Below is an overview of the key steps a buyer will need to complete in order to purchase a home in Italy.
Make an offer
Once a purchaser has selected a property, the next step is to complete an offer which is binding for a specified period (usually 7 to 15 days) and sets out the price and terms of the offer accompanied by a deposit, usually in the form of a cheque. If the offer is not accepted, the contract is considered void and the deposit is returned.
The signature of the preliminary contract marks a significant commitment and involves the payment of a further deposit towards the property as an act of goodwill. The purpose of this contract is to clarify all the conditions of the sale, including the price and terms of payment. Usually, when signing the preliminary contract, the purchaser will pay a deposit of about 20% of the established amount.
Deed of sale
The deed of sale is the final act, when the notaio (notary) witnesses the transfer of title from one party to another and collects the taxes due on the transaction. All parties must be present at the signature of the deed of sales. The buyer must then pay the remaining balance of the price of the property, plus the taxes and notary fees.