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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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