The property buying process abroad can be a complicated affair and it’s incredibly important to research the intricacies of the process before embarking on the venture. From our years of moving household effects to the country, we know that buying a property in Italy entails its own unique set of rigours. Here we give a general outline of the purchasing procedure:
Tax Code (Codice Fiscale)
This is necessary to obtain before you can purchase a property in Italy. It can be obtained quite easily either in the local tax office in Italy or at the Italian Consulate in London.
The Buying Proposal
This is a document prepared in both Italian and English which will take the chosen property off the market for between 2 and 4 weeks. Ordinarily, the buyers would pay a 5% deposit at this time, whilst a few checks are made on the property.
Preliminary Contract
The preliminary contract will follow and this is a legally binding contract, again prepared in Italian and English. The document will include a description of the property and any conditions eg rights of way etc. At the point of signing, the buyer will pay a further deposit of 20%. Essentially, this will ordinarily guarantee the purchase will proceed.
The purchase varies slightly when purchasing a rural property in Italy, as neighbouring farmers have the first right of refusal, as such the preliminary contract has to be notified to neighbouring farmers for a month first.
The Final Contract
Once a notary is appointed, the final contract is signed at their office. The contents of the document are read out in Italian, so non-Italian speakers will need to appoint a translator. At this point, the balance of the purchase price of the property needs to be paid and the keys will be handed over to the purchaser.
Qualified legal advice should always be sought before purchasing a property abroad. For further advice on the removals process to all areas of Italy, please contact us on 01902 714555 or email sales@burkebros.co.uk
