Giambrone Provides Guidelines on Buying Property in Italy

Italy is currently offering some of the best possible solution for those who are interested in buying a house or property in the country. In recent years, plummeting property prices  have encouraged several foreign investors to instruct Giambrone to help them acquiring property in Italy.

Buying property in the country is a relatively straightforward process. Nevertheless, Giambrone is aware of the importance of being familiar with a few preliminary aspects that have to be taken into account.

Firstly, it is important to choose the right property. Investors should consider what type of property they desire to acquire, such as, for instance, a stone farmhouse, a villa or an apartment.

Secondly, it is advisable to understand whether the property will be used as permanent residence or as a holiday home. Other relevant aspect that should influence the choice of the right property are, for instance, the size of the property, whether it needs restoring, or whether the property is meant to be resold in the future.

At Giambrone, we have a team of expert, dedicated solicitors who specialise in international property issues. 

We know the laws and we know how best to help you to achieve a positive outcome for your case: the language and cultural barriers often make it necessary to seek professional legal advice when buying and selling abroad.

Once the property the investor wants to acquire has been chosen, Italian International Property Lawyers at Giambrone will draw up  a preliminary contract,  containing the sale price, the amount to be paid as deposit, the date of completion, land boundaries and the details of the property.

Once the contract has been signed, the buyer is legally required to purchase the property. A deposit ranging from 10 to 20%  (depending on what has been agreed by both parties) will be paid from the buyer. Should the buyer decide not to buy the property anymore, the seller may seek legal action to enforce the purchase. Conversely, in the case the seller no longer intends to sell the property, they will be liable to pay the buyer double the amount that has been paid as deposit.

Finally, the Final Deeds of Sale is drawn up by a notary. The notary is generally chosen by the buyer but acts in the interest of both parties. The notary is also required to undertake any final necessary searches. Once the final contract is signed, the investor is required to pay the remaining sum to the vendor. Notary’s fees (which generally amounts to 1%) and stamp duty are mandatory. Moreover, it is to be taken into account that tax due is different for every sale and must calculated on an individual basis.

Should you desire to learn more about how Giambrone can help you with a wide variety of international property matters, you can arrange a meeting with our international property specialist.

Please contact us on +44 (0)207 183 9482  or email us at: clientservices@giambronelaw.com

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