Buying & selling properties in Italy

This memorandum is intended to provide information regarding the acquisition of real property in Italy, with a specific focus on business property. It is important to note that the Italian legal system, in consideration of its particular historical background, attributes to a notary (Notaio) a predominant role in drafting the purchase agreement of land or buildings. Contrarily to what generally happens in common law countries, where the role played by the lawyer in real estate transactions is exhaustive, Italian lawyers are involved in such commercial transactions mainly in the preparatory phase which consists in the conducting of due diligence and negotiations between the parties. In any event the following information will be applicable in both legal systems.