Selling in Italy – The first stage is to put the property on the market, either directly or though an estate agency.
Selling in Italy – 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 a compulsory indemnity insurance in the best interest of the client. Should the agent not be registered, he/she could be prosecuted for carrying out a reserved activity and liable to fine and other penalties. Last, but not least, the agent may not be legally entitled to the requested commission. The agent, in fact, is usually paid a commission (Provvigione) both by the buyer and the vendor. Such commission is negotiable but generally equivalent to 3% of the sale price.
Once a potential buyer has chosen your property he would generally sign the first legally binding document called a “Reservation offer”, contextually paying a small deposit. Such a deed is aimed to take the property off the market in Italy and should be signed by both parties (Buyer and Vendor).
At this stage the buyer, together with his legal advisor, will usually start the legal due diligence; carrying out surveys, planning searches and local authorities (Comune, Building and Land Register) searches, as far as local planning and building regulations are concerned. The buyer will also execute checks and legal searches. More…