Trying to sell a home in Italy can be a tough and time-consuming process, so being prepared and aware of the steps involved might make the process go more smoothly. In the first step, the property is placed up for sale, either privately online through property portals or through a real estate agency.
An Italian real estate agent must be qualified and registered with the Chamber of Commerce in full conformity with Italian law if you are contemplating hiring him or her.
It is in the best interests of clients that real estate agents have mandatory indemnity insurance as part of the legislation governing them, in addition to ensuring that they are qualified professionals.
To avoid being penalised for illegally conducting a restricted activity, the agent must first be registered with the state.
The commission (Provvigione) is normally paid by the buyer. However, estate agents’ fees can be negotiated and are often set at 3% of the total transaction price. In addition to assessing the agent’s brokerage fees, minimum sale price, the length of the mandate, and its exclusivity, it is vital to consider additional factors.
If you decide to sell property in Italy privately and market yourself you could save thousands in agents fees but be prepared to do your own viewings or have a keyholder to hand.
Foreign sellers often have to sign standard terms of engagement from real estate agencies, which should be thoroughly reviewed before signing. Even more so if the text is written in Italian. Even if the provisions of the contract are translated into your native tongue, the Italian version will take precedence over the other languages involved in the transaction.
It is common for potential buyers to sign a legally binding agreement known as a Reservation Offer, a Reservation Proposal, once they have decided to acquire your home. The merchant may ask for a modest deposit at this point in time.
In order for a reservation agreement to be binding, it must be signed by both the buyer and seller. Due diligence may only be conducted by an interested buyer who has been granted exclusive rights to see and evaluate the property for a predetermined length of time, generally 15 days, by a reservation offer.
Surveys, planning and building application / permit searches, land register searches, and legal searches are all examples of due diligence.
Among other things, the goal of due diligence is to determine:
The fact that the property actually does exist. As specified, and the seller is entitled to sell, this property.
That the property is free and clear of any liens, liens, liens, or other encumbrances, whether disclosed or not.
All applicable municipal planning and construction rules, as well as any authorised building plans, are met by the property, which means that it is free of violations.
Unless the property is being sold for reconstruction, that the owner has the necessary certification of habitability Certificato di Abitabilità and that the property is fit for human occupancy.
By submitting tax returns and paying taxes, the seller demonstrates that he or she has complied with all applicable Italian tax laws.
If the property fails to meet this legal criteria, it may be ruled unsellable.
Vendors who own their own businesses shall not be declared bankrupt, and no application to this effect should be pending against them; and when the property is in a block of flats, all service costs due should be paid.
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