Buying in Italy: How to Pay the Property Price

Following last month’s post about opening a bank account in Italy to complete a property purchase, I thought I would go into more detail about the different ways to transfer funds when buying property in Italy.

1. If you have a bank account in Italy, you can pay at the signing of the deed at the notary’s office by handing the seller a cashier’s cheque. The cheque is handed over after the signing, but still before the purchase is registered, as the registration is completed by the notary at a later stage.

2. If you do not have a bank account in Italy—or even if you do—you can make a bank transfer directly to the seller’s account before signing the purchase deed at the notary’s office.

3. Alternatively, you can transfer the funds to the notary’s account, who will then transfer the money to the seller after the purchase has been registered. This is definitely the safest method of payment and the one we recommend.

Please note that the method described in point 3 is often disliked by sellers, as they will receive the funds only after the sale has been completed and the purchase registered by the notary. For this reason, it is sometimes opposed by sellers and agents, who may not be aware that paying through the notary’s escrow account is your legal right. A professional advisor can help smooth the process and reassure all parties involved.

To know more about the buying process, see here.

If you need assistance in any step of the buying process, please contact us.

This article does not constitute legal advice, is not exhaustive and is a guidance only.

Barbara De Benedittis Relocation and Legal in Italy