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Language Translation

Purchasing Property in Italy

May 23rd, 2009 | By dermott | Category: Useful Information
The buying process in Italy is very different from that in the UK and in fact purchasers are a lot more involved in Italy, having to also meet the owners as the Notaio’s office for the final act or Rogito.When buying a property in the UK, most buyers have to obtain a mortgage and the lender insists that at least a valuation survey is carried out on the property and in a lot of cases a full structural survey is obtained too. But often foreign buyers in Italy will be paying with cash for the purchase and so as they are not obliged by a mortgage lender to carry out a survey, so they simply don’t bother to have one carried out.
In fact it is usually much more important to have a structural survey carried out because most foreign buyers purchase older properties which normally require a lot of restoration work. As well as carrying out a full structural survey a geometra or structual engineer can also prepare a quotation/preventivo for the cost of the remedial work that needs to be carried out. A preventivo for the whole cost of the restoration to a key in hand stage is also normal for buyers of property in Italy
Even if the property is newly built or recently renovated a surveyor/geometra can check whether all the necessary legal paperwork with regard to building registration is in order.
Once the purchaser is satisfied with the survey and still wants to go ahead then the next step is to pay the deposit to the owner.
The Compromesso/Compromise Document is drawn up and signed by the vendor and purchaser. It is a legal document under Italian law and once signed binds both parties to go through with the sale. At same time as the signing of the Compromesso document the deposit is paid by the purchaser to the vendor, usually 10% or 20% of the final purchase price and by prior agreement between both parties.

If the purchaser withdraws from the sale, they normally forfeit the deposit and if the vendor withdraws then they have to pay twice the amount of the deposit to the prospective purchaser. There are normally clauses included in the Compromesso document that allow the purchaser to withdraw without penalty if a mortgage is refused or because of misinformation from the vendor.
A completion date is fixed when the Compromesso document is drawn up, and it is usually not possible to change the final date without the agreement of both parties.

In the intervening time between the Compromesso and completion of the sale, a Notary/Notaio checks the vendors title and any outstanding loans or mortgages on the property. Also rights of way and all other legal matters that might affect the ownership or rights affecting the land and buildings that are for sale.
Once the Notaio is satisfied with all the searches and title of the property, he or she then draws up the Deed/Rogito Notarile which is the final contract of purchase. This deed places the new particulars on the property register and the Notaio informs the Land registry about the change in ownership.

The purchaser and vendor go to the Notaio’s office and sign the Rogito documents in front of the Notaio and in cases where a property is being purchased by someone who cannot speak Italian a translator is provided. Several copies of the deed are made in English as well as Italian. It is also illegal to have a Rogito where the purchaser either cannot speak Italian or a impartial translator is not present.The balance of the purchase price is now paid to the vendor and the taxes and Notaio’s fees are also paid at the same time. There are penalties if the taxes and fees are not paid to the Notaio at the same time as the Rogito.

 

 

 

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