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Buying property in Italy is reasonably straightforward, although it can be bureaucratic and there can be a lot of red tape. The Italian Civil Code protects buyers but you are advised to get good legal advice. Peregrinelaw have sourced the best Italian lawyers and notaries to protect your interests. You must first obtain a tax identification number (codice fiscale) from the Italian authorities. There are three main buying stages. The buyer makes an offer, which commits him/her to the given price. If the seller accepts, a deposit (usually 10%) is paid. Both the parties then sign a legally binding buying proposal called a compromesso di vendita. This outlines the details of the transaction, including the scheduled completion date. In
terms of the Italian Civil Code, should the seller withdraw, they must
pay the buyer double the value of the deposit. If the buyer withdraws,
he/she loses the deposit.
On completion, both parties sign the final contract (rogito) in the presence of a notary. PeregrineLaw will make arrangements for this to be done under Power of Attorney, should you so require. The Notary will issue the deeds and inform Land registry of the transfer of ownership. The remainder of the balance, plus all taxes, must then be paid at this point. |
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It
is important to note that when one takes out an Italian mortgage, most
are offered on a repayment basis – interest-only mortgages like those
in the UK are not generally offered and are usually for 15 years,
rather than the usual 25 years offered in Britain.| < Prev | Next > |
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