TAIC is the safety net that protects those who invest their savings in a property still under construction. Do you really know what guarantees the law provides?TAIC is the acronym for the Italian law governing the Protection of Buyers of Properties to be Built.
TAIC – Protection of Buyers of Properties to be Built
(Legislative Decree No. 122/2005 and subsequent amendments)
1. Purpose:
It protects those who purchase a property that is not yet built or is under construction, recognizing the buyer’s weaker position compared to the professional builder.
2. Builder’s Obligations:
Surety (Fideiussione):
The builder must guarantee the amounts paid by the buyer before the transfer of the property.
It can be a bank or insurance guarantee (Legislative Decree No. 122/2005).
Ten-Year Insurance Policy:
Covers any damages to the property within the first 10 years from construction (Legislative Decree No. 122/2005).
3. Preliminary Sale Agreement:
Must be in written form: public deed or authenticated private agreement.
Must indicate the details of the surety (Art. 388 Legislative Decree 14/19).
4. Final Sale Deed:
Is null and void if, at the time of signing, the ten-year insurance policy is not provided to the buyer (Art. 386 Legislative Decree 14/19).
5. Practical Purpose:
Ensures that the buyer:
- Is protected against structural damages or defects in the property during the first 10 years.
- Does not lose the amounts paid in case of the builder’s non-fulfillment.
