Obtain an Italian Bank Account and Fiscal Code:
You’ll need to open an Italian bank account, which you must do in person in Italy. You’ll also need an Italian tax code number (codice fiscale), which you can get at the Italian consulate in your home country or through an Italian tax office. This can take up to three weeks. Our lawyers will provide you with the necessary assistance during these steps.
The Preliminary sales agreement is a private agreement between the promisee buyer and promisor seller. This legally binding contract commits both parties to the transfer of ownership and to complete the purchase, paying the balance of the agreed price on a specified, future, completion date.
For this reason it is frequently called as preliminary contract (in Italian Contratto preliminare o Compromesso), as another final deed will be executed on completion of the acquisition.
It is a complex legal document, which should always be considered with the assistance of specialised Italian lawyers before signature, to avoid the pitfalls of the property market.
Notary, Final Deed and Completion
When all the arrangements have been completed and the preliminary contract agreed, signature of two identical original Preliminary Contracts should take place, both by the purchaser and the vendor before a notary.
According to Italian practice, usually the notary is chosen by the buyer although he acts for both parties. Indeed, notaries do not act on behalf of either the buyer or the seller and they are asked to be completely neutral.
The signature of the deeds of sale (rogito) before the notary, together with the negotiations and the preparation of the preliminary contract, is the most delicate stage of the whole purchasing process, especially if you do not speak Italian.
For further informations please do not hesitate to contact us.
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