Italy
Property Purchasing Procedure in Italy
Property Purchasing Procedure
We specialise in off-plan property sales, giving you a huge advantage: simplicity.
To purchase one of our off-plan properties, the following procedure applies:
- Step 1:
Choose the property you wish to purchase and secure the unit by placing a holding deposit of approx. £2000
Our Advice: It is often a good idea to place a holding deposit prior to arranging your initial inspection trip so that you are not caught out by any price increases or by another purchaser snapping up your property. The market is considerably buoyant, so it is a good idea to act quickly and decisively.
- Step 2 (Around 2 weeks after reservation):
Your contracts will arrive by courier, in Italian with an English translation. There will also be a request for you to finance the balance of your down payment (30-50% of the property price).
You must return the contracts signed within a matter of days and make the transfer as requested.
Our Advice: Any questions you may have about the contract should be dealt with immediately via telephone or email, the developer will not usually accept outstanding queries between you and your agent/promoter as a reason for delaying the purchase.
By sticking to the timescales you are given, you will ensure that the purchase is not jeopardised and the property remains off the market.
Make a detailed list of any questions you may have and try to ask these prior to or during your first inspection visit to the area.
- Step 3 (Around 4 weeks after reservation):
Once the developer receives your full down-payment and your signed contracts, the property is secured in your name. As a formality and for your piece of mind, you will receive a receipt for your transfer and a final copy of the contract.
There are no further actions for you to take until your property is completed.
Our Advice: When purchasing off-plan the time to completion may last for several months or even for up to a couple of years. You should keep in touch directly with your developer to be aware of the latest completion estimate and any changes or extras that may be available as the development progresses.
- Step 4 (Upon completion of the property):
You will be contacted by the developer and a date will be arranged for you to sign at the notary to take possession of your completed property.
The balance of the property price (usually 50-70%) plus transaction costs (around 15%) will become payable, either privately funded or by mortgage.
Our Advice: You always have the option of giving power of attorney to the developer or promoter to this for you. Setting up this power of attorney may require a trip to your local Italian consulate in the UK but will save you time in the long run. We would advise you to start making plans for this around 2 months prior to your property's estimated completion.
