STEP 1 - PURCHASE OFFER
Once the potential buyer has chosen a property, they submit a Purchase Offer. This document is a written offer for the purchase of a property which the buyer confirms to having seen and with which they specify their price and purchasing terms and conditions. The offer is binding only for the buyer; the seller is free to choose whether or not to accept the offer. The offer must include the date by which the seller must notify their acceptance. During this stage, the client is required to offer a deposit through a notary, worth 5/10% of the purchasing price. If the seller does not accept the terms in the Purchase Offer, the deposit is returned to the buyer.
STEP 2 - PRELIMINARY PURCHASE AGREEMENT
The preliminary agreement is binding for both parties: the Seller is bound to selling and the Buyer is bound to buying. At the time the Preliminary Agreement is signed, the Buyer is required to pay 30% of the purchase price. Agency fees are also paid during this stage. The Preliminary Agreement will be drawn up by the notary who is holding the buyer’s deposit.
STEP 3 - FINAL PURCHASE CONTRACT
The final contract is signed in the notary’s office in the presence of both parties. When drawing up the contract, the notary verifies that the seller is the legitimate owner of the property and whether the property is unencumbered by mortgage or other servitudes that may affect the new ownership of the property. Despite being appointed by the buyer, the notary acts in the interest of both parties. Once all checks have been completed successfully, the buyer pays the outstanding amount via bank transfer or banker’s orders issued by an Italian bank to the seller and both parties sign the final deed in the presence of the notary. Subsequently, the notary registers the deed at the Revenue Commissioners and enters it in the Property Register. Tax payments are necessary to officially register the sale of the property in order to protect the buyer from any third-party claims.