Buying a property
Our staff will be glad to show you the best real estate solutions tailored to your needs.
We will be at your side from the beginning of your home search following you throughout the whole purchase procedure till the completion deed at the notary’s office, and we will be constantly at your side for any of your needs.
Follows a short description of the way of buying a property in Italy:
– Once you have found the property that you like and that you feel appropriate to your needs, a written purchase offer should be made, that our agency will submit to the attention of the seller.
Should the vendor accept the purchase offer, we will perform a thorough check of all planning permits, land registry and legal aspects related to the property in order that your purchase is problem free.
– The next step is to draw up a preliminary purchase agreement (exchange of contracts) in Italian and English, or other language understood by the party. In this document parties agree in writing on formal aspects of the sale, details of the parties are listed and what exactly is subject matter of the sale.
At this stage you will have to pay a deposit on the full purchase price ranging between 10% and 15% (earnest money deposit).
Registration of this purchase agreement at the local tax office will be carried out by our agency.
Under Italian law the signature of the preliminary purchase agreement involves serious obligations for both the seller and the buyer. It is a legally binding contract.
In case the seller breaches the contract or changes his mind he will be liable to pay double the amount given as a deposit.
On the other hand, if the buyers change their mind, they will lose the deposit paid.
– An Italian tax code will be needed for drawing up and registration of the preliminary purchase agreement. We can help in getting the tax code on your behalf at the local tax office.
– To become the true owners of the property you will need to make use of an Italian notary who will draft the final deed of sale.
The notary is a public officer acting on behalf of the Italian State and guarantees the validity of the sale.
Our agency will deliver all documents relating to the property to the notary’s office and we will send you a cost estimate of purchase fees and taxes.
The notary, on his turn, will perform further legal checks and prepare the final sales deed.
The transfer of ownership will be carried out at the office of the notary who will read the deed in front of the parties in Italian whereas the translation in your language will be read by the translator.
The notary will be available to answer all questions and give explanations.
Only at this stage you will be required to pay the balance of the agreed selling price as well as the notary’s fee, purchase taxes and the interpreters fee for the translation of the deed.
Once you have signed the final deed in front of the notary you will become the new owners and you can immediately enjoy your new home.
– The agency’s fee will have to be paid 50% at signing of the purchase agreement and the remainder at the notarial deed.
In Italy, the agency’s fee is paid by both seller and buyer and amounts 3% + VAT of the final agreed purchasing price for each of the parties.
– Immediately after completion of the deed our agency will handle all formalities regarding utility contracts and placing them on your name.
– Our services also include the opening of an Italian bank account which is definitely useful for all payments related to the purchase and of all utilities.