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
We received this question from a reader wondering how to proceed with Italian assets. We hope that you find our answer helpful. If you have any queries related to Italian property or inheritance law, please send your questions to us. We are here to help.
The legislative decree 122/2005 introduced very strict requirements for preliminary contracts concerning investments in off-plan properties in Italy.
Following art.6 of the above mentioned legislative decree, the preliminary contract should also contain:
– A full description of the parties.
-Identification details of the property, including the cadastral reference of the plot Read more
Another post about this very important issue. Use our useful search tool to find our other articles on off-plan property purchases.
Investing off-plan is where a purchaser makes a commitment to buy a property from a developer that has not yet been built or is in the process of being built.
This type of investment hides any number of risks, the major one being that if the builder is declared bankrupt, then the buyer may well be out of pocket. Read more