July 3, 2008, 11:32 pm

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Buying in Italy

Buying a property in Italy can be complicated and is not as straightforward as buying in the UK. Understanding the legal technicalities, the property language and contract procedure, local agents procedures, fees and property taxes can be quite daunting and this is where EuroInvest will help and direct you at every stage of this process. So once you have found a property that you would like to purchase, here is a summary of the procedure:-

Purchase Offer

Once a verbal price offer is agreed it will need to be formalised in a written agreement. EuroInvest handles this for you.
Preliminary contract (compromesso)

The next stage is the preliminary contract of sale (compromesso).  In this document the interested parties agree in writing on the formalities of the sale.  It lists the details of exactly what it is you are buying, including the particulars as recorded in the local catasto, the Italian "land registry", the date by which the completion (il rogito) must be signed and the name of the Italian notary that will execute the deed.  At this stage there is a payment of between 20 - 30% of the full purchase price.

When you are ready to buy your foreign currency, we have a special arrangement with an excellent foreign exchange company who will give you an advantageous exchange rate and organise the transaction for you if you so wish. 

Completion (il rogito)

The completion (il rogito) is when the passage of the title to the property passes from the vendor to the buyer via a public document.

Completion takes place before a Public Notary (Il Notaio) and his (or her) involvement is indispensable in Italy.  The Notaio (a government official) witnesses the transfer of title from one party to another and collects the taxes due on the transaction.  The Notaio does not act for either party, and should be thought of only as a witness.  If you would prefer to have a legal representative overseeing your interests, then we can find a local lawyer to act for you who will charge you separately. With all parties present the Notaio will identify them, one by one, and then read through the completion document (il rogito) in detail in Italian to ensure that everyone understands what is being bought and sold.  He will need proof that taxes and dues have been paid and he has to have proof of any mortgages or debts which burden the property.  Assuming everyone is in agreement the Notaio will ask each party to sign and he will sign and stamp the document.  It is at completion that you, as the buyer, must pay the outstanding balance of the price of the property, plus the taxes and the Notaio's fees.

Once the transaction has been completed the Notaio will register the new title within twenty-one days.  If a mortgage has been taken, he will also register the mortgage deed.   

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