A Brief Guide To Buying A Property In Italy
|Author:||Giambrone Law ILP|
The lure of living in Italy has always held a fascination for the British market and other foreign investors. Many people, following years of visiting Italy on holiday, enjoying the climate, unique history, culture and cuisine, decide to buy a property of their own which has the dual advantage of providing their own haven to escape to on holiday, as well as also providing an income, as a holiday let, to finance their future holidays.
If you would like to purchase a property in Italy it need not be any more stressful than buying in the UK with the right professional advisors by your side. There are variations in the process of property purchase in Italy compared with that in the UK and it is wise to be aware of the differences in the procedure before you start out. Both EU and non-EU citizens have the right to buy property in Italy regardless of whether they are a permanent residents in Italy. If you are not a permanent resident, that is no bar to visiting your property during the course of a year for a certain number of days.
Property purchase in Italy for a foreign person is undertaken with the assistance of a notary. If you cannot speak Italian or your Italian is not quite at a level to deal with legal documents you can request that the deed is drafted into your language (the notary must be proficient in the specific language of the translation) or you can also request the assistance of an interpreter for the translation of the Italian contract. Alternatively, should you decide to appoint Giambrone we will attend the meetings a facilitate the translations.
The sale is made possible by the following steps:
Due diligence carried out on the property to establish its soundness and provenance. Proposal of purchase to secure the transaction, it is necessary to transfer a part of the price (small percentage) as a deposit The preliminary contract, is signed together with the seller to agree the main aspect of the contract such as The price of the property, the timings of the sale, the deposit and details relating to the property are defined. The agreement is binding for both parties, should you not wish to proceed with the purchase, the seller is entitled to keep the deposit. Should the seller not wish to proceed with the sale, they will have to pay...
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