Guide To The Process Of Purchasing Italy Property

Purchasing a property abroad can be a nightmare if you are not organised and are not given the correct advice or information. An increasing amount of foreign nationals have purchased Italy property in the last fifteen years. The increase in real estate purchases within Italy really occurred during the integration of Europe into the EU. British investors in particular have been active in purchasing real estate within Italy in the last ten years, here in this article we look at some tips regarding the process of buying Italy property.

If you find an Italy property that you love then it is possible to take the property off the market whilst you come up with the finance. You can immediately sign a 'Proposta irrevocabile d'acquisto' or an irrevocable purchase agreement that is signed by both the buyer and the seller. What this contract sets out is the agreed price, identifies both parties, the property in question and the expiry date for signing the compromesso. Once you sign this contract you will pay a deposit for the Italy property which is usually around ten percent. This will be returned to you at a later date once you have signed the compromesso or will go toward your payment of the property.

If you change your mind about a property then you will forfeit this deposit that you paid as the owner will have taken their property off the market for you for a certain amount of time. If the sale does not go ahead at the agreed time due to a fault that isn't your own then you will inmost cases still receive your deposit back.

The preliminary contract (the compromesso) will commit both parties to the sale once it has been signed, this contract establishes all the terms and conditions of the final contract or Rogito. The contract contains information such as prices, date of completion, and nature of the Italy property and guarantees the sale from the seller. You are then expected at this stage to pay one third of the property price, if you withdraw at this stage you will loose your deposit, a seller that withdraws has to pay double the deposit.

The final stage of the process will transfer the ownership of the property from the seller to the buyer. This is usually one to three months after the compromesso. The buyer, seller and estate agent all have to be present at the signing of this final contract. Following this you will be advised to transfer your funds to the vendor at this point and the notary. The best way of transferring these funds is through a specialist currency dealer who can offer you the best rate of exchange.