The procedure for buying property in Italy
√ The manager of the agency selects real estate options basing on your request. Once you have chosen the properties of interest, the manager will help you arrange viewings of them during your trip to Italy.
√ When in Italy, after signing the agency mandate agreement our agent will show you the selected properties and answer your questions.
√ In case of making a decision to buy, an irrevocable offer to purchase will be prepared in which the Buyer and the Seller details, the detailed description of the property, the terms of the preliminary and the definitive contracts and conditions of payment will be indicated. Upon signing of the irrevocable offer to purchase a good faith payment is to be made 10% of the price indicated in the offer). If the Seller accepts the Irrevocable offer, this money becomes a confirmation deposit. If the Buyer does not fulfill his obligations under the Irrevocable offer the confirmation deposit will not be paid back; if the obligations are not fulfilled by the Seller, he is obliged to pay the confirmation deposit to the Buyer in a double amount.
√ The next step is the Preliminary contract. Before its signing the Buyer has to obtain the Italian tax code in the local Revenue service office and open a bank account. When signing the Preliminary contract, 20% – 25% of the property price is paid as the confirmation deposit. Usually, the Preliminary contract can be made in the form of a private contract having all the validity of the law, not necessarily notarized. The Preliminary contract is subject to mandatory registration at the Tax Office, the tax paid is 0.5% of the amount of the confirmation deposit plus fees.
√The final step is the Final contract of purchase and sale signed at the presence of a Notary. The contract is registered by a notary in the relevant authorities. The original of the Contract is stored in the archival depository of the Notary and the certified copies are given to the Buyer and the Seller. The certified copy of the Contract constitutes the document of ownership. The Buyer takes possession of property right after the signing of the Final Contract of purchase and sale, even if the registered documents are issued 2-3 weeks after its signing.
Expenses for the acquisition of real estate paid by the Buyer:
√Seller is a private person
The registration tax is 9% of the cadastral value of the property if the Buyer is non-resident or buys a 2nd house. 2% – if the Buyer is a resident or is going to become a resident during 18 months from the moment of acquisition and buys the 1st house (preferential taxation). Cadastral and mortgage fees in the amount of 100 Euro are to be paid as well.
Seller is a legal entity
The Buyer pays 10% plus VAT of the full price of the property; if the Buyer is non-resident or buys a 2nd house, he/she pays cadastral and mortgage fees as well and 4% plus VAT if the Buyer is a resident or going to become it during 18 months from the moment of acquisition and buys the 1st house (preferential taxation).
√ Notarial services – from 3.000 Euro.
√ The Agency service fee is paid by steps. The final payment for the services is made upon signing of the notarial Purchase and Sale contract.
The Agency fee is – from 3% to 5 % (≤500 000€ – 5%; ≤1 000 000 € – 4%; >1 000 000 € – 3%), but not less than 5 000 Euro plus VAT, depending on the price of the property. The Real Estate Agency guarantees the clean title to the property and has the compulsory insurance policy of professional activity n. 68531000. The Agency fee includes the presence of a translator and the testifiers at the signing of the bilingual Contract of the Purchase and Sale.
After Sale services:
– assistance in obtaining a residence permit;
– assistance in property insurance;