Italy buying process
Buying process
When you have found the house you want to buy then the whole process of buying in Italy starts. Below are the different steps of the process
Once the house is found then the first step is to agree on the price. Keep in mind that there are quite a few cowboy-type types active as real estate agents who are very adept at pressuring a buyer to just agree to a purchase price and a proposta di acquisto (offer to purchase) to sign and make a down payment. Beware of this. It is important to first perform some checks regarding the object to be purchased. And realize that signing this document is not optional. Indeed, the obligation then arises to enter into a contratto preliminare di vendita (preliminary contract of sale). It is advisable to hire legal counsel at this stage.
Start the application process well in advance. You may already be able to cut corners by submitting the application as soon as possible. See “APPLICATION PROCESS.
In doubt about the structural condition of the house? Then have a building inspection performed. Contact Mortgage & Abroad for advice on this.
The buyer chooses a notary, partly because he also has to pay the notary. The cost of his services is about 1%. See also: GOOD “PREPARATION”
An Italian notary is impartial and has the role of controlling a multitude of elements, however, it is nevertheless recommended that you get legal assistance if you have no experience buying in Italy. There are a number of specialized legal agencies operating that Mortgage & Abroad can put you in touch with.
We can assist you in arranging a notarized power of attorney to complete the purchase from the Netherlands. We have contacts with a Dutch notary where the process of making the power of attorney can be arranged “remotely” (via zoom/teams).
The initiation of a contratto preliminare di vendita (purchase agreement) is usually done by the Italian notary. Get advice on the content from your legal advisor.
The condition precedent for financing is not popular among Italian sellers, but it can be included in the proposta di acquisto (offer to buy) and in the contratto preliminare di vendita (Italian contract of sale). Contact Mortgage & Abroad to discuss how to set up a sale without the risk of losing the down payment.
The outcome of the mortgage application process is the receipt of the unconditional loan offer. After accepting the loan offer, the bank is ready to release the mortgage funds.
When the sale is imminent, your home should be insured for fire (and theft). Hypotheek & Buitenland has contacts with parties who can provide competitive quotations for this purpose.
Having an Italian bank account is indispensable when you own a home in Italy. Part of the mortgage application process also includes opening an Italian bank account. For this, an appointment is made with the mortgage lending bank to open a bank account locally.
The actual purchase must be ratified by an Italian notary. He will legalize the bill of sale(Atto) with his signature and formal stamp. Then the title deed can be registered in the Italian land registry, after which the buyer has officially become the owner. Through the notary, a notarized power of attorney can also be drawn up after which the remote purchase can be made
How long the buying process takes depends on what delaying elements are involved. Some trajectories last 2½ months some as long as 6 months.
