Selling property in Italy? What you should know.

Selling property in Italy can often be a difficult and lengthy process, so it is crucial to prepare and understand the steps involved to make the experience smoother. The first stage is putting the property on the market, either privately or through an estate agency.

Engaging a Qualified Italian Real Estate Agent

If you are considering appointing an Italian real estate agent, ensure they are qualified and registered with the local Chamber of Commerce in full compliance with Italian law. Legislation governing real estate agents not only guarantees their professional qualification but also ensures they have compulsory indemnity insurance, serving the best interests of the client.

Assessing Estate Agent Commission and Terms

Estate agents usually receive commission (Provvigione) from both the buyer and the vendor. Although negotiable, it typically amounts to around 3% of the full sale price. It is essential to evaluate the agent’s brokerage fees, minimum sale price, mandate duration, and exclusivity.

Understanding the Reservation Offer: Proposta Irrevocabile d’Acquisto

Once a potential buyer expresses interest, they usually sign a legally binding document called the Proposta Irrevocabile d’Acquisto or Reservation Offer. This offer temporarily removes the property from the market for an agreed period, often 15 days, granting the buyer exclusive rights to conduct due diligence.

Conducting Due Diligence for a Secure Transaction

Due diligence involves various essential searches and assessments, such as surveys, planning and building application/permission searches, local authority and land registry searches, and legal searches. The aim is to establish crucial aspects, including:

1. Property Existence and Ownership: Ensuring the property exists, matches the description, and the seller has the right to sell it.
2. Absence of Mortgages and Encumbrances: Verifying that there are no mortgages, charges, or undisclosed encumbrances affecting the property.
3. Compliance with Regulations: Checking whether the property adheres to local planning and building regulations and approved building plans.
4. Habitation and Tax Compliance: Ensuring the property is fit for habitation and the owner has fulfilled tax obligations, making the property legally saleable.
5. Vendor’s Financial Status: Verifying the vendor’s financial status, bankruptcy declarations, and pending applications, if applicable.
6. Settlement of Service Charges: Confirming that all service charges for flats have been paid.

Conclusion: A Smoother Selling Experience

Navigating the process of selling property in Italy requires careful consideration and adherence to legal requirements. Therefore engaging a qualified real estate agent, understanding the reservation offer, and conducting thorough due diligence are crucial steps to ensure a successful and secure transaction. For more information and a free guide to selling property in Italy, visit the De Tullio Law Firm website. Additionally, we offer a pre-sales service. This ensures all legal aspects and paperwork are under control before listing your Italian property. If you need any help or advice, feel free to contact me.

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