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A Brief Guide to Buying Property in Italy
Use a lawyer registered with the Ordine degli Avvocati. The British consulate usually lists those in your area who speak English but your estate agent should introduce you to a lawyer who will satisfy all these criteria.
Once you’ve found your property tell your lawyer. He or she will make an official offer to purchase. The offer is usually valid for a fixed period of between 2 weeks to a month. If your offer is accepted during that period you will be required to make a 10% deposit.
In Italy fees are generally more than other European countries Expect to add on at least 10% of the purchase price as stamp duty, 3% for Agents fees and 2% legal fees, and set aside a further 5% for connecting utilities, transferring title and any extra costs.
The next step will be to sign a preliminary contract. The contract should be made subject to a survey, any specific enquiry you wish to make, such as the possibility of a planning consent for use of the property for a different purpose. Also the contract may be made subject to specific mortgage arrangements.
Upon signing the purchaser pays an additional deposit of between 20 and 30%. It is standard practice that if the buyer pulls out you get back double your deposit. If you pull out you lose all money paid to date.
A notaio deals with these contractual arrangements for the buyer and the seller which is why it is important to have your own lawyer employed to oversee everything and protect your interests throughout the entire transaction.
Before moving to the final stage you must have an expert conduct a full survey and search on your desired property especially if it is in need of renovation. Think about the property as practically as you can, if it is in need of extensive work will this include having water, electricity and access roads put in? These are not only essential of course but incredibly expensive! Also, if you are going to do much more than paint the place you will need permission agreed at the town hall for all your building work - this also costs money! Get quotations in place for all the necessary work before you go any further and always use qualified and registered local builders. They might cost you more in money terms but the heart ache they’ll save you will be worth it! Builders should be regulated by the Ordine degli Inegneri and architects should be registered with the Ordine degli Architetti.
And finally - once everything has been agreed upon and secured the final contract is signed and the final transfer deed or rogito is in place, then the purchaser pays the outstanding amount together with the property registration fee and a land registry tax.