A Guide to buy a property in Venice

Italy is well-known for its red tape and this of course can include property transactions. However it does not mean that the system is worse than others and to some extent it could be considered safer. For example, 'gazumping' is not possible.

Generally, there are three steps to buying a property:

Step 1: Proposal of purchase or proposta

This document is a written offer on a property in which the purchaser acknowledges that, having seen the property, he wants to make a firm offer stating his terms regarding finance, survey, etc... He will also be expected to put down a non-negotiable bank cheque as an escrow (deposito fiduciario) corresponding to 10% of the purchase price, which becomes binding if the offer is accepted. This deposit is held in a special bank account under the responsibility of the estate agent.

Step 2: Preliminary purchase contract or preliminare

This contract, which is binding on both parties, clearly states that X promises to sell to Y, who promises to buy. Y has to deposit a sum usually corresponding to 10/20% of the purchase price (caparra confirmatoria) which includes the previous 10% already deposited. The notary will then require about a month to make all the necessary enquiries, e.g. find out if there are legal problems or if there is a mortgage on a property, and prepare all the paperwork needed for the final document.

In some cases, steps 1 and 2 can be carried out at the same time.

Step 3: Final purchase contract or rogito notarile

This final contract is signed in the notary's office. Balance of total payment is given to proprietor, and on final signature purchaser becomes legal owner and receives the deeds to the property and the keys.

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