Buying a property in Italy can be a dream for many people: from rural properties to those with a small vineyard or a house near the Italian coast, the country has everything to offer from mountain resorts to grasslands and the beautiful seaside region. While buying a property may only involve a few key steps, researching for the property is one that may be crucial. In this article we highlight the importance of due diligence for real estate purchases in Italy as well as the main issues property buyers should be aware of when performing such a transaction.
What is real estate due diligence?
Due diligence is a process performed before signing the final sale-purchase agreement that consists of a thorough verification of the property’s cadastral, financial and structural situation. In short, the process is one that will reveal all relevant and needed information about the property, so that the buyer can make an informed purchase.
Another important reason why buyers should perform a real estate due diligence in Italy is that the process will be able to reveal the real value of the property. With a complete analysis and the dismissal of any unclarities, the buyer will be sure that he/she is not risking a questionable deal.
What are the main steps for property verification?
Some of the key areas verified during this process include the following:
- Cadastral verification: a land registry search is performed in order to see if there are any irregularities with the property and whether or not the seller is the actual owner;
- Administrative checkup: it highlights if there are or were any mortgages on the house and if there were any tenant agreements;
- Structural inspection: a constructor can perform an on-site verification of the building to confirm that it is safe, that the installations are in order and whether or not any refurbishment works will be needed.
Whether it is for a vacation house or for permanent residence, the due diligence process for your house in Italy is useful in all cases before buying a property. You can always reach out to a local team of lawyers in Italy who will be able to help you with much more information about this verification as well as other legal services, as needed.