There comes a point in a homeowner's life that you simply have to let your property go. This even rings true in Italy too! It's no secret that many homes here are incredible. Think seaside villas in Puglia, luxury apartments in Rome
, or even beautiful vineyards in Tuscany! If you decide to sell properties like these, rest assured that you'll find a lot of interested buyers. And as long as you remember a few things—like doing your research and preparing all the documents—you'll be able to put your property in Italy for sale with no problem at all!
Do Your Research
When you decide to put your property in Italy for sale, you need to do your research! See if it's a good time to sell it. Stay on top of the market and see the supply and demand when it comes to real estate in Italy. Check how much your property is worth. Get a proper valuation so that you'll know how much to set your asking price. And when there's an interested buyer, make sure to get to know them. Find out as much as you can from your real estate agent
(if you hired one) or find any relevant information online.
Accomplish Your Due Diligence Checks
As the seller of the property in Italy, it's your responsibility to set up the due diligence checks. These are a series of surveys where professionals check out the place you plan to sell. From the most minute details to every nook and cranny, they will determine whether your property is good for selling. And only then can you start negotiations with the buyer. At times, you can't even put your property up for sale yet if you haven't done the due diligence checks. So get them done as early as possible!
Hire A Notary
Whether you hired a real estate agent or you're doing it on your own, you simply have to hire a notary when you sell your property in Italy. Even more so if you're a foreign owner and you still know every little of the legal matters at hand when it comes to real estate in Italy. For the most part, your notary (or solicitor) will serve as your legal advisor and representative throughout the entire process. They'll draw up the legal documents, help deal with the taxes
& fees, communicate with the buyer and their party, and more. Hiring a notary will make the process easier for you!
Prepare All The Needed Documents
Speaking of the documents, there's a lot you need to prepare as the seller. Idealista
listed them all down and they include some pretty important papers. One of the most significant is, of course, the property's deed. As the seller, you have to make sure that the deed is in your name. You won't have the right to sell it if it's not. Also, if you're a non-resident homeowner in Italy, you will need to show proof that you paid the property taxes of the place. This can also serve as further proof that you do, in fact, own it prior to the sale.
Meet The Buyer as Often as You Can
Doing your research on the buyer is one thing, but it's commonly better to meet them in person. Are they reliable people? Can they guarantee that they will follow through on all of the agreements regarding the sale? Will they take care of the property once it's in their hands? Remember that even as the seller, there's still a lot riding on you when it comes to the sale. The process has you paying all sorts of fees, taxes, and the like. If it ends up that the buyer won't push through with their purchase, you risk losing more money in the end.
Draw Up The Preliminary Contract ASAP
Once you've settled on a buyer, draw up the contratto preliminare
as soon as possible. This document will legally bind you, as the seller, and the buyer to go through with the transaction. And make sure to follow through when you sign it too! The consequences are bigger on your part if you choose not to abide by the agreement. The most common of which is that, if you, as the seller, decide not to follow through with the sale after you signed the contratto preliminare
, you'll be required to pay the buyer twice the amount of the deposit.
Remove Your Mortgage
Though it's not necessarily part of it, it's also your due diligence that you remove your mortgage on your property in Italy before you finish the sale. Even when you've already paid back the loan, the mortgage can still be there and can easily topple over your buyer's responsibility. This, in turn, will have them paying more charges than they initially thought. And while this may sound like it's got nothing to do with you, you risk getting a bad reputation within the world of real estate in Italy. Who knows? When you decide to buy or sell another property, people might not want to work with you!
Selling your property in Italy can be very tricky. So much so that you might end up with the short end of the deal! You don't want that, right? So in order to avoid it, make sure to remember these important tidbits that come with the selling process.