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?
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?
3. Are there any hidden liens?
4. Is the description of the hidden liens exhaustive?
5. What effect does the issuing of the excerpt from the Land Book has over the land registry system?
6. 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)?
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)?
Art. 2 of Land Registry Law provides, in contrast with the provisions of the Italian Civil Code, that real property rights are not acquired until they are legally entered in the Land Register: both title and the entry ( “intavolazione”) are required. These are the “constitutive effects” of the entry.
The consequence of this fundamental principle is a high degree of reliability of the information contained in the Land Registry. This is valid as far as contracts between living persons are concerned.
The Land Registry entries enjoy of public faith (Principio della Pubblica fede). It means that any person relying on them in good faith enjoys almost absolute protection and it won’t be necessary to carry out further investigations.
If a right is registered for a person in the Land Register – unless an objection against the correctness is entered within the limited period of 60 days or unless the incorrectness is known by the person acquiring the right – it is to be presumed that the right belongs to him;
if a registered right is cancelled in the Land Register – unless an objection … – it is to be presumed that the right does not exist.
A person who buys a plot from somebody incorrectly listed as its lawful owner in the Land Register, legally acquires the property, as long as he is fully unaware of the incorrectness of the Land Register.
Similarly, if a mortgage has been incorrectly extinguished, it is not possible to assert to a subsequent purchaser of the property in good faith that the right in fact exists.
It is clear that the public faith in the Land Register results in a very high degree of reliability in real-estate transactions.
Unfortunately, as we said, not all the entries of the Land Register enjoy public faith, since this is only valid for third persons who acquire a property after a previous contract between living persons.
In order to guarantee a similar protection to those who contract with persons who have inherited an estate, the legislator of 1929 introduced in our Region the certificate of inheritance.
This is an official certificate of the right of inheritance (moulded on the German “Erbschein”) issued by the Tribunal.
It states the identity of the heir and his respective share in the estate as well as any limitations to the heir’s power of disposition over the estate.
It is presumed that the person identified as heir in the certificate of inheritance has the right of inheritance stated therein and is not subject to limitations other than those stated. The law protects those who acquire a property from the person named as heir in the certificate of inheritance in good faith.
They obtain title even though the transferor is not the true heir, unless they had knowledge of the inaccuracy of the certificate.
The consequence of the public faith in Land Registry is a very high degree of reliability in real estate transactions. As already said, this is only valid for third parties who aquire a property after a previous contract between living persons.