Ep. 8 - Real Estate - Buying a property in Italy

Episode 8. Investing in Italian Real Estate Market in Italy – Buying a property in Italy.
Mistakes to avoid and opportunities to catch.
Residency and tax liability – Buying a property allows to obtain a permit to stay? (answer is"NO", and here it is why).

Michele Capecchi together with his legal assistant and co-host of the show, Monica Sharp, guides you through the process of investing in the real estate market in Italy.

However, the process of purchasing property in Italy can be complex and require the assistance of professionals such as notaries and lawyers.
This article will provide an overview of the Italian real estate market and the role of notaries and lawyers in the property purchasing process.

Notary's Role in the Italian Real Estate Market

In Italy, the role of a notary is different from that of a public notary in the United States. A notary in Italy is a legal professional who is authorized to witness and certify legal documents, including real estate transactions. Notaries play a crucial role in the Italian real estate market by ensuring that all the legal requirements are met and the property is transferred correctly.

The Three Steps of the Transaction Where a Lawyer's Assistance is Particularly Useful are:
Binding Offer - This is a written offer that is made to the seller and outlines the conditions of the purchase. Once the seller accepts the offer, the property is taken off the market, and the buyer can begin conducting due diligence on the property.
Preliminary Contract - This is a legally binding agreement between the buyer and seller, which outlines the terms of the purchase. The preliminary contract is usually signed in the presence of a notary, who will certify the document.
Final Deed - The final step in the transaction is the signing of the final deed that determines the actual transfer of the possession of the property

In all these steps the lawyer is your best friend and help you asking the right questions to seller and surveyor and will check that whatever you will buy will not hide unpleasant surprise in the future. Eventually he will be also your legal proxy to sign on your behalf the final agreement if you dont speak the language or if you cannot come to Italy for the final deed. He should also provide guidance on the various tax implications and regulations involved in purchasing property in Italy.

False myth and common questions reviewed in this episode:
- if I buy a property in Italy, do I become tax liable in Italy?
- Do I have to pay taxes in Italy on my world wide income?If I buy a property in Italy, can I get a
permit to stay? DO I get my residency automatically?
- Is it more convenient to buy a property before or after becoming an Italian citizen?
- Can I buy a property if I am just a tourist?
- What is my codice Fiscale and why I need it to buy a property (or to rent it)?
- Can I have access to the bank system to finance my purchase? How does the mortgage
system work in Italy? Can I get a mortgage from an It

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Disclaimer: The information provided in this podcast is for general information purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal advice specific to your circumstances.