Buying Property In Summer – Part 2

Since my last article, where I warned about some issues you may encounter when buying a property in summer, I have received a few emails asking for tips and advice about looking for a property to buy, while waiting for my return to review their offers to buy.

In particular, many people are concerned about the consequences of signing “something” proposed by the agent.
Let me clarify the two most common situations.

1. When you visit a property, agents often ask you to sign a sort of declaration/commitment where you basically confirm that you have visited the property through that specific agent on a specific date.
You can refuse to sign that paper, however, it’s fair to sign it. By signing that paper, you acknowledge their involvement and also commit to pay them a commission if you eventually buy that property. Be aware that, very often, you will owe a commission to that agent if you buy that specific property after the agreement between the seller and that agent has expired. However, you don’t owe anything to the agent for viewing the property; and you don’t owe anything to the agent if you don’t proceed with the purchase.

2. Signing the offer to buy is an entirely different matter.
I recommend not to sign any offer unless it has been reviewed by a lawyer you trust or by someone with the proper expertise to advice you. Often, standard offers do not include any conditions to protect your interests. By signing it, you may be committing to buy the property, even if serious issues arise later; also, typically you commit to pay the deposit to the seller straight away; and you usually commit to pay the agent’s commission straight away.
It goes without saying that, by signing a standard offer to buy, you may be parting with a significant amount of money, without any guarantee that the property is fully compliant or that the deal will be finalised.

I hope this brief article is useful and helps you to make more informed decisions.
As said in my last newsletter, use the summer to visit, explore, and experience the flavour of Italy, but be cautious if you’re seriously considering making an offer.

That said, enjoy your time in Italy!

If you need my assistance with making an offer to buy or navigating the entire buying process, please do get in touch.
We return to work on the 8th September and will reply to all emails in order of arrival.

This article is not exhaustive and is a guidance only.

Barbara De Benedittis Relocation and Legal in Italy