Purchasing a property in any part of the world is an excellent idea to invest your money, but it is a procedure that involves risk. If you are an investor who is into the buying of properties in the United Kingdom, there is a likelihood that you will hire a solicitor who will be responsible for the management of legal matters while you focus on other things.
There is no compulsion to hire the services of a lawyer when purchasing a property in the UK but it is crucial to engage the services of a lawyer if you want to purchase property in Italy. The buying procedure in Italy is entirely different from the process of purchase in the UK as it is also renowned for its complexity. It also requires due diligence, conveyancing, and rigorous searches. The communication and details are done in the Italian language, and this is the main reason why it is crucial for you to speak to professionals who have a thorough understanding of the language.
Hiring a bilingual lawyer whose area of specialization is the Italian property law is the best decision as the person will offer you support you need during the buying process. When you have your lawyer, it is most likely that the odds will be in your favor and it will also help you to recognize and have an idea of the legal matters before taking a decision. When you have a trusted professional, it will help you to enjoy a convenient process of buying property as you can confer a power of attorney on the professional when you cannot complete the Deed of Sale in person.
The process of buying properties in Italy is divided into three stages:
Proposta irrevocabile d’acquisto (Reservation offer): The property meant for sale is taken off from the market for a while due diligence is done.
Contratto preliminare di vendita (Preliminary Contract): This document contains the treaty between the vendor and purchaser, price, completion date, price, as well as terms and conditions of the sale.
The Atto di vendita (Deed of Sale): According to the Italian Law, the deed must be prepared by a public notary also known as notaio in accordance with the Preliminary Contract. As soon as the Deed of Sale has been signed by all parties involved, the vendor will receive the balance of the purchase price. The procedure of registering the ownership of the house will start as keys will be given to the new owner.
Most of the foreigners purchasing a property often make the mistake of thinking that the notary will also be acting as the lawyer and in the case of any issue, the notary will tell them, but this is not the case. It is important to note that a notary is a neutral public officer hired by the Italian State to monitor the proceedings of the transaction. In legal terms, the notary is not allowed to protect the interests of the persons involved in the deal.
These three phases entail the signing of legally binding paperwork. The documents prepared in Italian language and often translated into English but the Italian document will be admitted as the real document in the law court. It is essential to contact your lawyer to see your paperwork before signing the document. Make sure you engage the services of a lawyer who will represent you when you want to buy properties as failure to do so will make the process of getting your money back a herculean task.
SOUTHERN ITALY PROPERTY OVERVIEW
Italy hosted more than fifty-two million visitors last year and became Europe’s third most visited nation. Most of these tourists visited places such as Venice and Florence as well as the local districts of Liguria and Tuscany. Millions of tourists are attracted to the rustic offerings of Southern Italy as they are treated to exceptional food and wine, blue-sky weather, and unique friendship.
Investing in Southern Italy is an excellent idea as it combines the architectural and cultural beauty of centuries of civilization with the presence of holiday homes. The southern part is renowned for its calmness and serenity while the northern region is more sophisticated. Italy is bringing good tidings as it has moved from the period of recession. There is an anticipated annual growth of 1.5% this year as the property market has gained stability if the data obtained from Savills is used for a study.
According to the Savills associate director, there has been an increase in the transaction level as it improved 18% last year and the property prices in Italy have stayed around 30% below their 2008 peaks, and there is a high level of stock which has improved the buyer’s market.