There are many legal aspects to consider when buying off-plan properties in Italy. We would always advise that you seek legal advice before investing. Developers and builders can be very persuasive, but whatever you do, don’t sign anything without taking independent professional advice.
Significant delays in delivery of off-plan properties is one aspect that irritates investors about Italian off-plan property purchases.
Buyers often try to integrate a late delivery penalty clause in agreements. However, enforcing penalty clauses is not easy. Often the agreement will have been drafted by the developer or builder. Where the developer or builder is a major company, penalty clauses are unlikely to have been mutually agreed between the company and the buyer. The agreement will therefore unilaterally favour the builder. (more…)