Can I Back Out of A Preliminary Contract?

Can I Back Out of A Preliminary Contract?

You’ve signed a preliminary contract on a property. You rather rushed in to it because you didn’t want to miss out on what you thought was a great Back outopportunity. It’s long been your dream to own a penthouse in the centre of Rome and when you saw this apartment, you just had to have it.

However, in hindsight and after viewing the apartment again, you realise the penthouse isn’t as big as you thought. When you first saw the place, you could see potential to extend in to the roof space, but you now doubt that the municipality will grant permission to convert the space. Besides, you recognise that even if your planning application is accepted, it’s going to be prohibitively expensive. The date for signing the deed of sale is looming. What can you do? Read more

Property buying in Italy can be a nightmare.

Property buying in Italy can be a nightmare…

Property buying in Italy is a serious investment and often the fulfilment of a dream. Italy’s unique real estate laws and local customs all lead to the recommendation of having the right team of advisors in place to make your experience successful.

property buying

A couple from Bristol found a house in the Abruzzo that they wanted to buy. The local real estate agent, that the couple had engaged, got them to sign a Proposta di Acquisto (purchase offer).

The purchase offer was immediately given to the vendor. The offer basically stipulated the price the couple was willing to pay for the property and was accompanied by the couple’s cheque for €5000, made payable to the vendor. The vendor accepted the couple’s offer, took the cheque, and the deal became irrevocable. The agent also asked the couple for his brokerage fee of 3% of the purchase price, which they paid.

Read more