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Buying A Property In Italy
A brief Guide |
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Making an offer
The first step to buying a property in Italy is to put in an offer to the owner of the property, usually through the real estate agency. The buyer is bound by the offer so it is important that it be subject to acceptance within a reasonably short period of time. It is also recommended that the offer be subject to the property being compliant with all applicable laws. The offer usually involves a small down payment to the agency.
Compromesso
If the Seller accepts the offer, both parties have a binding deal, which is then made formal with the “contratto preliminare” or “compromesso”.
This is a formal agreement whereby both parties undertake to buy and sell the property and agree on the terms and conditions of the sale. As this agreement includes all details of the agreed sale, it is important to include all requirements and conditions to which the sale is subject. Once the buyer has signed the agreement they pay a deposit ranging between 5% and 10% of the purchase price. Unless otherwise stated, in the event either party does not complete the sale, the other party has the right to force the sale, and/or collect damages and/or to retain the deposit (or request the return of an amount equal to twice the deposit if the seller is the breaching party) and terminate the sale.
Notary
The transfer of the property takes place with the deed of sale (“rogito”) in front of a notary public. The transfer is effective between the parties immediately upon signing of the agreement. The contract is then recorded in a public registry.
Taxes
The transfer of real estate property is subject to substantial transaction taxes. Assuming that the seller is an individual the price allocated to the building is subject to taxes in the amount of 10% (which is the sum of three different taxes, the “imposta catastale”, the “imposta sul registro” and the “tassa ipotecaria”) and the price allocated to land is subject to taxes in the amount of 11%. If the buyer is resident in Italy, there is a significant tax reduction (3% instead of 10%). Depending on the nature of the property, it is also possible to reduce the tax burden if the new owner is willing to undertake certain agricultural and forestry developments.
Both buyer and seller are liable for transaction taxes, however the common practice is that taxes are paid entirely by buyer. The same applies to notary costs. Real estate agency fees are normally around 3% for the buyer and 3% for the seller.
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 Buying a House in Italy: Where and How to Do It
C. Gordon Neale
Aimed at anyone looking for property in Italy, this guide provides information on property prices, housing regulations and taxation, as well as essentials such as raising finance and dealing with estate agents and arranging removals. A 70-page section gives details on up-and-coming areas.
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All material on this site is based on information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete and should not be relied on as such.
All offerings are subject to errors, omissions, change of price or withdrawal without notice.
Copyright 2005, 2006, 2007,2008 Property in Italy for sale. All rights reserved
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