Make sure to read this, prior to signing any property purchase offer in Italy
You’ve seen it:
the Italian property you’ve always dreamt about.
Now you have a
pen in your hand and the property purchase proposal in front of you, ready to
be signed.
Take your time before putting pen to paper, no matter who drafted that proposal for you.
You deserve a
little hesitation, especially if you are going to sign a boilerplate template
provided by a Real Estate Agent and not by your own legal advisor, or if there is anything
whatsoever that you feel is unclear to you.
If the proposal has
been provided by Real Estate Agents, I am sure they told you that it’s a
standard proposal, drafted as per common
general terms and in compliance with the Italian civil code; and that the
standard template itself has been approved by the Chamber of Commerce.
Property transactions where one of the parties is not an Italian individual, cannot be considered as a normal scenario. The involved professionals are not always experienced to deal with these cases.
Fact: In Italy
you cannot buy a property without the assistance of an Italian Notary Public.
By law, a Notary Public must remain impartial during the property transaction. A Notary can also provide legal advice if requested but must maintain impartiality when providing parties with legal advice . Read this article for further information about Italian Notary Public role.
There is no
legal obligation to engage the services of an independent lawyer for property
purchases in Italy. And, normally Italian
individuals do not hire an independent lawyer for property transactions between
themselves.
An Elective Residency Visa (ERV) is specially intended for foreign
nationals wishing to permanently reside in Italy and who are in the position to
support themselves financially without working 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.
“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.
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”.
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…)
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…)
Italian inheritance tax, “Imposte di Successione” was abolished by law no. 383 of 18 October 2001. Subsequently, the government re-introduced inheritance tax through law no. 286, dated 24th November 2006. The law has been applicable to inheritance cases since 3rd October 2006. (more…)
This property selling guide focuses on the issues that a seller may encounter during an Italian property conveyance.
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…)
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.
Italian inheritance tax, “Imposte di Successione” was abolished by law no. 383 of 18 October 2001. Subsequently, the government re-introduced inheritance tax through law no. 286, dated 24th November 2006. The law has been applicable to inheritance cases since 3rd October 2006. 
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.