There are many reasons for which one should buy land in Italy. This country is the fourth largest economy in Europe, it is a place of art and culture and it has one of the best climates in Europe. Furthermore, there are no restrictions for foreigners to own land in Italy. However, an Italian lawyer should be contacted so as to protect your interests.
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Steps for purchasing land in Italy
When buying Italian land, there are some steps to be followed, such as:
- – a foreign citizen wanting to buy property in Italy has to first acquire a tax identification number (“codice fiscale”); this can be requested from an Italian Embassy or Consulate or at any government financial agency;
- – one also needs to submit the relevant documents and a copy of the passport;
- – then a preliminary agreement (“compromesso) has to be signed, which is followed by a public sales act made by a notary; this agreement is proof of the intention to purchase;
- – last, the foreign citizen needs to sign the final contract (“rogito”), which is a legally binding paper that requires the presence of an Italian attorney/notary (“notaio”).
Our Italian law firm can assist you through all the procedures that need to be completed when buying land in Italy.
Contracts for buying land in Italy
Signing the two contracts (preliminary and final) is necessary for completing the land purchase in Italy. The preliminary sale’s agreement can even be done without the help of a notary, but it has to contain the following:
- – identification of both purchaser and seller (place, date of birth, full names, nationality, passport number, tax identification number etc);
- – indication of the land in question (province and commune);
- – identification in the national land register (NCT), which can be done by citing the register document, with the notary, before the final sales act;
- – the agreement must also have a map from the register (signed by both parties).
It is also advisable to:
- – check the seller’s title of property;
- – check if there are any limitations to the title (mortgages, inheritance or property rights, third parties etc);
- – verify the sale’s price and the date established for the final sale’s act.
The final contract has to be signed after the “compromesso” and it usually requires the presence of the notary who has to oversee the signing of the documents, to register the paper with the Land Registry and to collect the tax on the property (this is why a “codice fiscale” is needed).
Both the purchaser and the seller can delegate someone else to act on their behalf.
Our attorneys in Italy can make sure that your best interest are being looked after when signing a contract for purchasing Italian land, so feel free to contact our team.