Guide to buying Italian property released

Thursday January 22nd , 2009

A guide on buying property in Italy has been released by a law firm in the country.

De Tullio Law Firm, writing for nubricks.com, has advised would-be buyers that there are three stages to purchasing a home in Italy – the reservation offer (proposta irrevocabile d'aquisto), preliminary contract (contratto preliminaire di vendita) and deed of sale (atto di vendita).

Whether people buy through a real estate agent or directly from a vendor, they should always engage the services of a solicitor, the company recommended.

People must usually pay a deposit, normally at least ten per cent of the purchase price, at the stage of signing the preliminary contract, which should be examined by a lawyer.

A notary, who is supposed to be completely neutral and impartial, is used to validate contracts transferring ownership of a property and is also charged with paying all registry feed and cadastral taxes, along with carrying out the relevant searches on a property.

For those who do not speak Italian, the documents must be drafted in both Italian and English.

Meanwhile, people searching for property in Spain should be "extremely careful" and ensure they do their research, an expert has said.

Bruce Wilson, tax partner with chartered accountant Campbell Dallas, claimed that Brits looking for Spanish property should remember that the country has a different culture, different rules and different laws.
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