FAQ’S
1. Can Americans buy a property in Italy?
American Citizens can buy or invest in any type of property in Italy thanks to bilateral agreements between Italy and US and under the same rules applied to Italians.
2. How long can Americans stay in Italy if they own property?
US citizens can usually stay in Italy for up to 90 days, and buying a property in Italy doesn’t change the standard visa requirements.
To stay in Italy for over 90 days, American Citizens must apply for Elective Residence Visa at the Italian Embassy in their country of residence.
3. How is the purchasing’s process?
The Italian Civil Code regulates the purchasing process in Italy. It is safe, but difficulty could arise because of the number of complex documents related to the process.
Therefore, it’s imperative to rely on specialized professionals and follow all the required steps, from the search for the property to the negotiation, the necessary due diligence, and the preliminary agreement and closing evaluation.
4. Why is it important to use an Italian Lawyer?
Using an attorney in the purchasing process of a property in Italy is essential to protect the buyer from hidden issues and potential problems related to the person of the seller and the property.
In Italy, escrow services don’t exist like in the US, and more risks need mitigation through more accurate property due diligence.
Therefore, an Italian attorney can liaise with the multiple entities that need to be involved in the purchase process and can perform the necessary due diligence and every technical inspection.
5. Can Americans go directly to a real estate agent?
Americans interested in buying a property in Italy can go directly to a real estate agent. Still, they have to know that in Italy, it’s not required by the law working with a realtor. The role of realtor is completely different from what the Americans might expect buying a property in the US. The real estate agent doesn’t and can’t represent the buyers’ or sellers’ interests because he can only be an intermediate in the sale. The realtor has to be independent of both parties can con only help them to find a viable economic agreement.
Also, for this reason, it is vital to have an Italian real estate lawyer.
6. Does the Multiple Listing Service exist in italy ?
In Italy the Multiple Listing Service doesn’t exist and the properties are partly managed directly by private citizens through several portals and partly by real estate agencies.
Each real estate agency manages a small amount of properties and in most cases the agencies do not cooperate with each other.
Very often real estate agencies don’t have all the documentation and information relating to properties which, unlike what happens in USA, are often long-standing historic homes.
For this reason it’s absolutely recommended to hire an Italian lawyer.
7. Does the Escrow Service Exist in Italy?
Unlike the US, Escrow Service doesn’t exist in Italy and more risks need mitigation through more accurate property due diligence.
When you arrive in front of the Notary to sign the closing, all technical inspections must have already performed on the property by the specialized professionals like architects and geometra.
Consequently, the involvement of a real estate lawyer is highly recommended.
We are a team of Italian lawyers, architects, and professionals specializing in purchasing process who can help you make Your Italian Project come true.
8. Do Americans pay higher taxes to purchase a house in Italy?
The taxation of real estate in Italy is not based on the buyer’s nationality. American buyers are subject to the same rules and taxes as Italian buyers.
According to Italian Law, the buyers must pay the purchase tax, and it is best practice to be aware in advance for financial preparation of this additional expense.
9. How much does it cost a house in Italy?
There are properties for all types of budgets. The property cost fluctuates with the area.
In the Southern part of Italy, there are some “One Dollar” homes. Usually, these properties are abandoned and need significant renovations, which must be completed in the time frame indicated by the municipalities.