House Buying in Italy
Home House Buying in Italy
Buying a house, besides being the realisation of a dream, is an important decision that must be approached with seriousness and participation. Buying a property is an investment; therefore, it is essential to know and understand the processes and obligations of buyers and sellers, as well as the legal implications of contracts and money transfer regulations.
This short guide aims to transparently illustrate the buying and selling processes that are characteristic of Italian legislation in this regard. Operating in the sector for more than twenty years, our aim is to meet the real expectations of those interested in the sale or purchase of a property, accompanying the client even in the most delicate stages, from the initial compromise to the final notarial deed.
The Italian judicial system requires that property transfer agreements be in writing and in full compliance with specific regulations, which spell out certain fundamental requirements and obligations of both the selling and buying parties.
The purchase proposal is submitted by the potential buyer to express the intention to purchase the property under certain conditions. This deed, to be presented strictly in writing, must contain the following information: exact identification of the buyers and sellers, details of the property with cadastral references, the deed of origin, the floor plan, building and town-planning conformity and any prejudicial transcriptions, the price that the buyer is offering and the terms and timing of payment.
Should the buyer apply for a mortgage, it is necessary to indicate that the proposal is subject to obtaining one.
The purchase proposal is generally accompanied by the payment of a bank transfer to the notary's dedicated account once the selling party has accepted the purchase proposal. This sum paid will be deducted from the final price.
Only after acceptance of the purchase proposal are both parties obliged to enter into the final purchase agreement.
The deed of sale establishes a real obligation to transfer ownership of the real estate.
The moment the deed is signed, it is immediately implemented without any other formality.
This contract provides for the buyer's obligation to pay the price and the seller's obligation to deliver the property free of any defects or faults of any kind.
The deed of sale is concluded before the notary and subsequently entered in the real estate registers.
This step is crucial since real estate registers are able to provide us with information on the legal course of a property and thus make the transfer of real estate known to anyone.
The notary is a public official appointed by the Ministry of Justice and is an expert in the judicial field. He is a figure of absolute integrity with considerable technical expertise.
The notary is responsible for ensuring that the transfer of ownership is carried out in a correct and legal form and before completion must check that the owner has the title, that the property is available for sale and that there are no impediments (debts/mortgages, third party rights, etc.). The notary will have to reconstruct the changes of ownership over the last 20 years to ensure continuity of transcriptions and will check the identification of the property. Urban conformity, on the other hand, is the responsibility of the parties, who may rely on a trusted technician.
The language of the deed will be Italian as well as the jurisdiction and laws governing the contract are governed by Italian jurisdiction. For foreigners who do not speak Italian, the deed will be drafted in bilingual with the presence of an interpreter.
