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How do you get to buy a house?

Once you have found your ideal home, we proceed with the next steps required and make sure that all the aspects and legal procedures that will lead you to conclude your business peacefully are clear. An agent may also indicate whom to contact in case of emergency:
  • The Purchase Proposal
  • The preliminary contract
  • Notarial deed or final contract
Once the favourite property is found, the next step is to formulate a written proposal that will be bound to a specific time period (usually 1 month): The proposal defines the price and the terms of the offer accompanied by a deposit in the form of a check. If the offer is not accepted, the contract is considered void and the deposit is returned. If instead the seller accepts the offer, the agreement is formalized with a Preliminary Contract of Sale.

The signing of a preliminary agreement already implies a significant commitment on behalf of the seller and the buyer. The preliminary agreement provides that both parties agree on the purchase and sale of the property and to agree on the terms and conditions of the negotiation: the date you will come into possession of the property, a detailed description of each item that is bought (specifying the rooms and total square meters and any eventual movable properties which may be included). Obviously it will specify the price and method of payment.
The preliminary agreement is written by the Real Estate Agent whom, being a qualified professional, guarantees the legal correctness of the content. At the signing of the preliminary agreement, the buyer must pay a deposit (the deposit) in the order of 10-20% of the sale price.
Caution: Although the sale at this stage is not yet complete, the preliminary contract just signed binds the seller and the buyer. If one of the 2 parties withdraws from the deal and waivers, a compensation will have to be paid as follows: if the buyer withdraws, he will lose the deposit paid, if the seller withdraws, he will have to return twice the amount deposited at the time of the preliminary contract.
The next and final step will be the signing of the contract, the so-called deed.

3. Notarial Deed
The deed is the final act: the signing of the contract will be performed in front of the Notary. Both parties must be present on the day agreed for signature when the notary provides for the transfer of the title from seller to buyer. The buyer will pay the remaining amount of the agreed price, plus tax and notarial fees. It can happen that, living abroad, the buyer can not be present on the day appointed for the deed: in this case you can assign power of attorney to a friend or a real estate agent in Italy. For the day of the deed, you will need to have the tax code (which can be obtained with the help of the real estate agent) and passport or other valid identity document, and - of course - the full availability of money (and of any mortgage). In the case of a foreign buyer, it is highly recommended that the day of the deed there is a translator who can translate everything that it is said and written. Once the deed is signed, it is time to pay the remaining amount of the agreed price, plus costs and fees to the notary. The notary will then proceed to register the contract: only when the acts have been registered in the Public Registry of Property, the property will finally become yours. The payment is usually made through bank drafts of Italian banks.


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