Have you ever made an offer to buy a
property in your home country, and realised that it’s one of the most
stressful things you’ll ever do in your life? Well, the stress doesn’t get any better when you make an offer to buy a property
in Italy! However the fact is, that unless you push
yourself out of your comfort zone, you’re never going to fulfill your dream of
living la dolce vita. So, to help you on your journey of achieving la dolce vita
lifestyle, this video provides an outline of the steps to take when making an
offer to buy a property in Italy, and help to make your journey as smooth and
incident-free as possible. Before you learn what’s involved, would you like to
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again. Plus, don’t forget to watch the video to the very end where you’ll get
details on how to download your FREE ebook entitled: You Can Start a Brand New Life in Italy! So, this video takes you through Stage no. 7: The Steps
Required to be Taken When Offering on Properties. (1) Prepare a Purchase Offer. In the Italian real estate market, all negotiations about the price are in
written form. Firstly, you, the potential buyer, have to make a written offer to
the vendor known as the “proposta di acquisto”. Your offer should show the price you’re prepared to pay, and the required timing of the conclusion of the exchange
of contracts (completion of the deal). To enable you to do this, you’ll need to
engage a notary who’ll handle the negotiations and the drawing up of
contracts. It’s normal to pay a deposit of 5 to 10 percent of the agreed property price to secure the property. However, this sum is guarded under
Italian law to protect you, the buyer. For example, if you pay a €10,000
deposit on a property and the vendor then fails to honour the contract for
whatever reason, then the vendor is required to reimburse your deposit, and
pay an additional fee equal to the deposit. In other words, you’ll get €20,000 returned to you; (2) Sign a Preliminary Contract. At this stage, you
might be required to sign a preliminary contract which is not mandatory. The preliminary contract is drawn up in cases where the transaction is likely to
take place over a certain length of time, or if the sums involved are quite
substantial, or if either the buyer or the seller insists on it. It’s at this
stage that, when signing the preliminary contract, the seller is not entitled
to change his decision to sell the property without the financial
consequences referred to earlier. At this stage, you, the buyer, pays for the
services of the real estate agent or realtor; (3) The Conclusion of the Sale
Contract. The main contract of sale – the deed of purchase, known as “Contratto Notarile di Compravendita”, is signed by the seller and the buyer in the
presence of the notary, which is then subject to notarization. A notarized
document is one that contains signatures of the buyer and the seller, witnessed by
a public figure called the notary. With the documents imprinted using an
official notary seal before signing, the notary is obliged to read the contract
out loud, and ensure all of its clauses are clear to both parties; (4) The
Payment Transaction. Payment in Italy is usually made by the so-called “covered
cheques” (or “checks” as it’s spelt in the US). These financial documents (similar to
Bills of Exchange) are issued by an Italian bank where you, the buyer, have
your account. On the day of signing the notarial contract of sale, you
effectively pass the cheque to the seller. You can also transfer funds from
an overseas account directly to the seller or to the notary’s trust account,
whereby the notary will then transfer the funds to the seller at the
conclusion of the deal. Payment for the transaction will be in Euros. Note that
paying for a property in cash is prohibited under anti-money laundering
regulations; (5) Registration of Ownership. After signing the main contract, state
registration of the transaction takes place. The notary transfers all of the
information on the transaction to the relevant state authorities, such as: the
“cadastral” (land registry) office; the real estate registration chamber; and the tax
office. Ownership registration takes from several days up to 3 months, depending on the municipality to which the “cadastre” (the recording of the land in the land registry) belongs. However, you become the owner at the moment of the
signing of the deed of purchase. With the legwork having been completed now, it’s
for your advisers to complete the paperwork, and one of the main areas of
concern are the property taxes and other costs involved in the total cost of your
purchase. As long as you’ve already factored in the various taxes and costs,
and keep a tight rein on your funds, so you know the financial parameters you’re
working within, there should be no nasty surprises for you. Besides, that’s what
all of your preparatory work that you undertook in the early part of finding
out how to buy a property in Italy has been leading up to. So, the next stage of
the Italian property buying process covered in the next video, Part 8, is
entitled: Property Taxes and Other Costs. Don’t forget to check out the Airbnb URL
link in the Description box below this video for some great deals if you need
to extend your stay to finalise and close your property purchase deal. In the
meantime, and to ensure you don’t miss out on future videos and updates on
expat essentials for italy, please subscribe to our YouTube channel, and
then hit the “Bell” icon. And don’t forget to download your free ebook entitled: You
Can Start a Brand New Life in Italy. The URL link is in the Description box just
below this video. Finally, don’t forget to share this video with friends, family,
business colleagues and associates. Thanks for watching, and make it a great
day. Until next time…. ciao for now!