- Conveyancing (How to get a mortgage – Home insurance)
- Due diligence
- Tax advice
- Commercial property and hotels
Real Estate in Italy is a complex matter and covers many areas. It can be a daunting prospect when you enter into these negotiations; for this reasons we provide you with advice that will protect you from the moment in which you decide to purchase a property and hold your hand throughout the whole process.
In addition to private property purchases for personal use, we also provide clients with the necessary information to purchase properties as an investment. We share our specialised knowledge with you related to market values, opportunities to invest in safe off plan purchases, buying commercial properties – all of which can give you an added income each year.
If you are interested in purchasing your dream house in Italy, we will put you in touch with the best and well known brokers and the right real estate agencies. Experienced lawyers are essential in these transactions to safeguard your investment and advise you on all of the potential hidden risks.
The first and most important step to be followed in a property purchase is the due diligence. Administrative risks and fines are common place in these transactions, as there are many different aspects to adhere to when making an investment in a property. In Italy, signing a preliminary contract does not transfer the property into your name; however, signing the agreement does carry certain commitments. If a thorough due diligence has not been carried out, various problems can arise which can lead to you losing your deposit or wasting unnecessary money to rectify the issue.
To purchase your dream home, you may need a mortgage to help you afford the property. As with the purchase itself, this can be a complicated matter, especially if you do not understand the law and the language. We have extensive experience in obtaining mortgages for clients and can assist you in the applications; furthermore, we work closely with Italian banks which enables us to get you the most favorable deal in terms of interest payments.
Property sale: Just as we offer assistance in buying homes, we are also able to assist you if you wish to sell your property. Having a professional guide you in these transactions is essential, as due to Italian bureaucracy, it is not always possible to sell a property if the documentation related to it is not updated, clear and completed. In addition to this, you may not know that you also need a valid Italian fiscal code and updated energy certificate to sell a property – these are just a few of the requirements needed to carry out one of these transactions. We assist clients throughout the entire process and take care of acquiring the relevant documentation and all other aspects to ensure that the sale goes through without any problems.
We assist many clients in these transactions that have inherited properties from family members and wish to sell as they do not reside in Italy. This can also be a complicated procedure, as in many cases the probate has not been completed correctly – problems such as land registry documents not updated, missing planning permission, among others are the most common. These issues can be easily resolved by an experienced Italian lawyer who will ensure the whole process is completed without any complications.
To purchase or sell a property in Italy, you do not need to be present at the completion. You can appoint us through a Power of Attorney which will allow us to represent you. Furthermore, having us represent you at the completion will save you money for a translator which will be needed to complete the transaction before the Notary if you do not speak Italian fluently.
If you need a surveyor, we have external consultants that work closely with us who can provide answers to your questions such as value of the property, structural condition, market value, as well as providing you with other important information.
Insurance is another important point to be aware of. After going through all of the stages to find and purchase your dream house, it is a good idea to think about insuring your new home and safeguarding your investment. It is not always easy to read insurance contracts which sometimes hide risks with complex legal expressions; our team will advise you as to what is the most suitable insurance policy that fits your needs. Furthermore, we will negotiate with the insurers to obtain the lowest cost with the maximum security.
Taxes are another relevant point which people often forget about and only realise after the purchase / sale that they could have saved money. Unfortunately, part of buying a property includes the duty to pay taxes, there are various different taxes to be paid and the total sum may change, so it is imperative to seek legal advice to ensure that you pay the lowest amount possible. If you are not correctly informed, you will find yourself in trouble with the Italian tax office and will subsequently have to pay heavy fines. Indeed, moving your residency to Italy will allow you to save a lot of costs in terms of taxes and there are many more legal strategies to reduce the total amount due. Risks are behind every corner in these transactions and what makes our clients contact us is that they feel safe in the knowledge that the sale / purchase is being carried out by professionals who deal with these matters on a daily basis – our scope is not pushing you to purchase or sale but to ensure that the things run in a smooth and time efficient manner.
Once the sale or purchase is complete, if needed, we can also assist you in managing ongoing taxes such as payments to the local municipality and local taxes. Failure to pay these taxes can again lead to fines from the tax office, so it is important to seek the correct information.
There are a few way to invest in real estate in Italy. If you are looking for a way to receive an extra revenue stream, purchasing a property to rent out to tenants is a safe and secure way. However, you need to make sure that the property that you are buying matches the rental demand in that specific area.
Alternatively, you can buy a property and carry out restoration works to increase its value, then resell it a few months or years’ time.
Indeed, you can also buy an off plan property and sell it property once it is completed. In this case, we can assist you with all documentation and contracts that need to be drafted and protect your interests through the entire transaction.
Whichever option you choose, to ensure your investment is financially successful, you will need to pay attention to all the risks involved and have an in depth knowledge of the property market in the local area.
Our experience and knowledge in this market means we are able to give you the best guidance and advise you on which kind of investment to consider depending on your requests and needs.
When purchasing a luxury home overseas, it is of the utmost importance to ensure the transaction is conducted in a manner that will protect your property rights. Consulting a qualified real estate lawyer will help ensure that the process goes as smoothly as possible, your property rights are protected and all necessary paperwork is completed.