An Italian Notary Public’s Escrow Account Is The Safest Way To Manage Property Purchase Payments in Italy
In Italy only an Italian Notary Public’s escrow account benefits from full and complete legal protection against possible creditors.
There are two main payments you are expected to make when buying a property in Italy,or that you will receive, if you are selling an Italian property; the deposit and the balance.
The deposit is usually paid upon purchase offer acceptance and it is aimed at confirming the parties’ intention to proceed with the purchase-sale contract. The balance is customarily paid upon closing, unless otherwise agreed.(more…)
“Going through the process without the help of experienced professionals is risky”
Beth Watson was living in Boston in 2015 when, out of the blue, she received an email informing her that she had been named as the sole heir in an Italian Will.
Beth recognised the name of the executor who had sent her the email, and sadly she recognised the name of her Swiss uncle with whom she had spent so many happy holidays. Her uncle had died, leaving Beth an estate in the southern Italian region of Molise, complete with olive trees, forests, farmland and habitable buildings.
Beth was stunned to be named as her uncle’s heir. She also soon realised that this wonderful bequest came with real challenges. Like other Americans who inherit property in Italy, she would have to navigate the Italian legal system, in another language and file a great deal of paperwork. She started out believing the process would be straightforward, but soon concluded she had to find trustworthy professional help. Amongst other things, there were expenses to be paid and accounts to be transferred. Paperwork and bureaucracy which were not easy to handle from Boston.(more…)
What does it mean to take by representation?
What is the principle of representation?
According to Italian law, when an inheritance is left, either fully or partly, to a deceased’s child or sibling who has died before the testator, the descendants of the beneficiary succeed to the inheritance, pursuant to the “right of representation” (articles 467 and 468 of the Italian Civil Code).
The same applies if a decedent’s child or sibling is unwilling to accept an inheritance to which he/she would be entitled, or if he/she is declared unworthy to inherit (art. 463 of the Italian Civil Code).
The person nominated to inherit is called the, “represented”, while his/her descendant who through the represented’s death becomes raised to the place and the degree of the person represented is known as the, “representative”.(more…)
De Tullio Law Firm and the New York Times
De Tullio Law Firm‘s second contribution for the New York Times
One year after our first contribution for the New York Times, De Tullio Law Firm was interviewed for the second time to provide, once again, potential investors in Italy with useful guidelines regarding the buying basics of the Italian conveyancing process.
This time, the article is focused on the Riviera Ligure, one of the most sought-after places of the Italian country, but the legal information provided herein are extended to the whole Italian territory.
The article includes critical information, such as Italian Notary‘s fees (Italian Notaio’s fees), legal fees and Italian property taxes.
“Buying basics in the Italian Riviera
There are no restrictions on most foreigners buying real estate in Italy, said Giandomenico De Tullio, a managing partner at the De Tullio Law Firm, which has offices in Italy and Britain. (more…)
Can I Back Out of A Preliminary Contract?
You’ve signed a preliminary contract on a property. You rather rushed in to it because you didn’t want to miss out on what you thought was a great opportunity. It’s long been your dream to own a penthouse in the centre of Rome and when you saw this apartment, you just had to have it.
However, in hindsight and after viewing the apartment again, you realise the penthouse isn’t as big as you thought. When you first saw the place, you could see potential to extend in to the roof space, but you now doubt that the municipality will grant permission to convert the space. Besides, you recognise that even if your planning application is accepted, it’s going to be prohibitively expensive. The date for signing the deed of sale is looming. What can you do? (more…)
When selling an Italian property, there are some legal issues which should be seriously considered. Due to the language barrier and differences in legal systems, real estate transactions in Italy can appear as a difficult and protracted process for foreign investors. The Italian legal process is obviously technical and might expose you to some risks. Considering the interests at stake in a real estate transaction, it is advisable that you seek the assistance of a qualified bilingual legal advisor, who has the competence to guide you through the process and advise on potential risks. (more…)
For a more in-depth explanation, you may wish to read our comprehensive guide to buying property in Italy.
The purchase of a property in Italy proceeds through 3 key stages:
- Proposta irrevocabile d’acquisto (Reservation offer)
- Contratto preliminare di vendita (Preliminary contract)
- Atto di vendita (Deed of sale)
Once you have chosen your property you should engage the services of a solicitor, whether you buy through a real estate agent or directly from the vendor. The knowledge that an Italian solicitor has about Italian real estate law is invaluable – plus, your own solicitor is there exclusively to look after your interests. (more…)
Whatever your needs, we can help you.
– Italian inheritance rights assessment
– Drafting Italian Wills
– Claiming / recovering inherited Italian property (more…)