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Real estate due diligence in Italy

Real estate due diligence in Italy

Updated on Monday 18th April 2016

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Real-Estate-Due-Diligence-in-Italy.jpgItaly is an important destination for entrepreneurs who want to invest in real estate, due to its impressive buildings, many of them with a great architecture, located in destinations chosen every year by thousands of tourists from all over the world. The Italian real estate market is attractive for both investors and foreign citizens who want to buy a property or land in Italy.  
 
The process of buying a real estate property in Italy is relatively simple; according to the Italian legislation, the buyer and the seller must sign a pre-contractual agreement and, if the buyer considers that the seller may have offered false information on the property, he can ask for a reimbursement on the expenses incurred until that moment. Due diligence procedures in Italy are performed by a team of highly specialized professionals, who will act on your behalf to discover if the property presents any liabilities. It is highly advised to request the assistance of a lawyer in Italy if you want to buy a property here. 
 

Real estate due diligence procedures 

 
The Italian legislation stipulates that due diligence procedures are performed by a notary, who is hired by the seller to act on the behalf of both parties implied in the selling process. The final selling contract, the deed of sale (Rogito Notarile), should be signed only after the due diligence procedures are performed and under the supervision of the notary, who will send a copy of the deed of sale to the Italian tax office and to the Land Registry
 
The local police will be informed by the notary within 48 hours after the signing of the deed of sale that the ownership of the property has been changed. Real estate due diligence can also be performed by a various professionals such as engineers, economists or architects; if you are interested to perform due diligence procedures on a real estate in Italy, our Italian lawyers can provide you assistance in this matter. 
 
The specialists will help you with many legal issues related to buying a property and they can negotiate with the lawyer or the representative of the seller. The Italian lawyer will offer you information related to:
 
-    taxes you have to pay for the buying procedure and for the future property;
-    translation and legalization of the required documents;
-    power of attorney for your representative in Italy;
-    resident/work permits, if you intend to open a business etc.
 

Due diligence documentation in Italy 

 
Performing real estate due diligence procedures usually refers to the verification of the following documents: 
 
title deed of property – stipulating the ownership on the property;
certificate of urban destination;
authorization for division into lots;
town planning conformity;
certificate of indemnity;
certificate of habitability – specifying that the property respects the safety, health and energetic conditions (according to its destination) imposed by the Italian legislation;
preemptive rights – applicable to historic real estate properties;
cadastral documents;
condominium aspects – stipulating the rights and obligations of the owners in terms of common spaces of the building;
administrative aspects – applicable to properties build after 1989;
environmental aspects – stipulating that the property respects the environmental rules and regulations applicable under the Italian legislation
 
If you need further information on the due diligence procedures applicable in Italy, please contact our Italian law firm for assistance. 
 

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