Mortgages In Italy
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Mortgages in Italy
Loans are available up to 80% of the mortgage valuation. Italian banks lend only on the basis of a mortgage valuation: this is carried out by a valuer on behalf of the lender, which you pay for and costs around €300.
Once you have found a property you wish to purchase, you must sign the reservation agreement. The preliminary agreement or compromesso is a binding legal document obliging both parties to complete the purchase at a future specified date in the offices of a local Notary Public. At this stage you have to put down a 10-30% deposit, which you forfeit if you pull out of the purchase. If the vendor pulls out, they must pay you twice the sum they received as a deposit. If the transaction reaches completion, the deposit is taken as a down payment.
You should stipulate that the purchase is conditional on you obtaining a mortgage, a satisfactory survey, and that the property is free from all charges and complies with building regulations.
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