20 bedroom Manor House for sale in Modica, Sicily

900,000 EUR 774,000 GBP 972,000 USD

Reference: 198475

Bedrooms: 20
Bathrooms: 10
Floor Size: 1,100 m2

Features

Balcony
Original Features
Possible Extra Dwellings
Potential for Income
Outstanding View
Parking
Garage
Good Condition

Details

Spacious and historical palace built during the first half of the XXth Century, located next to the cathedral, with a total built area of around 1,100m2.

The Palace is a rare example of Sicilian architecture of that period. Although structurally in perfect condition, some renovation work is required, making it an ideal investment opportunity for anyone wishing to run a tourist business in the heart of Modica.

The property consists of:
Business premises: 2 x 73m2:
Directly face Via Garibaldi. Each premise consists of 2 adjoining rooms and an adjoining hall. There is also a garage of about 84m2.

Mezzanine - 122m2:7
5 rooms plus accessories.

2 x 1st floor apartments:
Apartment A - 212m2: large entrance, 3 large rooms with vaulted ceilings in good original condition. All living rooms have balconies which enjoy a fabulous view over the city of Modica and over its main Church. 2 large rooms with vaulted ceilings overlooking the Cathedral, a kitchen, bathroom, plus a mezzanine with another small living area, bedroom, bathroom and a cupboard.

Apartment B - 149m2: large entrance hall, 2 large rooms with vaulted ceilings in good original condition and both overlooking via Garibaldi. 2 rooms with vaulted ceilings, kitchen, bathroom plus a mezzanine with another small living area, bedroom, bathroom and a cupboard.

2 x second floor apartments:
Sizes and features similar to the apartments of the first floor and with stunning views over the city and the cathedral.

Third floor attic - 56m2:
With independent access from the stairs and from the entrance hall of the building.

The property is ideal both as a primary residence and as an investment for a small B&B.

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Italy Property Buying Guide

1. Making the Offer to Purchase (Offerta)

Once you have found the property you wish to purchase you will start the process by making a formal offer to the vendor, the estate agent will act on your behalf and put forward the offer, a deposit will be made available, generally around (10,000 - 20,000 EUR). Once the vendor has accepted the offer it will be formalised in writing to the vendor in both English and Italian. If this is accepted the deposit (Caparra Confirmatoria) will be paid to the vendor. This will form a legally binding contract. Neither party may withdraw at this point, the sale can be forced by either party or a claim for damages can be made. If the purchaser withdraws their deposit will be lost, if the vendor withdraws the purchaser can claim twice the deposit in compensation.

2. Signing the Preliminary Contract (Compromesso or Contratto preliminare)

The next step will take place between 1 and 3 months after the offer has been accepted, this is a formal agreement between the vendor and purchaser to sell and buy the property, this agreement is the Preliminary Contract and will contain the conditions and terms of the sale. It is important at this stage that you have a full understanding of all the details contained in the contract. We would strongly recommend that you appoint a Notary who is fluent in English. This document will include the purchase price, a detailed description of the property including completion date and will cover any obligations placed upon the buyer and the vendor. All information relating to the property including any planning permissions for the property and the cadastral details (a public record, survey, or map of the value, extent, and ownership of land as a basis of taxation). Once the Preliminary Contract (Contratto preliminare) has been signed a further deposit (Caparra Confirmatoria) will be paid, this will generally be 10% - 20% of the purchase price. There will also be an estate agents Commission Fee (Provvigione) which will need to be paid at this point.

3. Signing the Final Deed of Sale (Rogito or Atto Notarile)

The purchaser must have a bank account in order to make the purchase on completion. The signing of the final deed of sale which will authorise the transfer of the property must be overseen by a Notary (Notaio). The buyer will select and hire the Notary, but they are members of an independent body of public/professionals who will draft the purchase deed, they will oversee the passing of the title legally from the vendor to the purchaser. The Notary will also verify the legality of the documentation and registration with the Conservatoria dei Registri Immobiliari and the Local Land Register.

4. Formalities to be observed after Completion

Foreign buyers should obtain a certified copy of the Purchase Deed (Rogito), which the Notary will have lodged with the authorities. Generally this will be available to collect around 2 – 3 weeks after completion. The Notary will also give you a form to complete for the the local authority (Questura) who will have been given formal notice of the purchase. Your Notary will help you to complete this form. You will need to contact the utilities companies to set up new contracts (power, water, telephone, gas etc.). If the property is a flat, the condominium manager (Amministratore del condominio) should be informed of change of ownership of the property.

IMPORTANT - Disclaimer : All information provided is believed to be current and provided free of charge. No liability can be accepted for the reliability of the information and statements made as this is obtained from 3rd parties. We always recommend you take legal advice from a fully qualified Lawyer or Notary before buying a property overseas.