This is a guide on how to buy an house in Italy.
If you wish to buy an house in Italy you need to know the following
It is very important to decide what budget you want to invest in the purchase of the house.
In addition to the purchase price, you should know that In Italy, real estate agents receive a commission from both the buyer and the seller. This is different from many countries where often only the seller pays the realtor a commission. The commission can be between three to five per cent of the total sale + VAT.
Once a buyer has chosen a property, he may have to provide a formal written offer to purchase the property.
Legal counsel is highly recommended as the offer, if accepted, might become a legally binding contract.
The seller can accept or reject your offer.
This requires you to pay 10% of the sale price as a deposit, which the estate agent, if you use one, will send through to the seller. With this down payment, you reserve the property for a time and sign the deposit agreement to this effect. If the seller later decides not to sell to you, they will have to return the deposit to you; conversely, if you as the buyer decide not to go through with the transaction, you will lose this deposit.
Once the offer has been accepted, you need to fix a date for the preliminary contract (compromesso). This can be done by a notary public.
The Compromesso does not transfer the title.
The preliminary contract should state that the deposit or down payment made on this day is a caparra confirmatoria, a term used as protection for the buyer.Before the preliminary date it is wise to ask for any additional documentation.
Sign the final title deed (Rogito): The signing of this document represents the last contract before the property is finally yours and you have paid all the money for it. The deed must be signed before a notary to make it legally binding.
At the closing the buyer will sign the deed or title, which must be registered within 30 days
The buyer has to pay all the costs of the notary,
You must pay the transaction cost and taxes.
If it is the buyer’s first property in Italy and the buyer is resident in Italy, the property tax owed is less than if the buyer already has other properties in Italy or is non-resident.
The closing is performed with all parties involved in the office of your chosen Notary. The contract is carefully read through to ensure all parties are in agreement and that the seller has provided to the buyer all the relevant building, plumbing and electrical compliance certificates.
