Property buying in Italy

[detulliolawfirm]

I would like to state before hand that the Italian conveyancing process is extremely safe assuming that the buyer will have the normal care and attention requested for any high value investment of this type.

In my personal view three essential elements should be duly taken in consideration for a smooth transaction:

1) language barrier
2) differences between legal systems
3) conflict of interest.

All binding legal documents relating to an Italian real estate transaction must be written in Italian, independently from the nationality of the parties.

Italian legal writing is highly technical, ritualistic and often archaic due to the close links with Roman law.

All this is further complicated by the profound differences between the English/American system based on Common Law and the Italian one based on Civil Law.

Buyers should be very attentive when signing a legally binding document (often inaccurately or even unfaithfully translated into English),bearing in mind that once signed they will have little chance to change what already agreed with such document.

Special attention should be given to printed standard versions of contracts that are rarely drafted taking in due care the interests of the buyer.

Finally it is very important to consider the problems connected with the conflict of interest.

Any buyer should remember that a real estate agent will receive his commission only if he will finalize the sale, as a consequence some of them might not feel motivated to tell all the truth about the property.

A final comment concerns the phase of the signature of the Deed of Sale in front of the Notary public.

A lot of buyers would believe that this is the essential part of the conveyancing; the truth is that after signing the preliminary contract there is very little space left to modify any essential aspect of the transaction in the phase of completion.

Furthermore It’s important to highlight that the Italian Notary public is in a position of neutrality between the buyer and the vendor, so he is no substitute of the legal advisor.

The Italian law provides that during the Deed of Sale the buyer who is not fluent in Italian should be assisted by an interpreter.

Also the Deed of Sale must be translated into English although, in case of discrepancies, the Italian version will prevail.

It is essential that the interpreter is, not only duly qualified under a strict linguistic point of view, but also in terms of legal background.

Moreover the interpreter should not be in conflict of interest; such would be the case when the interpreter is appointed by the vendor or the real estate agent.

The best way to minimize all risks connected with the purchasing process is appointing an Italian bilingual qualified lawyer. A legal advisor will undertake the legal due diligence connected with your property highlighting all the legal issues connected with it, will liaise with vendor and/or real estate agent, will draft the preliminary contract taking in due care the needs of the buyers, finally will assist you in front of the Notary public, giving an expert and independent explanation of all the legal implications of the documents the buyer is called to sign.

Avv. Giandomenico De Tullio

 

[Eagles009]

Emerging Property in Europe

This was a nice article and informative
I want some suggestions and facts regarding this . Can anyone
tell ur views and opinions...

 

[willowtree1]

while legal due diligence certainly reduces any risks involved,general due diligence and dealing with experienced and reputable agents and developers on the ground is essential and many other checks need to be made particularly in southerrn parts.Many clients have unfortunately come unstuck to date in Calabria by not doing enough homework, when it does go wrong it is a long painful and expensive process.The fact that the largest solicitor operating in the region, who is now being Investigated by the Solicitors regulation society and closed up shop in the UK and moved to Sicily has left a legacy of problems for many.

 

[sumitrad]

As far as I know, there are no real restrictions on foreign nationals purchasing real estate in Italy. Only thing is perhaps a bit higher purchase registration tax. This fact plus reading this useful article makes it tempting to invest in this country.

 

[magicmajenta]

I have some general questions about buying in Italy. I have been looking at European real estate recently. And one of the countries that has been tempting is Italy. My mom is trying to discourage me with regards to buying property in Europe as we are Americans and Europe is very far. Money is not an issue, but she has concerns with regards to the danger and risks involved. She is afraid that if something goes wrong we cannot simply fly there to check things out. She is also concerned with burglaries and vandalism. She says that since people know we are foreigners, and we aren't always there people will take advantage like breaking in or even staying in our unit without us knowing it. She keeps telling me that if I put in money in a place to be prepared to lose it. She is also concerned that since we are foreigners and there is a language barrier we will get fooled or scammed. Anyway I read the article but I still wanted to post my concerns as people here may be able from experience to be able to answer them. What are the chances of things going wrong? I would appreciate your opinions/advice/feedback.

