Purchase Process Explained…
La Dolce Vita is something that many of us are searching for, so owning a property in Italy and more specifically Calabria is a dream of many. From a beachfront apartment to buying a ruin and renovating the options are endless.
Over 17 years of experience assisting foreign buyers purchase property in this stunning region has given us a lot of insight into the purchase procedure.
Let’s take a look at the steps required and a little guidance as to what to look out for!
1) Balancing budget, and location;
whether it’s city, beach or rural and the lifestyle that you want once you have purchased your property. As well as looking at what you want from your property in respect of no. of bedrooms, bathrooms, swimming pool, garden, land, access to amenities, bus/train routes etc. also think about what you don’t want or need.
Once you have decided on that then it’s a matter of choosing an area
2) Spend some time researching various areas – Google earth/maps is a wonderful tool to give ideas before making a trip. It might not give you everything, but it familiarises you with the locations.
3) There are many websites/portals out there with listings to review but using an on-the-spot agent works well to be able to give local information and knowledge. Being native English speakers, we can assist with this and also offer video viewings which gives an overall idea of the property and its local surroundings.
4) On a planned visit it is important to view the properties that have been identified of interest and while it is tempting to fill every day with viewings this can also have an adverse effect in that everything rolls into one and it becomes difficult to remember each property. It is important to spend time in the local areas to get a feel for them, reflect and enjoy a bit of the reason why you want to buy here in the first place!!
5) Making an offer:
Once you have identified a property that you would like to buy you can place a verbal offer. There maybe some negotiating here but we can do this until a price is settled on.
6) All the relevant documents are gathered for the property and a Promise to Buy can be prepared – which is the first step that formalises the offer.
7) If there are any updates required to the documents this needs to be done before the sale progresses – and issues tend to be land registry problems or differences in the plan of the property that is registered at the catasto and what is existing. We have local geometras who can organise this work for us.
8) The Notary, who is chosen by the buyer, and we use a few regularly, will give a quote for purchase costs and this along with any other costs to be incurred are given to you before you pay the deposit.
9) Once the deposit is paid and the notary is in possession of all the documents the relevant checks can be made and preparation of the deed of sale can begin.
We work closely with all parties to ensure that the process runs as smoothly as possible.
10) Currency exchange is also an important factor and working with a reputable currency company makes the transactions hassle free and again the relevant receipts are obtained to be given to the notary to be included into the sale deed. We have a few that we work with regularly that give great service to our clients.
11) Should a Power of Attorney be required we can assist with this as the procedure varies dependent on the country of residence of the purchaser. Translation is required and often an Apostile stamp.
12) Signing for your property in person requires the coordination of all parties and a convenient appointment made at the Notary office. If you don’t speak Italian then a translator is required to translate the deed into English (or other language) and the translator has to be present at the signing of the deed to read it out.
Once the deed is signed and you are the proud owner of your new property sit back, relax and enjoy – maybe a celebratory glass of vino!!