THE ITALIAN PROPERTY ACQUISITION FLOWCHART
Stage 1 - Preparation
Stage 2- Leading to exchange of contracts
Dr Claudio Del Giudice
Rivington House
82 Great Eastern Street,
London EC2A 3JF
(United Kingdom)
Tel 0044 207 613 2788
Fax 0044 207 613 2799
STAGE N. 1 - Preparation
Select an Italian estate agent (Agente Immobiliare) for the area you are
interested in buying a property (organise and negotiate written terms of your contract with your agent).
Identify a property of your choice.
Obtain the legal documents required to identify the property (ask for copy of
the vendor’s title deed (Atto di provenienza) and an up-to-date land registry
map (Piantina catastale) and an up to date land registry
certificate (Certificato catastale).
Select an Italian surveyor (Geometra), notary (Notaio) and legal adviser
(Avvocato).
Visit the property and inspect it very carefully - identify any special
requirements and the need of special searches
or particular points to be dealt with in your preliminary contract. Consider if you will need a
structural survey of any building or part of building, consider whether any third parties
rights are likely to affect your future enjoyment of the property
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to the top).
STAGE N.2 - Leading to exchange
of contracts
Contact your Italian surveyor, obtain a quote and negotiate a report on:
- compliance with building and planning regulations
- existence of pre-emption rights and third parties rights
- any other matters likely to be of interests and or affecting your enjoyment of
the property (survey, report on any future public
works etc.).
Contact your Italian notary, obtain a quote and organise a report on the legal title of
the property.
Consider the report from your Italian notary and surveyor, together with the
information supplied by your estate agent and the vendor, with your legal
adviser. Consider if any further searches / requests of information are required
Draft your preliminary contract with the assistance of your lawyer and negotiate it with the vendor. Finalise the
terms of the preliminary contract you are going to sign. Agree a system
for exchanging contracts and to effect payment of the
deposit mutually satisfactory to you and the vendor.
Exchange contracts and pay the agreed deposit. Ensure that you get an original signed copy
of the contract duly signed by the vendor.
Consider if you wish to register your preliminary contract, if so deal with the registration formalities.
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STAGE N.3 - Leading to
completion of your acquisition
Contact your Italian notary and obtain a quotation for his fees and Italian taxes due on
completion of your acquisition - open your bank account with a local bank, organise bank transfer
for the funds required.
Apply for your Italian Tax Code (Codice Fiscale) if you are not fluent in
Italian or will not attend on completion organise a Power of Attorney (Procura).
Negotiate with vendor as to the way payment of the balance of the purchase price
will be effected, instruct your bank as to payment, or to issue the required
bankers` drafts (Assegni circolari).
Check with your legal adviser the draft Sale Deed, proceed to completion of your
acquisition. Remember to collect the keys to your Italian property ....
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Dr Claudio Del Giudice
(Copyrights reserved - April 2005)