A Guide To Buying A House In Italy

Since buying anything involves its own peculiarities, before buying property it is good to know before you buy a property, that some processes are not obligatory but are useful. If the fundamental phase needed to buy a house in Italy still means the title deed, there are other phases that are not indispensable for safeguarding the parties in question.

The phases of buying a house in Italy

Depending on who comes to be involved in the purchase, whether private or real estate companies, certain phases are normally registered in property sales:

Due diligence Negotiation The acquisition proposal The preliminary contract The power of attorney The title deed If the case in question is an agreement between private parties either a acquisition proposal for a house or a compromise could be bypassed, with a consequent increase in risks, either for the seller, since the buyer could cancel at the last minute, making a budgeted sale disappear, or for the buyer, since the seller may not respect verbal agreements.

Due Diligence

Due Diligence means the survey on a property when it becomes subject to a hand-over.

Potential risks linked to the purchase must be identified. Due Diligence consists in a survey of the urban surroundings, construction and installations.

It can thereby be worked out if there are obligations, if the seller has complete ownership of what he is selling, or if collateral security exists.

Negotiation

A key passage during the purchase of a house is negotiation, useful for finding an agreement between those who want to sell and those who want to buy.

The objective is to reach an agreement.

Negotiation can happen either if a stipulation is maintained between independent parties or in case of a mediation on the part of the real estate company.

Negotiations can be about the price, but also the amount of the deposit, possible work to be done before the release, the date of the title deed before the notary or even the date of delivery.

The agreement therefore must be favourable for all parties in the case therefore, unless it is only laid out going upwards that a margin for talks does not exist, they should all begin with the prerequisite that in some ways should end up as a compromise.

One piece of advice for those buying is, before bringing a negotiation to the table, to get an idea of the area's prices, so that you can make an appropriate offer.

The offer

By presenting a purchase offer the buyer is committing to buying the house on the conditions agreed upon with the seller and is offering the price that is agreed, which may not be how much is asked for by the owner of the property.

Usually the buyer's purchase is understood to be valid for fifteen days, as is specified in the proposal, to give the seller time to accept or refuse the acquisition proposal.

If the seller accepts the offer, the buyer is obliged to honour it. If the response comes "out of time" obviously it ends every commitment. An advance sum can be linked to the offer, but it is neither obligatory nor is it an obligation for the seller.

The preliminary contract

In case you choose to agree upon the sale of paper, you can stipulate a "compromise" or "preliminary sale".

The standard model must bring back the information of the buyer, of the seller and of the property up for sale. The details then change depending on the situation.

It is important to trust an expert to make the compromise because it is data that will be successively brought back into the title deed, that is to say the final sale document.

According to the stipulations of the compromise, the buyer normally pays a deposit of at least 10% of the value of the...