PURCHASE OF REAL ESTATE FOR RESIDENTIAL AND COMMERCIAL USE IN ITALY
In Italy, as in other countries (with the exception of the Anglo-Saxon countries where Common Law applies), the contracts for real estate transfers are concluded by a professional other than the lawyer - that is, the Notary Public , who is a legal professional expert in real estate, company and inheritance law.
In Italy it is the Notary Public – a Public Official - who draws up the deeds for real estate transfers, by ascertaining that the property is actually transferable; seeing to the registration with the Inland Revenue Agency for tax purposes and the registration with the Real Estate Registries for the purposes of making the purchase being binding on third parties. It is again the Notary Public who, when a loan or mortgage is needed for purchasing the real estate, draws up the loan agreement or the contract rent to buy.
However, the specificity of the Italian situation - especially for those who buy from abroad - also requires the assistance of a Lawyer expert in international law, who can also assist and above all protect the person concerned as early as the proper drafting of the preliminary contract, namely the contract binding the contracting parties to conclude the final contract under certain terms and conditions.
These are only two of the aspects that require an in-depth due diligence in Italy for making the purchase successful from the "investment" viewpoint.
Again thanks to the interaction of these two professionals, namely the Notary Public and the Lawyer, it is also possible:
- to avoid squandering money for taxes thanks to personalized and strategic advice designed to find the most favourable and profitable tax regime to be applied on a case-by-case basis
- to ascertain that the real estate under sale is compliant with zoning and town planning regulations by means of a qualified and registered Professional, thus avoiding cases of deed nullity and invalidity or sanctions that, in some cases, may require demolition, as well as have criminal implications and consequences
- to benefit from the new possibility of "depositing a sum equal to the real estate price" with the Notary Public, provided for by Law 124/2017 in the buyer’s and seller’s interest
- to grant power of attorney to the Lawyer already present in the country for signing the deed without having to be physically present in Italy when the contracts are concluded.