Selling property in Italy

Selling property in Italy

When selling an Italian property, there are some legal issues which should be seriously considered. Basically, the process of selling property is the same as that of buying it.

Seek legal advice

Considering the interests at stake in a real estate transaction, it is advisable that you seek the assistance of a qualified bilingual legal advisor, who has the competence to guide you through the process and advice on potential risks.

Put your property on the market

The first stage is to put the property on the market, either directly or though an estate agency. If you are considering appointing an Italian real estate agent, it is important to ensure that he is qualified and registered with the local Chamber of Commerce in full compliance with Italian law.  Such legislation is aimed not only to guarantee the professional qualification of real estate agents but also to ensure compulsory indemnity insurance in the best interest of the client. The agent is usually paid a commission both by the buyer and the vendor. Such commission is negotiable but generally equivalent to 3% of the sale price.

Conveyancing

The second stage of the conveyancing process in Italy is the negotiation and signing of the preliminary contract. The seller must ascertain that all the statements contained in the contract are true, no false statements are made, full disclosure is given and that the specific enquiries raised by the buyer have been answered truthfully.

Deposit

Usually upon exchange, a deposit is paid, ranging between 10% and 30% of the sale price of the property. In case of default while completing the sale the purchaser will automatically lose the whole of the deposit paid. On the other hand, in case of the seller defaulting, they will be required to pay the buyer the sum originally received as a deposit twice over.

Note that upon completion the seller is required by law to produce a certificate of habitability provided by the local Town Hall. This certificate is mandatory, so the notary would not be able to proceed without it.

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