New Guide for Italian property purchase released

A new guide has been released by a law firm for those interested in buying property on Italy.
This guide by De Tullio Law Firm, writing for nubricks.com gives prospective buyers advice on where to buy and purchase procedures. He has stated that there are three stages to purchasing a home in Italy - the reservation offer (proposta irrevocabile d'aquisto), preliminary contract (contratto preliminaire di vendita) and deed of sale (atto di vendita).

The company recommended the investors that inspite of buying through a real estate agent or directly from a vendor, they should always engage the services of a solicitor.

At the stage of signing the preliminary contract, Buyers must usually pay a deposit, normally at least ten per cent of the purchase price, which should be examined by a lawyer. The buyers should know that there are 3 documents to sign when buying a property in Italy. They need to sign a written irrevocable property purchase offer and to give a small part-payment. After that they have to sign the preliminary contract of sale, in which they states the full Property price of the property, the name of the notary and the dates when the purchasing act will be fully complete. At the stage of signing the preliminary contract, Buyers must usually pay a deposit, normally at least ten per cent of the purchase price(caparra confirmatoria) which should be examined by a lawyer. The final document is the notary deed and purchasers will have to pay in full the remaining balance of the agreed Property price.

New laws have been introduced in Italy, which stipulate that buyers can now declare the real sales price in the notary deed but only have to give taxes on the re-valued cadastral value of the property. The notary fees will be discounted 20%, as it would be calculated on the actual sales price. There have also been changes in capital gains tax to put off vendors from under-declaring the market price they receive.

Meanwhile, Country Lifehas reported that Italy's property market is proving "more robust" than other destinations for buying homes abroad.