When an offer has been made and accepted formalising the purchase can begin.
In many instances it may be necessary to complete a Promise to Buy agreement between purchaser and vendor with a small financial deposit to secure the property. This step formalises the offer.
The first step then is to obtain a codice fiscale, which is an Italian tax code and we can accompany you to the local tax office to obtain this. It is a relatively easy process and only requires a copy of a current passport.
This is the preliminary contract. It is a legally binding document which states the purchase price, details of parties involved, description of the property/land, the completion date and the deposit paid at this stage of the process. It also includes other relevant legal details. This step can be omitted after the Promise to Buy has been completed, particularly if a mortgage is not required.
This is the final stage of the process and carried out in the presence of the Public Notary. The contract, l’atto notarile is signed by both seller and purchaser and the final balance is paid and the title deed is officially transferred. The Notary is bound by law to read out the contract in Italian to all parties and it is at this stage the translation is read out to the purchaser in their native language.
The buyer, seller and estate agent are all required to be present at the Notary’s office for the signing of the contract and at this stage as well as the final payment, purchase tax, agent and notary fees are payable. In addition to all the above-mentioned parties 2 witnesses are to be present, one of whom has to speak both Italian and your native language, this is all arranged by ourselves.
The Notary is an official of the Italian Government who serves independently to conclude the sale. They will also make final checks and searches on the property before any completion takes place.
Should you be unable to be present at this stage for any reason we can help to arrange Power of Attorney. This can be organised here with the Notary. Alternately, you can arrange that in your native country, have it Notarised and then translated into Italian, which can be done here.
The purchase process does not always necessitate the services of a solicitor as the Notary is the person who has to conclude the sale, but if during their checks they find that services of a solicitor are required they will advise. At this point, we can recommend one to you that has local knowledge and experience and speaks English or we can organise a translator.
As a company, we recommend a Currency Exchange company to exchange currency for the purchase of a property. These companies specialise in currency exchange and offer a variety of services and generally a much better rate of exchange than normal banks offer. On the day of completion, they will transfer the funds and provide the necessary documentation for the Notary. We can recommend companies with whom we collaborate on a regular basis and offer a professional service to our clients.
We aim to make the process as smooth as possible.