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Who is Involved in Buying a Property in Italy
21 Jan 2022

Who is Involved in Buying a Property in Italy

Who is Involved in Buying a Property in Italy

Buying a home in Italy requires that three main parties be involved: the buyer, the 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 legislation. The seller must also show that all property taxes and any fees  attached to the real estate are fully paid at the point of sale.

Notary – The notary is a public functionary who is appointed by the government. In addition to certifying documents, in Italy the notary bears additional responsibilities in any real estate transaction. The notary, though normally chosen and paid for by the buyer, actually performs as an independent mediator and facilitator between both the vendor and buyer.

The notary will check buyer/seller documents and see that each is eligible to complete a transaction. The notary will also perform due diligence as it applies property boundaries, easements and/or rights-of-way, and any encumbrances upon, or liens against the title. The notary will also confirm the transaction taxes, collect the payments to the escrew account and disburse them in accordance with the law. Deed assignation is witnessed by the notary, who then will register the sale and process the transfer of title.

Other Parties Involved in the Home Buying Process

 Other parties, though not required by law, may be strongly recommended, and these can include a real estate agency, surveyor, a translator if you are not familiar with a local language.

 Real Estate Agent/Agency – In Italy, a real estate agency’s function is to bring buyer and seller together, and to aid in the negotiation of a deal. Hence, the agency fees are usually a shared expense between the two principal parties.

 Surveyor – usually if the buyers specifically request it, the surveyor can perform structural checks on the property, will obtain and check the land-registry documents, obtain permits for renovation projects, and oversee the work performed.

 Translator – Translation and explanation of the legal jargon may be needed by foreign investors. The real estate agency or notary may provide this service, or a buyer may employ a translator independently.

 



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