Property for Sale in Italy
Italy has many different appeals, its two mountain ranges, the Alps and the Apennines, and the lakes like Garda. Northern Italy has extensive areas of woods and farmland, the south is more arid. Italy's principal islands are Sicily (the active volcano of Mount Etna), Sardinia and Capri. Other popular areas include Tuscany, Liguria and Lombardy, all north of Rome. The Italian Riviera is more popular for winter home retreats while the cities always have that mixed cosmopolitan feel.
An increasing number of foreign nationals have taken to purchasing property in Italy over the course of the past fifteen years. The increase in real estate purchases in Italy by foreign nationals really took off following the integration of Europe into the EU.
Buying a property does not have to be an experience which leaves you stressed. The Italian legal and tax system may be unfamiliar, and the form that the conveyance takes different to what you are used to but good Estate Agents in Italy can help you through this process.
Most Italian properties are freehold and a deposit of around 10% is usually accepted and is paid to a notary. If the vendor decides not to sell after signing the preliminary contract, they must pay double the deposit back. It is wise to check the wording of the deposit, a 'penitenziale' means you will only lose your deposit if you withdraw from the sale, while a 'confirmatoria' would mean the seller could take legal action to force the purchase.
When buying real estate in Italy, you will first sign a preliminary contract, this can be drawn up by the vendor, agent or a solicitor/lawyer. The preliminary contract may be preceded by a binding 'buying proposal' called a compromesso, where the buyer is legally bound to buy, but the vendor and agent are free to consider other offers.
The preliminary contract contains the details of the sale like the purchase price and financing, plus the completion date which is normally six to eight weeks. The sale will be completed before a public notary when the final deed or conveyance of transfer is signed. The notary issues a certified copy of the deed of sale and registers the original document with the land registry, which makes you the legal owner of the property.
There are two kinds of deeds in Italy; a private deed and a public instrument, this provides more protection and costs slightly more. When a property is bought by private deed and is subsequently found to have a charge against it, such as a mortgage, the notary isn't responsible. When buying by public instrument you can seek legal action against the notary for professional misconduct.
