Italy:

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How to buy a home in Italy during a pandemic

Italy is a foreign country of dreams, many dreamed of buying a house in any part of an Italian boot to enjoy a fairy tale. Many people want to buy, but they do not know where to start and how the process of buying / selling objects in Italy goes. This is why I wrote a short guide

about the most important aspects, so to speak, a short instruction for the buyer / seller.

It may seem strange to you, but during a pandemic, against the background of a decrease in the cost of housing throughout Europe, in Italy, the fall in prices stopped, and the price per square meter began to rise. Foreigners turned their eyes to Italian houses, villas, apartments, especially since medieval Italian streets, universities, beautiful landscapes, beaches and ski resorts have weight in the European housing market for the long term.

As you know, Italy is a country where there are no strict restrictions on the purchase of housing for foreigners. The Italian government has "equalized" all citizens of the world for absolutely the same rights and opportunities.

My advice: in order for the transaction to go through without trouble and the buyer / seller can be sure that everything will go smoothly, are calm about their money, not knowing Italian and not understanding the intricacies of legal issues, I strongly recommend using the services of licensed agencies real estate.

During the period of coronavirus in Italy on the rise When the property was liked by the buyer and he decided to buy, the realtor withdraws the property from the sale, an offer is made

on the purchase and signed by both parties. The homeowner "freezes" the sale of the property for 30 days. The document has been signed, an advance payment of 10% or more is made, which is a guarantee of intentions. Further, a legal due diligence of the property is carried out.

To sign the offer, the buyer must have in his hands: the tax code of the payer, a bank account.

Nuance: If the buyer changes his mind for all sorts of reasons during the formalities process, then he loses the deposit. And if the seller changes his mind, then the deposit is returned double!

Further, the preliminary contract is certified by a notary, the buyer pays another 20% of the prepayment of the cost of the object. Then we are waiting for 1-3 months, when all the authorities will pass the documents. After the object is registered at the real estate registration office.

By the way, important information for foreigners. If you, the buyer / seller, cannot be personally present at the transaction, entrust this matter to a trusted person. You need to legally issue a power of attorney, take it to the Ministry of Foreign Affairs in your country, approve it with an apostille and submit it to Italy.

THE PRICE OF THE OBJECT DOES NOT INCLUDE COMMISSION TO THE REALTOR! Each region of Italy has its own size from 3 to 5%, do not forget about VAT 22%

(not for all agencies). In practice: the percentage is negotiated and fixed in the contract.

Now you know everything, and if you have any questions, I am ready to answer them!

 

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