Three mistakes that people make when buying property in Italy
Buying property in Italy is a wonderful prospect for anyone trying to invest in real estate, but it can also be a daunting process. As a foreigner, there is a lot to consider if you want a hassle-free process. You must do your research and, most importantly, liaise with the right people. Here are the most common mistakes people make when buying property in Italy, and how you can avoid them.
Under-declaring the sale price
Under-declaration is illegal, and you should avoid purchasing property from a seller who wants to do this. It involves declaring a lower price on the title deed than what the property is being sold for so that the seller pays fewer taxes on the transaction. Under-declaring the sale price is very risky because it requires that you pay cash for the balance. You will not get a receipt for that transaction, and therefore, you will have no proof that you paid. It will also be harder for you to sell the property in the future because you will have created an unrealistic paper increase in the house’s value.
Ignoring pre-emption rights
Pre-emptive rights are mostly applied in cases where land is being sold together with the house. They give the neighbours or tenants of the current owner the right to buy the property in preference to other people. If they are not informed of the sale and given the right of first refusal, they have the right to purchase the property from you for the exact amount you paid. To avoid such problems, ensure that your lawyer gets proof that the people entitled to these rights had been offered the chance to buy the property but chose not to.
Not confirming property ownership
When buying property, always ensure that you confirm ownership. Because of how inheritance rules are set up in Italy, several people can own one property, mostly a number of children who inherited a house from their parents. In such cases, they all have to be in agreement with the terms of the sale for it to be legal. Ask your agent to check the property’s registered owners and confirm that they all agree on the deal.
To avoid these pitfalls when buying property in Italy, we will walk with you throughout the entire purchase process and ensure that you have a stress-free experience.