EASYROME

You might be forgiven for giving into your fears of being lost in translation when buying properties abroad. Each country has specific rules and regulations about foreign investment and they cannot be underestimated at any point, as horror stories of substantial losses are whispered around the potential property owner sewing circles. This article is a guide to the basic process of applying to buy a property in Italy.

The first step is to choose the property in Italy that you wish to purchase. This is possibly the most complex part of the whole process as the array of property in Italy is staggering. From Riviera luxury apartments to Tuscan farmhouses to chalets in the foothills of the Alps, the choice is endless. To ensure you get the broadest selection it is important to go through an agent who can communicate with all agencies and are not tied down to a select few.

Once you have made the decision which property in Italy you wish to buy then the first step is to make the irrevocable proposition to buy. This step will ensure that the property you wish to buy is removed from the market for a short period of time, usually equating to around two weeks. Then a deposit can be made on the property which depends on an agreement between you the buyer and the seller.

This deposit can be anything from 5% of the total value upward and it is essential to remember that this sum is fully refundable pending investigations into the property. This is a legally binding contract however and there have to be legitimate reasons for pulling out which may become apparent in the next stage. This involves hiring a lawyer and a surveyor to ensure all the paperwork and details of the property are correctly investigated.

This involves looking not only into the structural features of the property in Italy but also into the legal standing of the building. This is to ensure that the seller is the sole owner of the building, planning permission can be obtained for any developments that you have in mind for that property and that you as the buyer are not liable for any outstanding mortgage repayments that are associated with the property.

Then the provisional sales contract can be drawn up, once you the buyer are satisfied upon advice from your lawyer or surveyor. With the signing of this contract a larger instalment is paid usually amounting to between 10-30% of the total value of the property in Italy. At this stage the penalties are severe for infringing on the provisional sales contract and the buyer can lose the entire deposit paid, while the seller can incur fines of double the deposit.

Then a fiscal tax permit needs to be obtained which allows the buyer to open a bank account and register for property tax and the next stage is the signing of the final contract. This happens in the office of a notary and an agent who is fluent in Italian needs to have power of attorney for this process. Within 48 hours of signing this contract the local police need be notified of the new property owner.

The whole process takes around 6-8 weeks and can cost around 8-10% of the total cost of the property. It is essential to use agents who specialise in foreign property acquisition and even better if they can arrange the whole process for you. There are many such providers online and can offer expert advice on securing your dream property in Italy.

Dominic Donaldson is an expert on property in Italy and contributes to trade publications on the subject.

Article Source: ArticleSpan