An Overview of Property Purchase and Relocation to Italy

Italy has always been an extremely popular country for British citizens to move to. The slower pace of life, enviable climate and economic environment make it highly attractive. Regardless of whether you wish to buy a house as an investment or with a view to relocating to Italy perhaps in your retirement years, Italy’s stable real estate market makes it one of the best countries to consider.

It is estimated that 4.1 million British tourists visit Italy each year, which indicates that there is a strong case for buying a holiday home that can be a source of income throughout the summer season. Italy’s real estate market is expected to maintain its resilience for the foreseeable future and there are incentives provided by the Italian government to encourage foreign nationals to buy property. Also, for some Italian home owners their holiday home investment can, over time, become their retirement home when they are ready. 

Giambrone & Partners’ real estate lawyers can advise and guide you on all aspects involved in buying a property in Italy including the associated issues such as obtaining the right type of visa to enable you to enjoy a longer period of time in your Italian property or if you planning to retire to Italy our lawyers can guide to as to which visa is the most appropriate. Also, if you permanently reside in Italy our lawyers can advise on how to ensure that your heirs may receive their inheritance without any involvement with the laws of succession in Italy.

Our real estate lawyers pointed out “there are significant differences between the Italian and English buying procedures. In Italy notaries oversee the process, however the involvement of a real estate lawyer is strongly recommended in order to ensure that the purchaser understands that the due diligence is rigorous and thorough and that the provenance of the property sound with no debts against the property and complies with the current planning permission.” further commenting “an English speaking real estate lawyer can also assist with any negotiations required during the course of the purchase.”

Our expert real estate lawyers in our Italian offices can assist with all aspects related to your property purchase and will be by your side throughout the entire process to ensure that there are no problems that could derail your purchase. Giambrone & Partners will be exhibiting at the next Place in the Sun exhibition in Birmingham, where our lawyers and client services team will be available to answer all your questions about property purchase and the implications of relocation to Italy. Please click here to learn more about the exhibition.

An initial deposit is paid to the seller, once the due diligence has established that the property has no impediments that could compromise the purchase and the proposal of purchase is also presented. This is followed by the drafting of the preliminary contract (“contratto preliminare”) the contract defines all the particulars of the transaction including the type of building, purchase price and when the sale will take place. The preliminary contract is legally binding and if either party breaches the preliminary contract there are financial consequences for both parties. If the seller breaches the contract you are entitled to receive a sum of money that amounts to double the deposit. If the purchaser breaches the contract they will forfeit the deposit. 

The preliminary contract, contratto preliminare, is then drawn up that defines all the details of the transaction, such as the purchase price, when the sale will take place and defines the type of building. The preliminary contract secures the transaction and binds the parties to the transaction. Since 2007 estate agents are obliged to register the preliminary contract.

If the preliminary contract is breeched by either party, there are financial consequences for both parties. If the seller does not proceed they will be liable for double the amount of the deposit to you, which is outlined in art. 1382 Italian Civil Code. Should the purchaser not go ahead with the purchase the deposit is forfeit and the seller will keep the deposit. The estate agent is obliged to register the preliminary contract.

The deed of sale (“rogito”) is then signed by both parties before the notary and an independent witness. The notary will then register the deed of sale at the Revenue Agency. Once this has been done the transfer of title (“cadastral transfer”) takes place and is recorded at the local land registry office (“Ufficio del Territorio”).

There are a number of fees, charges and taxes that vary depending in an individual’s circumstances that must be paid but this can only be done through an Italian bank. Giambrone & Partners lawyers can assist with opening a bank account in Italy if necessary. Our highly experienced lawyers can also assist with visa applications and any associated issues.

If you would like to know more about residential real estate purchase in Italy please click here