Buy in Italy
There are generally three steps involved in buying a property in Italy:
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Proposal of purchase (Proposta d’acquisto)
After having visited several properties and having decided you have found the one of your dreams, it is time to formalise things with a proposal of purchase, accompanied by a small deposit.
This is a letter in which you declare your intent of purchasing the property.
In this letter you will have to mention the amount of money you are willing to spend to resolve the transaction.
This is a pretty tricky step!
In many countries is quite common to offer well below the asking price, however this is not often the case when you buy an Italian property. In fact the vendor tends to walk away if the offer is considered to low, therefore insulting!
We will advice you on whether your offer is a realistic one.
The vendor normally has from 7 to 15 days (depending on what is written on the letter of intent) to react. If he signs back, then you have an agreement!
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Preliminary purchase (Compromesso)
Stage two, this is the Italian preliminary purchase contract!
It gives details of the agreed selling price, conditions of sale, the date when the final contract must be completed, the date and amounts of the payments that are to be made. When the compromesso is signed then a first payment, usually of around 30% of the purchase price, is paid to the vendor.After signing both parties are legally bound to proceed with the sale and purchase.
The solicitor will then check with the land registry to verify that everything is in order with the property.At the compromesso the agreed part of the agents fee will also be paid to the agency.
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Final purchase (Rogito)
It’s the final act; it must take place on or before the date specified in the compromesso, (unless extensions agreed by the parties) and it must be drawn up at the Notaio.
This is the exact equivalent of the Compromesso.
By signing this you , the buyer, become the legal owner of the property.