This guide aims to help you understand the stages to deal with when purchasing a property

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muskanislam99
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Joined: Thu Dec 26, 2024 7:15 am

This guide aims to help you understand the stages to deal with when purchasing a property

Post by muskanislam99 »

Either directly or with the assistance of an agent (Mediatore / Agente) the foreign buyer will need to select the property, obtain some basic information and documentation, and negotiate the general terms of the purchase. Sometimes, the foreign buyer may be asked to sign a reservation agreement (Prenotazione), and pay a small deposit to the agent. At this stage it will also be necessary to organize a survey, local land registry searches, and all necessary checks with the local authorities (Comune), as far as local planning and building regulations are concerned. This work is usually undertaken by a local surveyor (Geometra).

Property Checks and Searches

Before any sale can be completed there are a number of searches logo designs service checks to be carried out on the property. Those responsible for these checks are the Geometra (Local surveyor) and the Notaio (Public Notary). If these searches reveal any problems regarding the sale of the property then the sale cannot be completed. Usually these checks and searches take two to three weeks to carry out.

Checks carried out by the Geometra
The property matches the Land Registry definition
The property was not built without planning permission
Any work or extensions done, have received approval and have had the relevant taxes paid
The owners as Land Registry Office are the same as stated by the vendor
Stage two
The second stage is usually spent in negotiating, drafting, signing and exchanging the contract [Compromesso]. This is normally a binding legal agreement to complete the purchase at some future specified date, in the offices of a local Notary Public (Notaio). In view of the fact that this is an unequivocal commitment to buy the property and pay the agreed price at the time of signature, it is vital to have acquired all the documentation and search reports necessary to complete the purchase, or, at the very least to have ascertained all legal and practical difficulties / problems, and agreed a timetable to sort them out before completion. Italian law requires all contracts relating to land or buildings to be in writing, signed by both parties.

Stage three
The third stage relates to the completion formalities, which normally take place in the offices of a local notary. Notaries have a special duty of drafting the Purchase Deed [Rogito] and to ensure the proper execution, registration, and payment of all Italian taxes ancillary to the completion.

Checks carried out by the Notaio

The vendor is the legal owner of the property and is entitled to sell the house
There are no debts or mortgages on the house
There are no written liens or burdens
The vendor is aware that they must declare any outstanding private agreements regarding the property. For example if the vendor has agreed to allow a neighbour to build or extend within the minimum laid down by Italian law or has given a friend a right of way across the property.
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