Guide to Buying a Property in Italy
Updated: Jan 19, 2019
Once the ideal property has been identified and viewed with our local experts our professional property team in Italy will provide you with complete guidance by helping you to completing these simple legal procedures step by step. When proceeding with either an investment of homes for sale in northern Italy or a coastal property for sale in Italy, you can rely on the trust and support of our team!
FORMAL OFFER - Step 1 to buying a property in Italy
Buyer needs to make a formal offer or “proposal to buy” to the seller – once accepted and signed by the vendor this becomes a legally binding document and the buyer pays a small deposit to take the property off the market (deposit amount is privately agreed but usually between 5- 10% of agreed price).
DUE DILIGENCE - Step 2 to buying a property in Italy
There are necessary searches (due diligence) to be carried out which will include; legal title deed analysis, checks for any outstanding loans or mortgages registered against the property, also undisclosed public rights of access across the property, building compliance with building regulations and health and safety rules as well as the examination of building’s physical condition – for all these searches we strongly suggest a local surveyor, whose report will define and clarify all important details. We can recommend a highly reputable surveyor company to carry out all due diligence controls to ensure 100% security of your investment.
SALES CONTRACT - Step 3 to buying a property in Italy
Once all checks are completed to buyer’s satisfaction, the two parties sign the second important document, The Preliminary Sales Contract, where the buyer and seller agree to complete the purchase, with all details, within agreed period and at an agreed price. At this point the buyer is expected to make a second down- payment (usually to bring his total deposit to 30% of purchase price). In Italy, this is also the stage when the agent’s commission is fully paid, even if the agent’s assistance continues till the Completion.
Before making this payment the buyer needs to obtain the Italian fiscal code (“codice fiscale”) which allows the registration of property taxes and opening of an Italian bank account (needed for outstanding, property related payments ) – Waterfront Portfolio team in Italy can arrange both of these for you, free of charge!
COMPLETION - Step 4 to buying a property in Italy
The final step is the completion of the purchase (usually few weeks or 1 month after Preliminary contract) by signing of the “The Final Deeds” ( “rogito”) in front of a Notary, who checks all documents and forwards all property taxes to the authorities. The outstanding purchase price balance is paid at this meeting ( the Notary puts it in the final contract ). With buyers non Italian speakers the Notary requires to appoint somebody with power-of-attorney, in order to represent the buyer at the Final Deed’s meeting, to make sure every contractual detail is clear and explained well to both parties.
~ Extra Tips ~
We recommend seeking independent legal assistance throughout the buying process either through your own lawyer or by utilizing the expertise of our Italian legal expert who is a true guru in real-estate transactions. All important details will be covered (and included) by our assistance from selecting and viewing property in Italy, helping you with power-of-attorney at the final deeds stage, all the way through to completion and beyond!
Our fully experience team in Italy will be ready and available to provide you and your family with complete support each step of the way to ensure a safe and happy journey buying your property in Italy!