Who is Involved in Buying a Property in Italy?
The real estate purchase process in Italy is designed to protect the interests of all involved parties, and it's also structured to preserve property values. Before any sale is completed, great care is taken to ascertain that pertinent data applies to a property in question.
Buying a home in Italy requires the main parties to be involved: the buyer, the seller, and a notary. Other parties, though not required by law, may be strongly recommended, and these can include a surveyor, a real estate agency, a translator.
We will discuss the roles that each performs.
Buyer, Seller and Notary
Buyer – The buyer, aside from being a necessary component in the real estate process, has certain responsibilities and performs functions that are vital to the acquisition of real property. Generally, it is the buyer who selects, and pays for, the notary who will be charged with the validation of documentation. It's also incumbent upon the purchaser to provide proper identification, a tax code, and to meet all financial qualifications.
Seller – In simple form, the seller must be able to demonstrate that he/she has clear title to the property in Italy which is under consideration, and that the property is in compliance with all applicable codes and statutes. The seller must also show current status regarding property taxes and any fees attached to the real estate for sale.
Notary – The notary is a public functionary, appointed by the government therefore is impartial. The notary, though normally chosen and paid for by the buyer, actually performs as an independent mediator and facilitator, working with an eye toward eliminating any and all causes that could result in future litigation. In addition to certifying documents, an Italian notary bears additional responsibilities in any real estate transaction.
The notary will confirm buyer/seller identification, and see that each is eligible to complete a transaction. The notary will also perform due diligence as it applies to property boundaries, rights-of-way, and any encumbrances upon, or liens against the title.
The notary will also collect from the buyer the property purchase tax and disburse them in accordance with the law.
The real Estate sale is witnessed by the notary, who then will register the sale and process the transfer of title deeds.
Other Parties Involved in the Home Buying Process
The aforementioned buyer, seller, and notary are factored into the real estate equation by law, but there are other people who may be “optional”, but who can be just as important to a successful negotiation, and some of these are listed below.
Real Estate Agent/Agency – In Italy, a real estate agency truly epitomizes a “mediator” position, one whose function is to bring buyer and seller together, and to aid in the negotiation of a deal. Hence, the agency fees are usually paid by both the buyer and seller.
Surveyor –The surveyor is usually entrusted with the collection and validation of land-registry documents, obtaining permits for renovation projects, and overseeing the work performed. The notary usually works very closely with the surveyor to validate the land registry details, complete the due diligence relating to the property boundaries, check that any previous renovation work done on the property has been done in accordance with the planning permission and urban requirements and ensuring that anti-seismic laws have been followed.
Translator – Translation and explanation of often-complicated legal jargon may be needed by foreign buyers, even those who speak fluent Italian. The real estate agency may provide this service, or a buyer may employ a translator independently.
Others – Depending on specific needs, others involved in a transaction could include accountants, architects, construction company.
If you have any questions or need support with the buying or selling process in Italy, you can contact ECSM Property Ltd on firstname.lastname@example.org Besides Real Estate experts we have surveyors, notaries, accountants, engineers, translators, interior designers in our team and will be glad to assist you.
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