First of all take care of people who aren’t even licensed estate agents, in Italy all Real Estate Agencies are bound to be registered at the Chamber of Commerce, otherwise they are not allowed to administrate. Ask the REA number (number of registration) of the agency. Be carefully to reckless individuals who practise this profession unlawfully. Finally you find the house of your dream in Italy (maybe with Exclusive Property). When you agreed the price of purchase with the Real Estate Agency you are ready to proceed with the purchase. Exclusive Property will mediate the purchase till the deed trying to respect and protect interests and expectations of both parties (seller and buyer). Before proceeding with the purchase you need to open an Italian bank account and make a fiscal code (codice fiscale that is similar to national assurance number). Exclusive Property will assist you for both case without further charges. After this the Preliminary Agreement (Compromesso) has to be made. The Agency will collect all the necessary documents related to the property as: cadastral maps, title deeds, registered mortgages and any other required legal information. When all these documents have been gatheres, the buyer is required to sign the Preliminary Agreement. This legally binding agreement outlines in precise and exact detail the full property transiction (the property, the maps registered, the price agreed for the sale, amount of legal deposit required, any condition applicable etc.) and is a legally recognized document and contract stating that the buyer and the seller are in agreement for sale. When the preliminary agreement is signed, the buyer has to put down a legal deposit that conists in a percentage of the whole price of the property. According to art. 1385 of the Italian Civil Code, if the vendor decides not to sell the property after having signed the preliminary sale contract and collected the deposit, he must pay the purchasing party back twice the sum received. In Italy therefore it is highly unlikely that a vendor will contemplate paying back double the sum by changing his mind after the preliminary contract has been signed. After this, usually in one month, any way declared on the Preliminary Agreement, will make in the Deed (Atto). In Italy, all real estate transactions take place in front of a Notary Public. The Notary Public is not the same as a British solicitor. Here in Italy he must only guarantee that the deed is legal, that the house is in order and that the payment is made in a legal manner. The final deed is a legal document drawn up by the Notary, the formal handover of the property will take place by signing the deed and paying the remaining amount in front of the Notary. It can also be done trough a special proxy if the buyer can’t be present. When you own the property you need to transfer under your name the utilities as water, electricity. Also in this case we will assist you without any added charges. To make some renovation we can help you too; we offer an advice-only consultancy service. If you need a full consultation and quote, we have a number of trusted contractors experienced in dealing with residential properties of all sizes, types, ages and conditions, to help you find the perfect solution which is the best for your needs.
