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Buying a Property in Italy

IMPORTANT INFORMATION ON PURCHASING A HOUSE IN ITALY.

There are no restrictions placed upon non-residents wishing to purchase a house in Italy, be they from Europe or elsewhere.

When searching for a house in Italy it is strongly recommended that you use an estate agent fully licensed by the Chamber of Commerce.

Please remember that estate agents in Italy represent both the buyer and the seller and aim to negotiate to reach a settlement favourable to both parties.

Optional - PROPOSTA IRREVOCABILE D’ACQUISTO – If you see a property you love and don’t want to risk losing it, perhaps because you need time to organise the 30% payable at compromesso (see below) you can immediately sign a PROPOSTA IRREVOCABILE D’ACQUISTO – an irrevocable purchase agreement – which is signed by buyer and seller when you have agreed the price, and which identifies both parties, the property in question, and gives an expiry date for signing the compromesso (see below) When you sign you pay a deposit by cheque in any currency for the equivalent of usually 2000 – 3000 euros, which is not cashed but held by the notary or the agency, and returned to you when you sign the compromesso. If you change your mind you will forfeit the deposit, as the owner will have effectively taken the property off the market for a certain period of time. If the sale does not go ahead in the specified date through no fault of your own, then your deposit will be returned to you.

STEP 1 - COMPROMESSO
The agent arranges for the 'contratto preliminare' or 'compromesso' to be drawn up.

This is a legally-binding document which states the agreed sale price, the completion date, and the deposit to be paid at the signing of this contract. It can vary between 15 - 50% but is usually about 30% of the purchase price. It may also include any other relevant legal details.

Once this contract is signed and the deposit (caparra) paid, the seller may only back out if he pays DOUBLE the caparra amount to the buyer or should the buyer wish to back out, he will lose his deposit.

The 'compromesso’ is a standard contract which describes the property as it appears in the land registry. The seller also states that the property is unencumbered by legal or financial liabilities, and would be liable should any arise.
The agency fee of 2% is payable when the compromesso is signed.

Please note since Jan 07 it is a legal obligation to register all compromessi with the authorities. This means you need to sign 3 extra copies, and pay a set charge of €168 + an advance of 0.5% of the taxes payable at completion plus approx €45 stamp fees. We will let you know exactly what needs to be done.

STEP 2 – CONTRATTO / ATTO / ROGITO
The final contract or 'l'atto notarile' is usually signed 1 - 3 months later (the date having been set in the compromesso). It is signed by both parties, the balance is paid and the property is officially transferred.

The buyer, the seller and the estate agent are all required to be present at the notary's office for the signing of both contracts. If the buyer or seller cannot be present we can organise power of attorney. If the buyer wishes to be present but the notary considers that he/she does not speak good enough Italian to understand completely, then the agent can sign on the buyers’ behalf.
The purchase taxes and notary fees due are payable when you sign the final contract.

If you can’t /don’t wish to be present - Special Power of Attorney – We draw up the power of attorney agreement which is emailed/faxed/sent to you and you need to print it off and sign it in the presence of a solicitor. You then need to send or take it to the Foreign Office in your country (In the UK, in London) who need to stamp it (small fee of around £5 /9 euros payable) and it is then sent to us in Italy. We can then sign compromesso or final contract or both on your behalf, without the need for you to come to Italy.

As well as paying the balance for the property, the buyer must also pay:

PURCHASE TAX - which is either 4% if the buyer purchases the property as his first residential home in Italy and applies for residency in the local area, or 11% for the property and 17% or the land if the foreign buyer already owns property in Italy or does not wish to apply for residency. NB Please note that the tax is calculated on the declared value of the property and not the purchase price ie. On the value stated in the land registry which is usually approximately 50% of the real value. The declared value of land is usually extremely low, unless it is valuable land such as olive groves or building land. (PAYABLE WHEN YOU SIGN THE FINAL CONTACT)
NOTARY'S FEE - both parties pay the notary a fee of approximately 2% of the value of the property. (PAYABLE WHEN YOU SIGN THE FINAL CONTACT)
ESTATE AGENT - Both parties pay the estate agent anything between 1 - 10% of the full sale price. Casa Tuscany charges purchasers 2%. (PAYABLE WHEN YOU SIGN THE COMPROMESSO)

Running costs of your property will include –

Annual Taxes - The 'Imposta Comunale sugli Immobili' is an annual council tax determined by the size and quality of the property. It is not very high, about 100 - 200 euros. (PAYABLE TWICE A YEAR IN JUNE AND DECEMBER)

Refuse tax – very small – payable in 4 installments or all at once if your prefer.

Utilities – electricity, water, gas/oil etc for heating, phone

Condominium expenses – if you buy a property which is part of a group of properties which share some communal areas – gardens, driveway, swimming pool, tennis court etc. then you will be required to pay condominium expenses. They vary as to the type and size of communal areas on the property.
The easiest way to pay most of these is by direct debit, although some you will need to pay at the post office.

PLEASE NOTE: in order to purchase a property in Italy you will need a 'codice fiscale' - a tax code and a bank account. Casa Tuscany can sort all this out for you.

We can also arrange for all utility contracts to be transferred to you, and work with local architects, planners and many trusted and qualified professionals should you be thinking of renovating/ updating your home. Building work in Italy usually involves many 'permessi' - permits and we can assist you in making sure all your plans come to fruition as smoothly and as quickly as possible.
We can also help you with arranging insurance (admin fee payable)

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Buying a Property in Italy