Re: Wow.. I need some advise here...
As others have said, option 1 is walking - hard to do, but safest. But you love the boat, so...
IMHO, this is absolutely the sellers (and Brokers) problem. They need to resolve it correctly.
The Italian legal system, as others have said, works differently. It may not as bad as some have said, though. Bribery is not always necessary, but having a legal firm that is local (Italian - take no substitutes), established (think 100+ years, ideally), and well-connected is essential. A surprising amount of their business is achieved through personal contacts, the lawyers "network", as opposed to any due process. An established expert in this area can probably get it done fairly easily; an outsider coming in will get nowhere fast. So on balance it can be done, but remember (as others have said) they just go about things differently from in the US. If you go this route, you need to shelve the US mindset, and brace yourself for the Italian mindset. A few bottles of Chianti may help.
But as I said, it is the sellers' problem - and you may want to point out that any future buyer will have the same concerns, and if he does not do full disclosure to them, then he will be in a very bad place; so it is in his interests to (a) keep you sweet, and (b) get it resolved.