As you would expect, the legal procedure of purchasing a property in Italy is vastly different from our own. Therefore, it is imperative that you seek expert legal guidance throughout the transaction and especially when your offer to purchase has been accepted by the seller. (Many buyers appoint before they make an offer, in order that any conditions, etc are legally included within their offer). Should you require, we can provide information on Lawyers here in England or Italy.
The guide below is a simplified format and its aim is to give a brief overview of the procedure, only. It is by no means exhaustive and therefore legal guidance is essential.
There are basically 3 stages of purchasing a property in Italy.
The first stage is when the vendor accepts your offer (Proposta d’acquisto).
The second stage is called the Contratto preliminare di compravendita immobilaire (or usually called the Compresso). This basically works on the promise principle, i.e., the vendor promises to sell and the buyer promises to buy. This contract is formed once negotiations have been concluded/agreed. At this stage, both parties can write certain clauses into the contract, i.e., what is included in the price, the offer is subject in obtaining a mortgage to purchase, etc. Once this contract has been signed it is usual to pay a deposit, which in many instances can be up to 20% of the purchase price. Therefore, it is essential that before you sign you have sought legal advice/guidance. Should you pull out of the sale after the contact has been signed you could forfeit any deposits paid.
The final stage it the Rogito Notarile (Notary). Upon the day of completion both the buyer and seller will present themselves at the Notarile offices where the following will happen:-
All of this will be done in Italian. It is up to the buyer to employ an interpreter (if required) to not only translate the entire procedure, but also the document/contract being notarised.