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PURCHASE PROCEDURE FOR PROPERTY IN ITALY

 

HEREAFTER AT YOUR ATTENTION WE PUT THE STEPS TO FOLLOW  TO OBTAIN THE BEST RESULTS:

 

  1. The first  necessary thing is  CODICE FISCALE. The buyer must  obtain an Italian tax code number (codice fiscale); your agent can help in this process. It’s  an alphanumeric code  of 16 symbols based on  surname, name, place and date of birth.

 

  1. OPENING OF BANK ACCOUNT.
    • It’s very useful to open a bank account in Italy if You are about to buy a real estate property. The first reason is that  the  procedure of payment will be streamlined.
    • The second one-  it’ll be necessary to have it when You’ll have to pay electricity, gas  etc. bills.

 

  1. After having surveyed all possible variants of properties, when the buyer is sure to purchase  one of them, the negotiation starts with the OFFER (PROPOSTA DI ACQUISTO), it may be  both in written or oral form. In general it’s sufficient to do it in oral form.  If it’s in  written form and the vendor  agrees with the proposal, he has to sign it and the buyer is required to put down a bank check, in this case it’s considered accepted. This procedure  is necessary to protect the buyer.

 

  1. PRELIMINARY CONTRACT.
    • Preliminary contract is  agreement which binds two parts to draw up the  final contract (contratto definitivo). Signing this contract the propriety is not being transferred to the buyer but obliges the two parts to do it with the final contract. Preliminary contract already contains all the necessary elements of the final contract (art. 1351 c.c.), therefore to sell a real estate property the compromesso has to be in written form. Once it’s signed with the deposit of 10 % in case the vender changes his mind he must  pay the double of deposit sum, if the buyer withdraws, he looses his deposit.

 

  1. FINAL CONTRACT.
    • Final contract (il Rogito) is the conclusive part of the negotiations.  In fact it represents the real  deed of  propriety buying-selling after which the ownership is definitely transferred to the new proprietor. It’s drafted by the buyer’s trustworthy  notary and contains all the necessary elements to identify the real estate propriety. In case there are more than one owner of the propriety, the contract must be signed  by all of them or by their representatives with the special Power of attorney.
    • All the Controls of possible mortgages, conditional amnesty for work done without planning permission, problems with  town-planning scheme are done by the notary, who has criminal liability.  Moreover, the deed must be written down  by the Notary in Agenzia  del Territorio as faster as possible.