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Buying in Italy

Buying a house in Italy is generally uncomplicated and we can guide you through the relevant steps and recommend suitable professionals to assist you through the process.

Offer – Proposta

Once you have identified the house you would like to buy, assessed and priced any work you may wish to carry out, a formal offer or proposta is drawn up. This includes your details, how much you intend to pay, conditions of sale and completion dates proposed . A banker’s cheque made out to the seller of around 5 % is required to guarantee the offer and is held by the agent who then will take the house off the market.

Exchange of Contracts  – Compromesso

The compromesso contract is a legal promise to complete the sale. Checks are carried out by the buyer’s solicitor, surveyor or notary to confirm that the property complies to details deposited in the land registry as well as planning permissions, building regulations and any pre-emption rights as well as loans or mortgages that have been taken out against the property. The agent or notary will then draw up the contract with payment terms and assign a date for completion. An additional 20% to 30% percent of the purchase price as deposit is paid to the seller. If either party withdraws following the compromesso they may be liable to pay twice the amount of the deposit paid. Agents fees, 3% circa  are also normally payable by both parties at exchange of contracts.

Completion – Rogito Notarile

The completion contract or rogito notarile is always drawn up by a public notary nominated by the buyer. The buyer pays the outstanding sum to the seller as well as the notary fee (around 1%) and stamp duty. Stamp duty costs vary depending on whether the property is a first (2%) or second or luxury (9%) home. Upon signing the notary will then transfer the title deed and register the ownership change at the land registry.

Ownership Costs

Total buying costs normally amount to 10-12% of the purchase price.
Local council tax (IMU) based on land cadastral value is payable twice a year.
No capital gains apply if the property is not re-sold within 5 years.
There is currently a very low rate of inheritance tax payable by next of kin for Italian residents (4% over 1.000.000 euro) but as tax law is constantly changing advice must always be sought from a reputable lawyer.[/vc_column_text][/vc_column][/vc_row]