Once you’ve made the decision to invest in Italian properties, what follows is crucial. A comprehensive grasp of the property acquisition process in Italy is essential to steer clear of common pitfalls associated with home-buying.
The property purchase process in Italy involves several key steps:
Fiscal code (codice fiscale): obtain a fiscal code, a unique identification code necessary for property transactions and dealings with authorities.
Italian bank account: open an Italian bank account for fund transfers and automatic utility payments during the purchase.
Formal offer of purchase: submit a written offer of purchase (proposta di acquisto) after visiting properties. Once accepted, it becomes a binding agreement, protecting the buyer’s opportunity.
Cadastral checks: investigate property title at the land registry (conservatoria e catasto) to ensure proper registration, ownership and check for any outstanding loans.
Preliminary agreement of cale (compromesso): sign a legally-binding compromesso outlining the sale price, completion date (rogito), and property information. A deposit (caparra confirmatoria), typically 10% of the purchase price, is paid. If either party breaches, they may face consequences, such as returning the deposit or potential legal actions.
Deed of purchase (rogito): the final contract, signed by both parties, follows the compromesso. The balance is paid, and property ownership is officially transferred. The notary issues a certified copy of the deed, registering it with the Land Registry.
In the purchase process, it is essential to rely on a real estate agent who is duly registered and preferably a member of FIAIP (Federazione Italiana Agenti Immobiliari Professionali); this ensures that you have professional guidance and expertise throughout the property acquisition journey.
Davide Draghetti
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