Buying a property in Italy, Salento by Davide Mengoli

What do the buying stages look like?

BUYING PROPOSAL - (Proposta d’acquisto)
After deciding which property you are interested in comes the Buying Proposal. This document removes the property in question from the market for anywhere between two to four weeks. Buyers will be expected to pay a 5% deposit at this time, although you may still pull out without losing your deposit should any legal issues come to light.

PRELIMINARY CONTRACT
This legally binding contract will be prepared in both English and Italian and it will lay out all of the conditions associated with the sale. Buyers will be expected to put down an additional 20% deposit at this stage and pay any agency fees. This stage is almost as good as the sale completing as the buyer will lose their deposit should they choose to pull out, while the seller is liable for double the deposit should they choose to renege on the deal.

The only exception to this would be in the case of rural farmland. Neighbouring farmers have a right to buy the property should they wish to do so and they will be given one month to exercise their right from the date the preliminary contract was issued and sent to the neighbouring farms.

FINAL CONTRACT (Atto or Rogito)
The final stage will be completed at the Notary's office and can either be attended by yourself or by a nominated party to whom you have given the power of attorney. Taxes on the sale and the Notary's fee will need to be paid along with the outstanding balance on the property. The keys will then be handed over and the deeds will forwarded to the land registry before being sent onto the buyer.

And we will celebrate together!

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