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Home › Jackson-Stops
offices › International property › Italy
A step-by-step guide to buying
in Italy
Prior to Viewing
Before making the journey to Italy, it is advisable to
ensure that you have at your disposal sufficient funds
to cover the reservation sum or deposit.
Normally this is 10% of the purchase price. A cheque from
a foreign bank account can take up to 10 days to cash
so you may want to think about making a credit card available
so as not to risk losing your preferred property.
Choosing a Lawyer
Always use an independent lawyer who can provide you with copy
documentation in your language.
It is worth remembering that prior to any contract being signed,
the following legal procedures must have been completed.
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A lawyer must be
appointed to conduct a report on the entire property.
The report must include details of land classifications
and any future municipal development plans
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Your lawyer will
need to inform the Land Registry that the property is
in your ownership and is free of charges and embargoes
and is up to date with payments of local contributions
and community charges etc |
Formalising the Offer
The first step is for the lawyer to make a verbal offer to the
vendor usually through the estate agent as an intermediary.
The offer is then placed in writing and becomes legally binding
on the buyer’s part not the sellers.
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Exchange of Private Contracts
Once the seller accepts the offer, the parties have a
binding contract, which is then formalised with the execution
of a contratto preliminare, a formal agreement
according to which the parties undertake to buy and sell
the property and agree on the terms and conditions of
the sale.
On signing the contratto preliminare, the buyer
pays a five to ten percent deposit on the purchase price.
Unless otherwise indicated, in the event either party
withdraws from the sale the other party has the right
to force the sale, and/or collect damages and/or retain
the deposit (if the seller is the breaching party it can
be twice the deposit amount).
The transfer of the property takes place with the execution
of a deed of sale rogito in front of a notary public.
The transfer is effective between the parties immediately
upon execution of the agreement when the balancing payment
also falls due. The contract is subsequently recorded
in a public registry. |
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