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Barba & Partner Rechtsanwälte – Ihre Anwälte aus München
We are your international law firm from Munich for your property purchase in Italy! Surely you have heard of us or have searched the Internet for a competent lawyer in Germany for a real estate purchase in Italy using the search terms “advice for real estate purchase in italy”, “house purchase italy”, ” lawyer munich for house purchase in italy”, “lawyer for italian real estate law munich”, “house purchase italy procedure”, “legal advice real estate law italy” or “legal advice italian real estate law”.
When buying a property in Italy, it is not mandatory to be represented by a lawyer. Nevertheless, for various reasons, it is advisable to be represented by a competent lawyer specializing in Italian real estate law when purchasing your vacation property. The lawyer is the only professional who solely represents the interests of the buyer, as the buyer is his client. The seller has an interest in selling his property at a good price. The estate agent has an economic interest in the buyer concluding a preliminary contract so that they can earn their commission. The higher the price, the higher the commission. The notary is not an advisor, as he or she is neutral with regard to the buyer and seller.
During the coronavirus pandemic, real estate sales slumped by almost 20% in the first half of 2020. However, the Italian real estate market then stabilized in the middle of 2020. Prices in Milan have been rising again since the end of 2021. The demand for houses with a garden or terrace is notable. Economically, many people have recovered since life returned to normal. Nevertheless, inflation and high energy prices are also having an impact in Italy. Some Italians are selling their vacation homes. Prices are rising again in the high-price segment and in major cities. In Sicily in particular, there is currently a very high level of buying interest among US Americans, perhaps also due to the strength of the dollar. In any case, there will be an oversupply of properties in Italy in the low and average price segment in the medium term. This development will put pressure on the market. However, this is also an opportunity to acquire a vacation home in Italy at a reasonable price.
Selling a property in Italy is generally uncomplicated, although selling a property can also be tricky. You have owned the property for years. In some cases, modifications have been made. Costs may arise if after signing the preliminary contract it is discovered that some modifications have been carried out without planning permission. If you only find out after signing the preliminary contract that taxes have not been paid in full in the past, this is inconvenient, too. What happens if the notary discovers that the land register is incorrect shortly before the notary contract is signed?
Selling a property in Italy requires planning too. As a seller, you are liable for transferability. Those who have bought a property without a competent lawyer will often experience unpleasant surprises. It is not uncommon for owners of vacation properties in Italy willing to sell to be faced with high costs that they had not anticipated. If the sale is poorly planned, you may often find yourself exposed to claims for damages from potential buyers. Sometimes it is very surprising when the seller in Italy has to carry out demolition work before being able to sell the property, as the local building authorities generally do not subsequently approve “do-it-yourself constructions”. This is annoying, especially if the seller does not have the money and ends up finding that the sale revenue is significantly minimized. When selling a vacation property in Italy, you should also bear in mind the speculation tax.
Contact us here here in good time if you intend to buy or sell a vacation home in Italy. This is the only way to ensure that the property purchase or sale runs smoothly and that you do not incur unnecessary costs.
We are glad to assist you with questions concerning your foreign real estate holdings. It goes without saying that our expertise lies mainly in the Italian real estate market. Get comprehensive advice from an expert before you buy, so that the vacation property doesn’t become a burden later on.
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