For overseas: how to buy a house in Italy

buy a house in Italy

Buy a house in Italy

Buying a property abroad can be complex, each country has its own rules and language barriers that can create countless problems. Our team will advise you at all stages and manage the process for you.

To buy a house in Italy there are no restrictions for non-residents from all foreign countries. Given the necessary procedures is essential to seek the assistance of a real estate agent registered with the Chamber of Commerce. He, knowing the real estate market, will recommend the right investment and will guide you in the steps necessary to purchase.

1) The first step to buying a property in Italy is the IRREVOCABLE PURCHASE PROPOSAL need to block the sale of the property and is an agreement that identifies the two parties buyer and seller, sets the price, the date of COMPROMISE and the date of PUBLIC ACT. At the signing of the PROPOSAL shall be paid by the purchaser to deposit an amount by check (which varies between 5000, 00 euro to 10,000 euro) which is held in deposit by the Agent Realty. Upon acceptance of the proposal by the owner of the property that check has been cashed by the same and this is a mutual commitment to buy and sell. This sum is already a deposit which is then deducted from the figure of 30% of the purchase price, which is customary upon signature of COMPROMISE.

2) The COMPROMISE or PRELIMINARY AGREEMENT is a document that specifies precisely over the parties already identified in the PROPOSAL, cadastral data of the building, planning permission for the construction and transformation required, price and form of payment, the state of 'property and the freedom of the same by mortgages and mortgage loans, guaranteed by the seller. At the signing of the PRELIMINARY AGREEMENT usually be paid a sum equal to 30% of the purchase price.

The amount paid to COMPROMISE is the "earnest money" further agrees that the two parties. After this payment and sign the seller who wants to move back from the sale must deliver to the buyer double the deposit. Conversely, the buyer who did not want to buy more loses the deposit paid. In both cases, however, the parties may apply to the court and ask in every way, the performance of the contract.

Both the irrevocable purchase that PRELIMINARY AGREEMENT must be registered with the Inland Revenue with the payment of a fee equal to 0.5% of the figures paid over a fixed amount of Euro 168,00, plus three stamps for a total of approximately 45.00 Euro, as well as administrative expenses of 120, 00 Euro.

  3) COMPENSATION OF MEDIATION be paid to the possible Real Estate Agent for the Buyer ranges from 2% to 3% of the purchase price (with a minimum established by the agent), plus VAT contributions and accessories. E 'to specify that such compensation is considered to be minimal and that many agencies require higher rates. This fee is paid at the signing of COMPROMISE.

4) The PUBLIC or NOTARY ACT is the final contract of sale is signed by a notary public who is a public officer after a period that usually ranges from one to three months after the conclusion of COMPROMISE. In some cases, however, the PUBLIC CONTRACT can also be entered directly, bypassing both the PROPOSAL TO PURCHASE and THE COMPROMISE, but given the statutory procedures in Italy is almost always necessary to provide a few months of time for the accommodation of different legal practices and techniques needed for sale.

The buyer and seller must be present before the Notary for the signature of the public. If the buyer or seller are not present can be prepared a power of attorney in favor of a third person, (cost about 250.00 Euro), who will sign on their behalf. Also, if the notary verifies that the buyer is not able to understand the language well enough Italian will be equally prepared a power of attorney in favor of a person speaking Italian.

The purchase taxes and fees must be paid to the Notary signature of the public.

If the buyer can not or do not want this to be the Real Estate Agent can prepare before a notary public a Special Prosecutor and mail it to the buyer that the sign in front of a public official in his country. This will then be sent Estate Agent who can sign the Compromise Act Public or both in the name of the purchaser.

5) TAXES OF PURCHASE are 4% of the cadastral value of the property (3% plus ancillary fees) if the buyer purchases the property as a primary residence in Italy and is committed to take up residence.

When the foreign buyer, however, own a home in Italy where he has already reside, or does not want to take up residence in the building to buy, taxes are 10% of the cadastral value of the property.

If the property is defined Luxury taxes rise to 20% over 504,00 Euro in fixed fees.

If the seller is a construction company purchase fees are VAT of 4% in the case of a first home, or 10% in other cases, percentages calculated on the declared value.

In the case of luxury property sold by a construction company VAT rises to 20% over 504,00 Euro in fixed fees.

On agricultural land instead taxes are 18% on the declared value.

6) The remuneration of the notary who signs the document and that guarantees the legality of the purchase is paid solely by the purchaser and amounts to a percentage of 1-2% of the declared value. This must be paid upon the signing of the 'Act Public finale.

7) Technical Support when performed by a surveyor or other professional Architect etc. is the preparation and verification of all the documents required to be delivered to the Notary with a specific relationship to the signing of the act. Its cost is 0.5% + VAT of the declared price. When the customer requests a 'Structural Survey of the property its cost amounts all'0,5% plus VAT of the purchase price.

For the purchase of a house in Italy it is necessary to have the "tax code"  that the real estate agent can request to the buyer.

If the buyer has the need to restructure or transform the property purchased, the Real Estate Agent can arrange this activity. Present professionals and entrepreneurs who can design, follow, and carry out the works. In Italy you need several "permissions" to perform renovations and professional representatives will be able to perform these procedures.

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