Buying a home in Italy: should you sign the proposta d’acquisto?

The commitment may come before the notary

A buyer unfamiliar with the Italian process may expect the first document to do little more than reserve the property. That is a risky assumption. A proposta d’acquisto accepted by the seller can already have the effect of a binding preliminary agreement. Waiting until the notarial deed to seek advice may therefore mean asking for help after the commitment has been made.

The heading on the form does not tell the whole story. The wording, the arrangements for acceptance and the conditions attached to the offer need to be read together. Ask for the complete draft, including any annexes, while there is still time to consider it.

What does the payment secure?

“Deposit” is an imprecise translation. An advance on the purchase price and a caparra confirmatoria serve different purposes and can have different consequences if the transaction does not proceed. The agreement should make clear how the payment is characterised, who receives it and on what terms.

The same applies to finance. If you need a mortgage, tell the lawyer reviewing the draft. A reference to your intention to obtain a loan should not simply be assumed to make the purchase conditional on obtaining one.

A contract review is one part of the purchase

There are two different questions: what does this document commit you to, and what exactly are you buying? Examining the clauses addresses the first. It does not, by itself, establish ownership, reveal registered charges or confirm the building’s planning position and physical condition.

Those enquiries need their own scope and the appropriate professionals. Before agreeing a timetable, establish who is making each check and when you will receive the result. If an answer could change your decision to buy, it matters whether that answer will arrive before or after you become bound.

For a document review, keep the draft, attachments and the agent’s correspondence together. Include any written promises about repairs, vacant possession or items to remain in the property. A useful review should relate the document to the purchase you intend to make, rather than merely translate its words.