How to buy a property in Italy

- Procedure & contract.

MAKING AN OFFER
Offers may be made using the on-line form, by phone or by fax.
We will only consider the offers coming from people (or their representatives) who have already viewed the property.
You bid will be forwarded to the owner who reserves the rights to decide whether to accept or decline within 30 days.
If your bid is accepted you will be asked to confirm you offer in writing and to pay a 10000 Euro deposit to the vendor who will issue confirmation of acceptance of your offer.

PRELIMINARY CONTRACT (COMPROMESSO)
It is common practice in Italy to sign a first agreement between vendor & buyer to complete the purchase of the property at some future specified date, (usually within three months) in the offices of a local Public Notary (Notaio). The compromesso also states the general terms & conditions of the future final contract.
At this time a 10% to 30% of the property values is payable to the vendor.
The compromesso guarantees the buyer that the property can not be sold to another bidder.
However If you decide to not complete, you'll lose your deposit.
In order to comply you will need a Codice Fiscale (Italian Tax code) which you can obtain free of charge for the Italian tax office. This is also required to open a bank account in Italy which is necessary to complete the purchase.

FINAL CONTACT BY THE NOTARY (NOTAIO)
Notaries have a special duty of drafting the Purchase Deed [Rogito] and to ensure the proper execution, registration, and payment of all Italian taxes ancillary to the completion.

Checks carried out by the Notaio:
The vendor is the legal owner of the property and is entitled to sell the house
There are no debts or mortgages on the house
There are no written liens or burdens
The vendor is aware that they must declare any outstanding private agreements regarding the property. For example if the vendor has agreed to allow a neighbor to build or extend within the minimum laid down by Italian law or has given a friend a right of way across the property.