THE SALES PROCESS

Flying to Italy has never been easier due to budget airline competition, so wherever you decide to buy will still be easily accessible. In some areas the growth rate is up to 25%, this combined with the lack of capital gains tax on property in Italy makes it a shrewd option for investors, with a sound transport infrastructure and modern systems.

Italian property law is very well established and provides good protection for both parties if the sale is properly arranged.

Once the sale of a particular property has been agreed on, a “Compromesso” or preliminary contract is drawn up and signed. A “geometra”  (surveyor) will then carry out all the necessary checks on the property to ensure that it is correctly registered to the vendor, that it is registered as either a residential property, or in the case of property that isn't at present a dwelling, for example a barn, that the required change-of-use permissions are forthcoming, that essential services are available, that there are no undisclosed rights-of-way through the property, no outstanding mortgages or other loans on the property (all of which would transfer to the new owner) and to generally ensure that you are buying what you expect. Once this has been verified, the information is passed on to the notaio who draws up the sale document and becomes legally responsible for the claims made by the vendor. All property transactions in Italy must take place in front of a Notaio (notary public) The notaio's job is to check that the sale documents are correct, to verify the identities of the parties involved, to collect the tax on the sale due to the Italian government, and to ensure that the entries in the land registry are updated to show the new owner.