The purchase offer
Once you have thoroughly researched and finally decided on a property – and if it is being handled through a real estate agent – you will in most cases be asked to submit a time-limited, irrevocable purchase offer (proposta irrevocabile d’acquisto).
This is considered a unilateral legal act, meaning the offer is only binding on you as the buyer. If the seller accepts, you are legally obliged to go through with the purchase. If, however, you are negotiating directly with the owner, the process usually moves straight to the preliminary contract without a written purchase offer.
The purchase offer must already contain all the essential points of the future sales contract as well as a deadline by which the seller must accept. This deadline is usually about two weeks. At the time of submitting your offer, a small deposit is typically required, which is held by the real estate agent as security.
⚠ During the entire validity period of your offer, you are strictly bound by it. In the event of your death, the offer would even pass on to your heirs. Should you unexpectedly wish to withdraw, you risk losing your deposit and may still be liable to pay the agreed brokerage fee.
The 14-day period gives you enough time, with the help of your lawyer and possibly a surveyor, to thoroughly check the property. By reviewing the land and cadastral registers, you can ensure that no debts, missing building permits, defects, or third-party claims affect the property (see also Checklist for Property Purchase and The Surveyor).
The seller, on the other hand, is free to decide within the set deadline whether to accept or reject the offer. If they accept, they too are bound by all the key terms of the future sales contract and must provide written acceptance of the offer.
Other important notes about the purchase offer:
You are not obliged to offer the full asking price. You may submit a lower offer, ideally justified by pointing out defects or necessary work on the property.
Especially around Lake Garda, prices remain very high, and often sellers ask for unrealistically high amounts. Typically, some negotiation margin is built into the asking price, even if it is listed as fixed.
Keep in mind that you cannot reduce an already submitted offer. However, you can submit a second, higher offer if your first one was rejected.
Never appear “too interested,” as this reduces your chances of negotiating a lower price. Always inquire how long the property has been on the market—longer listings often indicate overpriced properties.
Once the purchase offer is accepted, the process moves on to the preliminary contract (compromesso). See also: The Preliminary Contract.