The Notary Public in Italy
Many US buyers and investors have been lately investing in Italian real estate. Italy, is famous all over the world for its impressive artistic patrimony, beautiful cities, relaxing vacation destinations and, in general, quality of life. Moreover, notoriously friendly relationship that has traditionally joined together the United States and Italy,
The Italian real estate market – both residential and commercial - has
performed strongly over the past few years; Besides, recently Italy has substantially changed its legal system in many primary sectors with the purpose of simplifying its commercial and fiscal legislation and creating an even more favorable legal and tax
environment for domestic and foreign investments. All that being considered, US buyers/investors willing to invest in Italy should always seek competent legal assistance before considering to start any real estate project; buying a property in
Italy, indeed, may be complex due to intricate legal process
practical difficulties of the Italian market.
The Italian legal system is considerably different from United States legal system; real estate transactions are regulated by the provisions of the Italian Civil Code as well as by those of other specific environmental, administrative, and fiscal laws. That is why foreigner purchasers of real estate property in Italy should seek for assistance of local, Italian-based consultants.
One main aspect that distinguishes Italy from the U.S.: the Notary Public
The notary is a public official whose role and functions are substantially to certify that the sale occurred in accordance with the Italian regulation.
The areas covered by Italian notaries are: 1) the purchase of a real property (for example a house); 2) the formalization of a mortgage with a Bank; 3) the preparation of powers of attorney so as to be represented by a third party; 4) changes to property arrangements between spouses; 5) applications to a court for authorizations for minor children; 6) donation of assets; 7) setting up of, and all relevant legal documents; 8) acceptance and use of foreign public documentation.