The
Italian property buying process provides considerable protection
to the buyer and problems are relatively rare. You are only
likely to encounter any problems if you do not protect yourself
by hiring your own Italian surveyor and solicitor
to check the property thoroughly.
That said, there are a few scenarios where you may risk losing
the property after the Compromesso has been signed.
These
situations won't apply to most buyers, but if you know about
them in advance then you will recognise whether they might
apply to your property:
If
the property you are buying has sitting tenants
or is used to run a business, check whether
the people involved will make any claim on the property
- this can happen.
In
Italian wills, properties are often left equally to several
brothers and sisters, all of whom then own a share. If you
are buying such a property, make
sure every one of the vendors signs the Compromesso
- otherwise one of them could pull out and stop the whole
sale.
Prelazione
- this is only relevant to properties with land in agricultural
areas. What it means is that neighbouring farmers will have
first refusal on the property you are buying. Once you have
signed the Compromesso, they will have 30 days
to match your offer. There is nothing you can do to prevent
this.
The purpose of this policy is to help farmers expand their farms and to prevent the continued sub-division of farming land, which makes it less productive.
Glossary of Important Italian Property Terms
Avvocato -Italian solicitor (a private solicitor, not a Notaio)
Caparra - the deposit paid when the Compromesso is signed.
Codice Fiscale - Italian tax code, required for purchasing an Italian property
