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Back to purchase school
September is the month of the "back to school" for Italian families: the bells go back to ringing, the doors go back to opening, the minds go back to making recaps of the A-B-Cs.Let us go back to the basics, too, and try to make a quick summary of who is involved in your purchase, what are their roles and why they will be part of the process.
First things first: although it looks like it is made of a lot of steps, the property purchase process is structured in a way that preserves property values and protects all the parties involved. This is to say that several professionals will be working with the same aim.
The purchase process specifically requires three main parties to be involved: a) a buyer (you!), b) a seller, and c) a notary, "notaio". Nevertheless, it is very common for additional parties to be brought in: a real estate agency, a geometra, an attorney, a translator, to cite but a few.
Read below to understand what are the roles they cover.
Buyer, Seller, and Notary
Buyer – The buyer (yes, you, again) is the real master of the purchase. It is the buyer who searches, views, selects properties, and it is the buyer who decides which property will be the object of purchase - unless you are our client and our staff conduct the whole property search on your behalf and based on your needs and expectations, arrange viewings, accompany you there. It is the buyer who selects the notary, and pays for the notary services. The buyer also has to provide proper identification, a valid tax code, and meet the financial qualifications - such as having obtained a mortgage in Italy, as our expert Mara explained here on our blog.
Seller – Once the buyer has identified the right property and decides to go ahead with the purchase, the seller is required to demonstrate to have clear title to the chosen property, and that the property is in compliance with all applicable codes and statutes - for instance, remember when we spoke about building or renovating in terms of restrictions and regulations? If not, check our blog on the topic here. The seller must also provide documentation regarding the property status in relation to taxes and fees that attach to the real estate.
Notary – The notaio is a public functionary appointed by the government. The notary certifies the documents and also bears additional responsibilities in all real estate transactions. Despite being paid by the buyer, the notary acts as an independent mediator who works with the aim of avoiding and eliminating all possible causes of future litigation. The notaio confirms the parties' identification and verifies their eligibility to complete the transaction. Moreover, he or she will perform due diligence and figure transaction taxes, collect them and witness the deed assignation. Finally, it is the notary who is in charge of registering the sale and proceed with the transfer of ownership.
Are there additional parties involved?
The answer is yes, a lot of times, there are.
The above-mentioned parties are needed for the purchase to happen, but there are other professionals, agencies and people that can be involved as "optional", but could play a relevant role in a successful negotiation.
To begin with, you - or Property Organiser on your behalf - may need to deal with the seller's (or property's) real estate agent. This is a sort of mediator who usually brings the seller and buyer together, and receives a fee from both parties once the deal is made - since we are talking basics here, it's useful to remind you that you won't need to pay any extra fee to a real estate agency if you are assisted by us.
You may also want to be assisted by an attorney. Our clients, for instance, sometimes prefer being followed by our legal office - our qualified real estate attorneys - when they feel they are not familiar enough with the Italian real estate law, so that the binding agreements and contracts they sign are formulated in a safe way for them.
Surveyors - a geometra - are a very peculiar character in the Italian real estate equation, there isn't an equivalent position in other countries. The geometra is often in charge of collecting the land-registry documents, obtaining permits for renovation projects, overseeing work performed.
Sometimes you may also require or be required to have, at the moment of signing the final deed, a translator. The legal language is quite complicated in all languages, and, if you are not familiar with the jargon, you may want to have someone you trust when you are committing to purchasing your future property - or the notary may ask you to appoint one. Remember you won't need one if you are assisted by Property Organiser, as this is included in our service fees.
Other professionals you may need to involve in your property purchase are legal experts on the topic of dual citizeship - like Caitlin Dippler, who is part of our team and also contributed to our blog with her experience about dual citizenship here. You may also need to appoint someone who can take care of planning and conducting your renovation or restoration works, such as an architect, or an engineer - here you can find information about their possible roles. Last, you may want to find someone who helps you managing the property after you finalise your purchase - and if you are curious about maintenance costs you may want to read our blog post here.
Now you know your A-B-C, is it time to start property searching?
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