THE PURCHASE PROCESS

There are no restrictions for foreigners who want to buy a property in Italy.

Although there are a certain bureaucratic procedures to follow:

MEET US

if you are finding it difficult searching for a property from abroad, we can search and negotiate on your behalf. We will help you by making the whole bureaucratic process. Making everything easier; evaluating the costs and the time to buy the properties that we propose.

REQUIREMENTS

In Italy to sign a purchasing contract you will need:

1) A valid document as a passport 

2) A "codice fiscale" (ID tax code) that can be requested at any tax office in Italy or directly from the Italian embassy or consulate in your country.

3) A special proxy that can be arranged for you and signed at the notary office here in Italy or in UK (we have a trusted notary in UK providing this service). US citizens will need to go to the Italian embassy or consulate. The deed of purchase will be in a dual language format so that you will know what you are going to sign. Any extra legal advice can be received from a trusted American attorney here in Italy

Note: if you cannot speak Italian at a suffcient level you can use our agency Proxy Service or an attorney.  We will sign all the necessary documents on your behalf at any dates settled from the notary office here in Italy

Before going ahead with your purchase it is always necessary to check the Land Registry to know the legal situation of the house. The Notary will check if the vendor is the legal owner of the property, if they are entitled to sell the house, if the property is registered correctly at the Land Registry, that there are no undisclosed rights-of-way through the house and that there are no outstanding mortgage etc. If there are no problems during the service, the Preliminary Agreement can be initiated.

The cost of this service it is not refundable.

PRELIMINARY AGREEMENT (COMPROMESSO)

The notary will draw up the preliminary agreement, known as the "Compromesso" signed by you (through the proxy) and the seller. During this step a deposit must put down, so called "Caparra", which is usually the 20% - 30% of the whole property's price. If you withdraw this deposit cannot be refunded. This document states a range of information, for example the description of the property how it appears in the Land registry, the deposit you have given, the signing date of the " Rogito" (final act) and many other important legal details. From this year on it has become mandatory to register the preliminary agreement and pay taxes on the deposit. This tax amount will be discounted on the total amount of taxes paid on the closing. This cost is not refundable in case you withdraw before the closing.

After the preliminary agreement has been signed the final step is becoming the new landlord of the property is to sign the deed of purchase, so called "Rogito". This document is usually signed after one or two months from the date of the preliminary agreement.

The agency fee is settled when the Compromesso has been signed.

Note: after the "Compromesso" has been signed if the seller wishes to withdraw a penalty twice the amount of the deposit "Caparra" must be paid to the buyer.

DEED OF PURCHASE

On the "Compromesso", a date is set in wich you must sign the "rogito" of the deed of purchase. This agreement is drawn up by the notary and they act as the witness when you sign. The final balance is than due and the property officially transferred to yourself. The rogito will be registerd in the Land Registry from the notary. The act will be drawn up in a dual languages format.

COST OF THE WHOLE PROCESS

The Transfer Taxes for a resale residential property is about 10% of the cadastral value, for agricultural land it is 18% of the sale price.

IVA (value added tax): you pay the property's price + IVA only if you buy a property from a developer. If you apply for residency the taxes are only 3% of the cadastal value as you can receive the Italian "first house" benefit.  

The Notary's fee: 2.5% - 5% of the total value.

The Surveyor's fee: Before buying your property a survey can be arranged by our agency.

The property survey will contain an accurate inspection of the property and the land. Through this you will know in advance any information necessary prior to starting a restoration project.

The Attorney's fee: depending on what is required. We will collaborate with an American attorney for residency, and any legal advice.

The Agency fee: the agency fee is 3% (not less than 3.500 + IVA) and it is paid at compromesso (preliminary) and includes:

1. All the costs of research and negotiation of the property 

2. supervision of the purchase process until closing.

Please note: we strongly recommend you to apply for residency as it reduces the amount of tax you pay on the property, there are also many other benefits of holding residency.

An Italian bank account is recommended and it is necessary to obtain residency. Quotes for property insurance can be provided by us at any time.

For all our services and costs please have a look at the Services section on this web-site.