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Selling real estate in Italy may often be a challenging and time-consuming process; so, it is important to be ready and aware of the several stages involved to ensure a better experience. Whether personally or via an estate agency, the first step is listing the property.
Working with a qualified Italian real estate agent
Make sure an Italian real estate agent you are contemplating is fully compliant with Italian law and registered with the local Chamber of Commerce. Laws controlling real estate agents not only assures their professional qualification but also guarantees they have obligatory indemnity insurance, therefore serving the best interests of the customer.
Evaluating Estate Agent Commission and Terms
Usually, estate brokers get commission from both the buyer and the vendor. Though negotiable, it usually comes out to be about 3% of the entire sales price. Examining the agent’s minimum sale price, mandate length, broking costs, and exclusivity is absolutely vital.
Knowing the Reservation Offer: Proposta Irrevocable Acquisition
Usually, after a prospective buyer shows interest, they sign a legally binding contract known as the Proposta Irrevocabile d’Acquirement or Reservation Offer. Usually spanning 15 days, this offer temporarily takes the property off the market, therefore giving the bidder exclusive rights to do due diligence.
Due diligence for a safe transaction
Due diligence comprises many key searches and evaluations, including legal searches, planning and building application/permission searches, local authority and land register searches, and surveys. The goal is to establish important elements, such as:
- Ensuring the property exists, and fits the description, and the seller has the right to sell it helps to guarantee property existence and ownership.
- Verifying that there are no mortgages, charges, or hidden encumbrances influencing the property.
- Examining whether the property follows authorised building plans and local planning and building rules.
- The property is legally saleable as the owner has met tax duties and guarantees the suitability for living.
- Reviewing the vendor’s financial situation, bankruptcy claims, and pending applications
- Verification of payment for all flat service costs ensures their settlement.
Ultimately, a better selling experience
Selling real estate in Italy calls both great thought and strict legal compliance. Therefore, ensuring a successful and safe sale depends critically on involving a knowledgeable real estate agent, knowing the reserve offer, and doing extensive due research. Visit our esales international website for further details and a free advice on selling Italian property. We also provide a pre-sales service. This guarantees before listing your Italian home all legal elements and paperwork are under care.
