Released by Antonio Anile
“Buying property in Italy as a foreigner – Purchase process”
What’s the buying property process in Italy ?
When we follow someone who is buying a house in Italy as a foreigner, this is one of the questions that we find ourselves having to answer more and more often.
Well, to buy a house in Italy you have to follow three simple steps:
1 – Purchasing proposal
Once you have found the right house, you make a purchase proposal accompanied with a first deposit (even if not very substantial but necessary to demonstrate your genuine willingness to buy the property);
The proposal is aimed at reaching an economic agreement between the parties without which, it makes no sense to go ahead!
It is useful to include in the purchase proposal that you will complete the purchase only if a verification of the documents shows that all the documents of the house are in order.
I’d like to suggest to read my article for buying a property in Italy about how not to fall into “traps” >>> https://www.namarealestate.it/en/safely-buy-a-house-in-italy/
In other words:
“ok, we have agreed on the price but I will only buy it if my technician tells me that everything is ok and that all the documents are in order!”
2 – Preliminary Contract
Once you have obtained all the information from your technician, you can then set up a meeting to sign the preliminary purchase agreement, which must in turn be accompanied by a further deposit (this time more substantial).
At the choice of the buyer, the preliminary will be either registered (and this will be handled by the real estate agency) or written down (in this case it is necessary to hire a Notary and the cost will be slightly higher).
The procedure we recommend is to TYPE OUT the preliminary directly from the notary.
It costs a little more, but it’s a method which gives you more protection.
The Registration of the preliminary contract (It’s COMPULSORY) >>>> I explain it well in this video https://www.youtube.com/watch?v=lvZPlOrduAE
The Transcription of the preliminary contract (I strongly advise it my clients) >>>> I explain it well in this video >>>> https://www.youtube.com/watch?v=jVYDBiYf2Mw
It is essential that you are in possession of an Italian tax code for the signing of the preliminary agreement (How to get tax code in Italy for foreign people >>> https://www.namarealestate.it/en/apply-tax-code-italy/
3 – The deed or final purchase agreement (Notary contract)
The last step is the deed or final purchase agreement.
At this stage, all the documents of the building, both urban and cadastral, must be in order.
When you sign the deed, which must be done in front of a Notary, you will pay the remaining amount agreed for the purchase and the owner will officially give you the keys to the property.
In this article I explain How the final deed works in Italy >>>>> https://www.namarealestate.it/en/final-deed-in-italy/
I have achieved my “Italian Dream”
LAST TWO ADVICES … (+2)
1 – Post-purchase
Now you are in seventh heaven, you are flying, you are rightly proud of yourself…. But… what should you do when you leave the Notary’s office with the keys to the house in my hand??…
First of all, you have to get the old owner to give you the electricity, water and gas bills and go with him, to tell the companies that you are now the new owner.
Some can be done by phone, while others need you to go to the office in person;
Decide, together with the Notary, if it is necessary to inform the Municipal Police of the municipality where the property you bought is located, that you are now the new owner of the property and give them all your personal details;
Have you thought about insurance?
Whether you want to live there permanently or have purchased it as a second home, it is always useful to have an insurance for the property.
2 – Renovation
If you have purchased a property which needs to be renovated (completely or even partially), how do you plan to proceed with the renovation?
If you don’t want to waste time, money and patience, I strongly suggest you focus your efforts on finding a technician (Architect, Surveyor or Engineer) >>> https://www.namarealestate.it/en/verification
Who can become your reference point and who will coordinate all the work, who knows about building practices and who, above all, keeps in touch with the municipal, regional and/or state offices if your property is a building under the supervision of the “Fine Arts” or if it is of historical and artistic interest or is located within a nature reserve etc….
Of course you’ll always be the only person to give the directives and choose the materials according to your personal taste but the professional will help you manage the renovation from afar without any worries! And above all without too much stress! Giving you regular updates as if you were present.
We are sure that this guide has been helpful to you and we hope it will clarify many of your concerns.
For buying a property in Italy these guidelines are valid for the whole of our country, but:
…..above all if you want to make this big step without too much stress, also having some free time ….
Contact us today and make a phone or Skype appointment with us, please feel free to ask anything.
We would be honored to be able to help you.
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