How to buy in Italy
June 14, 2010 - Italy
1 The buyer will seek the assistance of a licensed real estate agent (agente immobiliare) for the initial property search;
2 Planning activity: buyers will generally have to decide whether to purchase the property directly under their individual name or rather indirectly, by means of a limited liability entity.
Such a decision is of utmost importance as substantial legal and tax consequences will be associated with it;
3 Pre-contractual liability (responsabilita' pre-contrattuale): requires all parties involved in a pending transaction to act in good faith during negotiations;
4 Reservation of fer (proposta di Acquisto): the Proposta is a written proposal. Usually, the Proposta takes the property off the market for a specified period of time during which the buyer can conduct the necessary checks on the property.
The buyer should always pay special attention before signing any Proposta, as this offer is usually irrevocable;
5 The Compromesso: stipulates that both parties agree to buy and sell the property and they concur on the terms and conditions of the sale.
The Compromesso is a binding legal agreement to complete the purchase at a future specified date, in the offices of a local Italian notary.
A deposit is usually paid at the time of its execution, between 10 percent and 30 percent of the final price;
6 The Rogito Notarile: The executed preliminary contract will be the basis upon which the final Rogito Notarile will be drafted by the notary and executed by the parties.
The notary will read and explain to the parties the clauses of the deed, providing the parties with impartial advice as to all legal aspects arising from the transaction.
7 Once the Rogito has been signed by the par ties, the property has finally and irrevocably changed hands.
The notary will then have the responsibility of formally registering, within 20 days, the change of ownership at the "Land Registry", and filing the sale at the "Agency of the Territory".
The buyer will then receive a certified copy of the purchase Deed from the notary, as duly filed with the Italian administrative authorities.
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