 

[Veronica]

I have some general questions about buying in Italy. I have been looking at European real estate recently. And one of the countries that has been tempting is Italy. My mom is trying to discourage me with regards to buying property in Europe as we are Americans and Europe is very far. Money is not an issue, but she has concerns with regards to the danger and risks involved. She is afraid that if something goes wrong we cannot simply fly there to check things out. She is also concerned with burglaries and vandalism. She says that since people know we are foreigners, and we aren't always there people will take advantage like breaking in or even staying in our unit without us knowing it. She keeps telling me that if I put in money in a place to be prepared to lose it. She is also concerned that since we are foreigners and there is a language barrier we will get fooled or scammed. Anyway I read the article but I still wanted to post my concerns as people here may be able from experience to be able to answer them. What are the chances of things going wrong? I would appreciate your opinions/advice/feedback.

There is always a chance that things can go wrong when purchasing in a country you do not know. However if you do your homework thoroughly and do not allow yourself to be pushed into signing contracts until you are absolutely certain everything is Ok the chance of things going wrong will be slim.
One concern with Italy would be the fact that not many people speak English so it will make it more difficult there.
Take a look at some of the other European countries where English is more widely spoken before making any decisions.

Regards
Veronica

 

[magicmajenta]

There is always a chance that things can go wrong when purchasing in a country you do not know. However if you do your homework thoroughly and do not allow yourself to be pushed into signing contracts until you are absolutely certain everything is Ok the chance of things going wrong will be slim.
One concern with Italy would be the fact that not many people speak English so it will make it more difficult there.
Take a look at some of the other European countries where English is more widely spoken before making any decisions.

Regards
Veronica

What are other European countries where English is widely spoken except Great Britain of course? My mom's concerns are also once the property is purchased when we are not around it may get burglarized, vandalized, or whatever else you can think of since people will know since we are foreigners there are not people living there for certain periods of time.

 

[Veronica]

What are other European countries where English is widely spoken except Great Britain of course? My mom's concerns are also once the property is purchased when we are not around it may get burglarized, vandalized, or whatever else you can think of since people will know since we are foreigners there are not people living there for certain periods of time.

You will find a lot more English spoken in Spain and Cyprus than any other European country.
As for burglaries etc Cyprus is much safer than Spain.
I believe Portugal also has a healthy English speaking ex pat community.

 

[Lysos]

magicmajenta,

The real question is why do you want to buy property in Europe ?. A holiday home or for investment ?. If the former, unless you will use it regularly it would be cheaper & less hassle to rent somewhere. If the latter, then location & type of property is crucial, and you should be focussing on long term rental, not holiday lets. Also, in my opinion, there are far better investment opportunities in the USA at the moment, particularly in Florida.

 

[Veronica]

Lysos is absolutely right. If it is for a holiday home you would be better off renting when you want a holiday.
Far less hassle and it leaves you free to explore more of Europe rather than being tied to one place.

 

[Lysos]

I see you posted a similar question in the French forum; you haven't done a lot of research, really, have you ?.

We need to know your motivation before we can give our opinions & advice.

 

[magicmajenta]

Yeah, mostly as a holiday home. But I still haven't decided if I want to have it rented out. But for the most part I'm leaning on holiday home.

 

[Veronica]

Yeah, mostly as a holiday home. But I still haven't decided if I want to have it rented out. But for the most part I'm leaning on holiday home.

In that case my advice would be listen to your mother and keep your money in the bank.
Enjoy going to different places for your holidays rather than limiting yourself to one country.

 

[magicmajenta]

Alright, cool. We'll just travel to Europe every so often and keep our money. Guess I shouldn't just dive head first into this. Thanks for your advice.

 

[Veronica]

You're welcome:smile:

 

[detulliolawfirm]

With the pound against the euro the strongest its been for two years, now is as good a time as any to invest in property in Italy. The rental market in Italy is booming and now property prices are still at an affordable low and bargains are still to be found.
When buying your property do not skip the essential legal advice as surveys come as extra security and having independent advice can often result in unearthing those problem areas. Not forgetting that a Notary public is neutral in Italy, they do not support either the buyer or the seller, therefore having someone fight your corner can be a huge support. You can give your attorney 'power of attorney' to sign documents, permits and carry out searches and sign and pay the final contracts, peace of mind when you may be living in an other country.