Luxury Real Estate in Italy
Invest in Beauty: Italy is widely considered one of the most beautiful country in the world; Italians are well aware that an investment in beauty is for ever.
Luxury Real Estate in Italy
Invest in Beauty: Italy is widely considered one of the most beautiful country in the world; Italians are well aware that an investment in beauty is for ever.
Italy has always been considered as an unique country for its history, landscape and climate. Once you have experienced the true quality of Italian life, being a visitor will no longer be enough: you will just want to own a small part of it; that’s also why for many different reasons foreigners decide to buy home in Italy.
We are proud to include among the wide range of legal services an Area of practice totally dedicated to legal assistance and guidance when buying luxury properties in Italy.
These specific type of properties are generally characterized by the uniqueness of the location, historical-artistic relevance and marked architectural character.
There may be various legal issues connected with the purchase of a luxury apartment in a prestigious condominium in Milan, rather than a typical farmhouse on the Tuscan hills or an important sea view villa in Liguria.Thereby not forgetting the historical homes in Umbria, the charming lake view penthouses of Northern Italy, or a wonderful Trullo / Masseria in Puglia.
For this reason, the protection of the buyer’s rights and interests must be prepared even before start negotiating with the seller.
What makes the buying process of a luxury property different from a traditional purchase?
Although the essential steps of the buying process of a luxury property are basically the same if compared with the traditional one, our personal experience here at Clemente Law Firm suggests that the approach should be different.
– Completing a high value property transaction successfully
In particular, we realized that in order to successfully complete a high value property transaction it is important to take into careful consideration some peculiar themes like:
NDA is a binding contract whereby one party warrants to the other not to disclose to third parties certain proprietary or confidential information of which it becomes aware, in any form.
This type of agreement is often signed when two companies or individuals plan to do business together and need to understand and know the other party’s business processes/information for the sole purpose of evaluating potential business relationships. Non-disclosure agreements can be bilateral (ie both parties are restricted in the use of the information received) or they can limit only one party.
NDA + Accessing property documents through a cripted Data room (for Institutional sellers).
The Letter of Intent (LOI) is a very useful and widespread document, both nationally and internationally, which mainly serves to regulate future negotiations between the parties, in view of a contract that the parties have started to negotiate, but have not yet concluded.
As such, the LOI is a non-binding agreement – except for certain elements such as confidentiality or exclusivity obligations – and therefore does not generally give rise to liability on the part of the parties.
However, it happens quite often that the letters of intent contain – without the parties being fully aware of it – binding obligations, which pertain to the content of the deal that the parties are about to conclude; in this case, the LOI is transformed into a real contract (definitive or preliminary), with consequent responsibilities in the event of non-fulfilment.
Setting up of ad-hoc legal entities controlling the process in each single phase of the process.
Preliminary contract in the Notarial form and using the Notary escrow since the very first payment; drafting of side private / ancillary agreements.
Detailed and tailor made Limited Power of Attorney and Escrow agreements.
More detailed attention to the Parties Anti Money Laundering declarations, mandatory by law.
– In order to successfully complete a high value property transaction
In particular, we realized that in order to successfully complete a high value property transaction it is important to take into careful consideration some peculiar themes like:
NDA is a binding contract whereby one party warrants to the other not to disclose to third parties certain proprietary or confidential information of which it becomes aware, in any form.
This type of agreement is often signed when two companies or individuals plan to do business together and need to understand and know the other party’s business processes/information for the sole purpose of evaluating potential business relationships. Non-disclosure agreements can be bilateral (ie both parties are restricted in the use of the information received) or they can limit only one party.
NDA + Accessing property documents through a cripted Data room (for Institutional sellers).
The Letter of Intent (LOI) is a very useful and widespread document, both nationally and internationally, which mainly serves to regulate future negotiations between the parties, in view of a contract that the parties have started to negotiate, but have not yet concluded.
As such, the LOI is a non-binding agreement – except for certain elements such as confidentiality or exclusivity obligations – and therefore does not generally give rise to liability on the part of the parties.
However, it happens quite often that the letters of intent contain – without the parties being fully aware of it – binding obligations, which pertain to the content of the deal that the parties are about to conclude; in this case, the LOI is transformed into a real contract (definitive or preliminary), with consequent responsibilities in the event of non-fulfilment.
Setting up of ad-hoc legal entities controlling the process in each single phase of the process.
Preliminary contract in the Notarial form and using the Notary escrow since the very first payment; drafting of side private / ancillary agreements.
Detailed and tailor made Limited Power of Attorney and Escrow agreements.
More detailed attention to the Parties Anti Money Laundering declarations, mandatory by law.
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