Buying property in Italy is far simpler than the UK system. Below is a brief and basic guide on what you should expect…
- The first stage after both finding and making an offer on your property will be the Initial Agreement. (Compresso di Vendita). The contract will state the purchase price and the deposit that has to be paid. The deposit can vary between 10% up to 50%. Of the purchase price. The purchase of the property can take longer in Italythan in the UK. It is not unheard of for all the legalities to take up to 6 months. As a result of this it is not unheard of that the purchaser can, in most cases, move into the property after the initial contract has been signed. If you require a mortgage to finance the purchase of your property then it would be wise to source this at this stage in the sale. The seller will also, at this stage, ensure that the title deed of the property is free and clear of all debts.
- The preliminary contract. Make sure that you have had written into the contract a clause that states should any of the searches return unclear or your are unable to obtain a mortgage, you have the right to pull out of the sale and have your deposit refunded to you.
- Completion. At this time the transfer of the title deed will take place. All fees will have to be paid. Once this has occurred the Notary will then lodge the deeds with the land registry office.
The geometra
The geometra acts like a surveyor in the UK. They will check the boundaries and the legal description on the property.
The Notary
The purchase property procedure is overseen by a Notary. The Notary will carry out most checks and acts on behalf of both the vendor and the purchaser.
Lawyers.
It is extremely important to have a lawyer to act on your behalf. The lawyer will check the ownership on the property and that all debts on the property have been cleared. The lawyer will also keep in contact with the notary and ensure that everything is done within your best interests.