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.
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.
This property selling guide focuses on the issues that a seller may encounter during an Italian property conveyance.
When selling an Italian property, there are some legal issues which should be seriously considered. Due to the language barrier and differences in legal systems, real estate transactions in Italy can appear as a difficult and protracted process for foreign investors. The Italian legal process is obviously technical and might expose you to some risks. Considering the interests at stake in a real estate transaction, it is advisable that you seek the assistance of a qualified bilingual legal advisor, who has the competence to guide you through the process and advise on potential risks. Read more
Italian Property Buying Guide
This Property Buying Guide aims to cover key elements of the Italian purchasing process.
For a more in-depth explanation, you may wish to read our comprehensive Italian Property Buying Guide.
The purchase of a property in Italy proceeds through 3 key stages:
- Proposta irrevocabile d’acquisto (Reservation offer)
- Contratto preliminare di vendita (Preliminary contract)
- Atto di vendita (Deed of sale)
Once you have chosen your property you should engage the services of a solicitor, whether you buy through a real estate agent or directly from the vendor. The knowledge that an Italian solicitor has about Italian real estate law is invaluable – plus, your own solicitor is there exclusively to look after your interests. Read more
Keeping Your Money Safe in a Holding Account until the Completion of Your Italian Property Purchase
On 29th August, 2017, the holding account was introduced. The new legislation governing payments for the purchase of Italian residential and commercial real estate property came in to effect as part of the Law of Competition. The legislation is retroactive, which means that it also applies to ongoing property purchases started prior to 29th August 2017.
New rules aim to give better protection to both buyers and sellers. Funds for the completion of purchase of Italian property real estate will now be held in a holding account by the chosen notary to the transaction. Deposits connected with a reservation offer and preliminary contracts are not subject to this new legislation. Read more
The best way to protect your investment when buying an Italian property is to engage an English-speaking Italian lawyer. Instructing an independent, English-speaking Italian lawyer could save you money and stress in the long run.
Choosing the right Italian lawyer is a very important decision. Make sure you instruct an independent English-speaking lawyer, who has experience advising international clients in relation to property purchases in Italy.
The Italian Chamber of Deputies has approved the text of a bill on the so-called biotestamento (Living Will). This bill will now be debated in the Senate. A Biotestamento has nothing to do with euthanasia.
Italian legislation on Biotestamento is divided into two parts: the first, more general part, deals with giving informed consent on medical treatments and on filling in DATs (disposizioni anticipate di trattamento, the Italian anticipated instructions for treatment), through which a person may indicate wishes in relation to the medical treatments he/she intends to be subjected to when he/she is no longer conscious due to an accident or to an illness. Read more
The steps of an Italian Attorney’s legal career
The path to a legal career to become an Italian Attorney involves several years of study and internships.
Future lawyers first need to complete a Bachelor’s Degree in law, (Laurea in Scienze Giuridiche), which takes three years. To proceed along the path towards practising law, students require a two-year post-graduate degree (Laurea Specialistica in Giurisprudenza) or, a further five-year Master’s Degree (Laurea a ciclo unico Magistrale in Giurisprudenza). Read more
Partition of Property among Family Members
Partition of The Estate: how does it work?
Should there be more than one heir nominated in a Will or in accordance with Italian law, a condition of joint-ownership of rights and duties concerning the inheritance is established among the co-heirs.
A testator’s estate is composed of assets and real rights: the co-heirs receive the estate in proportion to their inheritance quota, either as apportioned in the testator’s Will or in accordance with the law – and, in the same proportion, they acquire any credits due and take on all the debts of the testator. Read more