Purchase guide
PROCEDURE
The first step of buying a property in Italy is making a formal offer. When the vendor and the buyer reach an agreement on the purchase price, in writing or verbally, the estate agent’s involvement terminates. The agency fee is usually paid at this stage.
The next step is a private contract, called COMPROMESSO (Preliminary Contract of Sale or Purchase Agreement). It is a written sale agreement between the parties setting out conditions of purchase such as price, payments, boundaries, as well as a date for the completion of the transfer of the property. This document is in Italian, however an English version should be prepared for client’s record. As a guaranty of the preliminary contract the purchaser pays a deposit of 10% - 30% of the asking price, on the vendor’s bank account.
Once the Compromesso has been paid and the deposit is paid, the offer is binding. If the buyer backs off, he looses the money. If the vendor backs off, he has the pay the buyer back double the deposit.
In order to complete the transaction, both parties sign the Purchase deed (Contratto di Acquisto or ROGITO) in the presence of the "Notaio". The buyer pays the Notaio’s fee. Preparing the Rogito requires many documents to be produced in many offices. The buyer takes care of this. Foreign buyers have to employ a solicitor or a geometra. Most estate agents offer this service, as we do. In more details, the purchase assistance service includes for the followings:
- Prepare the Pre-contract agreement (Compromesso)
- Gather the property's paper work: Cadastral data, Certificates, previous title deeds or inheritance documents
- Liaise with Notaio. Provide him with any additional document he might require
- Agree with Notaio the figure to be stated on the Contract
- Organize the Contract with the parties
- Assistance with translation for Contract signing or power of attorney
STAMP DUTY
The stamp duty is calculated by the Notaio and paid to him together with his fee.
It is applied to a nominal fiscal value established by the State or to the purchase price. The fiscal value is usually lower than the market value.
The rates are: 10% of the value of the buildings and 18% of the value of the land.
Indicative example of how the index is applied.
Fiscal value of the property € 85,000.
- value of the land: € 18,000 - stamp duty at 18 % = € 3,250
- value of the building: € 67,000 - stamp duty at 10 % = € 6,700
- Total of stamp duty: € 9,950 Should you be able to move permanently in the property within 18 months from the purchase, you could buy as "Prima casa". The stamp duty would be reduced to 3 % for the building and 10 % for the land
CODICE FISCALE
In order to buy a property in Italy, you need a Fiscal Code (Codice Fiscale). This can be obtained at your local Italian Consulate.
The procedure is simple. You need to download the form at the following link, fill in with your details and address of the property, include the photocopy of an ID document and post everything.
MOD attribuzione codice fiscale
For more information, please check the Consulate web site, at the following link: Conslondra esteri
APPLICATION TO THE CATASTO OFFICE
Buildings and lands are registered at the Catasto office with a number. Lands for sale do usually include smaller plots with relative numbers. Sometimes the registration is not up to date. Other times, there are alterations to be carried out before the contract. These applications have to be submitted by a registered professional, architect or geometra. The cost depends on the number of alterations. The buyer usually pays it, but it might be negotiated with the vendor.
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