How to buy a luxury property in Italy

The process of buying a valuable property in Italy involves a series of useful and necessary procedures, to be carried out according to precise guidelines.

Dreamer Real Estate’s team of professionals can support and accompany the seller, or buyer throughout each step.

A topic that we addressed in our Dreamer Talks, in which thanks to the contribution of Paolo Cosi – Partner & Head of Dreamer’s Legal Department, we set out the necessary steps for buying a property in Italy.

Let’s take a look at them, going over the key points of the process and also analyzing what happens when the property is historically and artistically listed.

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Guide to buying a luxury property in Italy

Over 70% of Dreamer’s clientele is composed of international buyers, who decide to invest in the Italian territory, buying prestigious and luxury properties.

Our team of professionals exposes and accompanies each client throughout the procedure, so as to ensure a correct path of purchase, but also of sale.

The irrevocable purchase proposal

The irrevocable purchase proposal is an offer made by the buyer to the seller aimed at the conclusion of the contract.

This type of contract is governed by Article 1329 of the Italian Civil Code and is the first step in purchasing a property in Italy.

It is a unilateral act by which the buyer, through Dreamer Real Estate, makes a proposal to purchase a property.

It is transmitted to the seller according to the terms provided and Dreamer guarantees its credibility and concreteness.

Usually, along with the irrevocable purchase proposal, a sum of money is also paid by the buyer as security, approximately 10% of the total price of the property, which Dreamer will send to the seller only if the proposal is accepted.

The signing of the irrevocable purchase proposal is functional for Dreamer to resolve, analyze and identify the saleability of the property itself, and when the seller accepts it, the document becomes a preliminary contract of purchase and sale.

The preliminary sale agreement

The preliminary sale and purchase agreement represents an intermediate step in the process of buying a property in Italy. It is a fundamental act guaranteeing the exact sales process.

Dreamer Real Estate uses the time that elapses between the preliminary and the final to carry out actions functional to the sale, such as the mortgage practice and allows the parties to bind themselves.

This step ensures the so-called booking effect of the sale that occurs with the transcription of the preliminary contract in the Italian Public Real Estate Registries.

It also allows the parties to bind each other for the future, that is, to ensure that none of them can escape the conclusion of the final contract. Discover our properties for sale

Notarial deed

The last step in the process of buying a property in Italy is the notarial deed.

This contract represents the only fundamental act of sale that must be executed by a notary public and allows the promissory to become the actual owner.

The sales process is thus concluded and ownership of the property is officially transferred to the new buyer.

If the property is listed of Historic-Artistic Interest, does the sales process change?

Properties of great artistic and cultural value are often dealt with in Dreamer.

In these cases, if the sale process involves residences that are constrained from this point of view, Law 1089/1839 provides for the exercise by the Italian state of pre-emption on the purchase of the property itself.

What does this mean?

That a promissory purchaser who enters into a deed on a property does not immediately become the owner of the property, but a maximum time of 60 days must elapse in which the state can exercise the right of first refusal.

Dreamer Real Estate also takes care of all the legal and bureaucratic aspects related to this lien, to the point that 100% of our concluded negotiations can always turn in favor of the promisor: that is, the state does not get to exercise the right of pre-emption.

Dreamer is at your disposal to guarantee and support every step of the process of selling or buying a prestigious property in Italy: discover more.

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