When selling any property in Italy, there are some legal issues that must be seriously considered. Real estate transactions in Italy may appear to be difficult as well as protracted process for foreign investors because of the language barrier and also differences in the legal systems. The Italian legal process is actually technical and may expose you to various risks. When you consider the interests mainly at stake in any real estate transaction, it’s advisable to seek the help of a qualified bilingual legal adviser in order to guide you throughout the process and also advise you on any potential risks.
The sale of real estate in Liguria, in Italy is arranged in the following stages:
1. Putting your property on the market
This is done either directly or even through an estate agency. In case you consider appointing the Italian real estate agent, it’s important that you ensure he/she is qualified as well as registered with local Chamber of Commerce and in full compliance with the Italian law. This registration is usually aimed to give the professional qualification of the real estate agents and to ensure obligatory indemnity insurance mainly in the best interest of clients.
Frequently, foreign vendors are needed by real estate agents so as to sign the so called standard terms of engagement that must be evaluated carefully before the signature. This will be very important particularly in assessing the brokerage fees and also the least price of sale of an estate, period of time of the mandate and finally its exclusivity.
When a potential buyer chooses your property, he/she would then generally sign the initial legally binding document known as a “Reservation offer”, actually paying a small deposit. This action is simply aimed to take the estate off from the market in Italy which must be signed by the two parties, the buyer and also the vendor. At this particular stage, the buyer and his legal adviser will then begin the legal due diligence; carrying out the surveys, planning searches as well as searches from the local authorities as far as both planning and also building regulations are concerned.
2. Negotiation as well as signature of the preliminary contract
The seller has to ensure that all the statements that are contained in their contract are absolutely true to the best of his knowledge. No false statements should be made. Also, full disclosure is then given and ensured that the specific inquiries that are raised by the buyers have been truthfully answered. Italian law normally states that the two parties to the prospective transaction have to act in a good faith.
3. Completion of sale
It usually takes place mainly in the office of a local notary. Italian Notaries are the officials that are entrusted by the law in transferring the legal title of the Italian real estate. They have got a special duty of appropriately extracting the Deed of Sale to ensure its proper execution, registration as well as payment of all the Italian taxes ancillary to sale completion.
Like a general rule, it is good for you to know about the legal framework that regulates international property sales. The above are the three stages involved in selling an estate in Italy.
About the Author:
ErcoleMoscatelli is an online marketing associate of La Casa Liguria – a company that provides innovative marketing solutions and promotion of real estates in Liguria. La Casa Liguria also develops properties and performs the classical intermediation of properties with emphasis on special properties like romantic olive mills, restored townhouses in medieval villages and country houses with mountain or sea views.
