1. What is the probative value of the LR information sheet? Does the national law provide it with special legal nature, like a public document or authentic act? Are there different types of LR information with different degree of value?
The LR information sheet has no probative value.
The content of information reflects the status of registrations, referred to a certain person ( physical or juridical person), during the period requested by the applicant. The formalities are listed depending on the fact that they are in favor or against the inspected subject.
In addiction to the information sheet there is a LR document with a different degree of value, that is the certificate.
The certificate is a statement concerning the existing registrations related to one or several real estate assets belonging to one or several subjects (physical or juridical persons).
The certificates include, in addiction to a copy of the request, the chronological list and the copies of the related registrations.
It is possible to ask for:
- a general certificate
- a special certificate
- a copy of the notation and, exceptionally, of the deed
2. What is the degree of reliability of the information? Which are the effects given by the legal provisions in each country to this information, should it be necessary to carry out further investigations?
In Italy, the L.R.information doesn’t give certainty about ownership. A reliable presumption of ownership can be derived from the sequence of registered deeds in which property ( or other rights in rem ) has been transferred from person to person. But it is always possible that the listed owner is not the legal one because of a defective title of the former acquirer.
In other words, the transcription/inscription system that is applied in most of the Italian territory is inspired to the principle of the exceptionability, whereby deeds transferring title to property may produce effects on third parties only if they are transcribed. Thus the transcription of a deed in the Register fulfils a declaratory function, aimed at making public (knowable) the transfer of rights that was performed pursuant to the manifest consent of the parties, in the ways and forms provided for by law.
The principle of the exceptionability represents a sort of limitation to the principle of mutuality of assent underlying the transfer of rights as considered in Art. 1376 of the Italian Civil Code, to the extent that transcriptions end up by also having a discriminatory function between conflicting interests by giving prevalence to the title that was transcribed first. However, the simple transcription of the deed, which does not remedy any flaw contained therein, is not sufficient to make the transfer of rights held therein safe insofar as in the case in which a deed of purchase is subjected to transcription, the subsequent variations thereto … by the purchaser do not produce effects unless the preceding deed of purchase was transcribed. On the basis of this principle (continuity of transcriptions), the purchaser of a property is kept safe against possible exceptions by third parties only if the Register keeps continuous record of transcriptions that start with the purchase at hand and go backwards in time to track the original purchase of the property.
3. Are there any hidden liens?
- A. No
- B. Yes (description of the main ones?)
4. What effect does the issuing of the excerpt from the Land Register has over the land registry system?
5. Is an excerpt from the Land Register necessary and sufficient for the assignment of the property right of an immovable (regarding the information provided by the Land Registry?
6. Does the excerpt from the Land Register issued especially for real estate transaction have different effects from the excerpt from the Land Register normally issued?
7. Does the excerpt from the Land Book issued especially for real estate transaction have different effects from the excerpt from the Land Book normally issued?
8. Is the excerpt from the Land Book necessary and sufficient for the assignment of the property right of an immovable (regarding the information provided by the Land Registry)?