one put in place by banks, and it is usually governed by special specific laws, the most important of which is the Consolidated Law on Banking (Law Decree dated 1st September 1993, n.385).

In the mortgage contract the bank provides money to the borrower, who takes on the committment to give it back in periodic instalments (usually monthly, but they can also be every three or six months or every year). Every instalment is composed by two elements: a part of capital sufficient to obtain that the entire debt is returned within the fixed period, and a part of interests, to remunerate the activity of the bank.

The way the mortgage provides for the return of the capital is called “Amortization Schedule”. There are different possible kinds but in practice the most used is the so called “French mortgage” that contemplates, with the same interest rate, a costant instalment, with initial instalments composed almost entirely by interests, and little capital. These proportions gradually reverse as the mortgage runs, up to final instalments that are composed almost entirely by capital, and only a reduced share of interests. With this plan the capital falls very slowly during the first instalments and possible fluctuations of the interests have a considerable effect.

The subrogation (“mortgage portability”) is the legal arrangement with which borrowers have the possibility to transfer their mortgage from their Bank to another, without additional expenses and costs. Actually it is a new mortgage contract replacing the previous one and in which the take over takes place at the conditions agreed between borrowers and the bank taking over. Following the subrogation contract, there is no sign of a new mortgage, as the new Bank takes over the existing one that is transferred to its benefit. Therefore, with the subrogation there is “the transfer of the existing mortgage contract”. It is important to underline that subrogation is necessarily granted and until the repayment of the residual capital of the previous mortgage.
10
Successions
There are two types of succession: “by will” when it is regulated by a will, “legitimate” when it is only regulated by the law. In any case our legal system estabilishes that a share of inheritance, the so called “legitimate inheritance”, belongs by right to the closest relatives. In this field the Notary’s action is extremely important to make the best decisions and to take all necessary steps for a safe succession.
11
Wealth protection

Also called “Wealth Advisory”, it is the financial, tax, legal and corporate advisory, that Notaries carry out to help privates and companies to reach their capital objectives in the fastest and most efficient way.
12
Transactions
Transaction is the contract with which the parties, granting mutual concessions, terminate a dispute or prevent its arisal. The precondition is therefore the existance, even just potential, of a legal conflict capable of transforming into a trial (the so called de facto dispute).

It must be underlined that the res judicata transaction is voidable if even just one party knew about the existence of res judicata (1974). Moreover, it is believed that when both parties know about the existence of res judicata there is no transaction but an atypical contract (legal transaction of assessment).
13
Power of attorney
A power of attorney, whose cost is not fixed any more but at Notaries’ discretion, is the act through which a subject “delegates” another subject the possibility to take action on his/her behalf to perform one or more legal acts. The power of attorney is called “special” if it’s limited to a single act or a specific part of the affaires of the applicant subject; it is instead defined “general” when the delegation is valid for all affaires.

The documents necessary to sign a power of attorney change according to the kind and to its purposes:
1. for a general power of attorney it is necessary to go personally to the Notary in possession of a document of identity, fiscal code and full details of the person who will be entrusted with the power of attorney;
2. there are several cases of special power of attorney and consequently also the documents to be shown change. In any case these are always requested: identification document, fiscal code and full details of the person who will be entrusted with the power of attorney.
14
Foreign power of attorney
In drawing up a public act it is sometimes necessary to use or to refer to acts drawn up in other Countries (generally the most popular case is a power of attorney drawn up abroad).

In order for a foreign act to lawfully have effects also in the Italian legal system, several prerequisites are necessary, which vary according to the Authority that has drawn up the act and the Country of origin.

It is important to mention that a foreign act, in order to have effects also Italy, must be previously filed at an Italian Notary or a Notarial Archive; however, attaching a foreign act to an Italian Notary’s act is equivalent and replaces the filing – article 106 of notarial law (therefore if somebody wants to use a foreign power of attorney it is sufficient it is attached in the same act in which the same power of attorney is used, without previously filing it).
15
Notarial deeds
The deed of notoriety, or sworn declaration, consists in a declaration on oath, by two over 18 year old witnesses (in possession of a valid document), in front of a public official (they can be Notaries or chancellors), to certify states, personal qualities or facts (death, birth, existence or not of a will, etc.), that they are aware of and that are publicly known. The two witnesses must not be kin or relative of the person involved but must be unrelated to the act and in possession of civil rights, so that this declaration recorded by the filing officer gives probative value tothe fact, act or personal quality involved.
16
Notarial certifications
Notaries arrange 20-year Notarial certifications that can be used as provided by the law in replacement of the Mortgage and Cadastrial Certificate issued by the Property Register and by the Cadastre.

Law n. 302 on 3rd August 1998 on Property Executions has infact introduced the possibility to submit a 20-year Notarial Report (Notarial certifications) in replacement of the Mortgage and Cadastrial Certificate issued by the Property Register and by the Cadastre.
17
Endorsements
Notaries can endorse the books provided by the Civil Code and by tax laws (law 600/73 and 663/72).
18
Acquisition of immovable property by foreigners
The possibility for foreigners to purchase property in Italy depend on their legal status. No obstacle will be encountered by EU and EFTA citizens, as well as by stateless people who have been resident in Italy for more than three years. The possibility of purchase for a foreigner “regularly residing”, their family members and stateless people in Italy is affected by the possession of the residence permit for specific reasons or by the residence card. Lastly, foreigners not regularly residing will be allowed to purchase immovable property in Italy only if explicitly provided by an international treaty or if there is the so called condition of reciprocity (that is if an Italian can purchase a house in that foreigner’s country of residence)
19
Crossborder merger
Crossborder merger is the trade operation involving companies regulated by different legal systems. The Italian legal system foresees both intra-UE and extra-UE Crossborder merger, respectively if the involved companies belong to UE contries or if oppure merger involves also countries outside the UE.

In the merger operation both domestic reference law and UE or international law will be applied depending on the involved countries. In the case of contrast between the applicable laws, the law that will be applied will be the one applicable to the company resulting from the merger.

In the period going from the merger resolution and the stipulation of the merger deed, the Notary is also required to draw up the Preliminary Certificate testifying the regular fulfillment, as provided by the law, of deeds and formalities previous to the merger. Moreover, if the company resulting from the merger is regulated by the Italian law system, the Notary who stipulated the merger deed will be asked to issue the Final Statement having as an object the legitimacy check on the implementation of the crossborder merger.
20
European Certificate of Succession
The European Certificate of Succession is issued by a Notary in cases in which heirs, legatees, executors or administrators of an estate must enforce, in a EU State, rights and duties arising from an inheritance. It is a document benefiting a direct circulation in all EU States, does not need any “legalization” procedure and is a valid document for the recording of succession property in the proper register of the member State.

CONTATTACI

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For any special request do not hesitate to contact us on our phone number or filling in our form. Our Team will answer all your questions in the Notarial and logistic field.

info@notaioportelli.it

Tel.:+39 095 371777

AREAS OF ACTIVITY

The Notary’s expertise

The Function of the Notary

Notary’s Costs

Areas of activity

Do you need any information?

INDIRIZZO

TELEFONO

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AREAS OF ACTIVITY

The Notary’s expertise

The Function of the Notary

Notary’s Costs

Areas of activity

Do you need any information?

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TELEFONO

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