Buying Property in Italy
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Buying Property in Italy
There are some easy steps a buyer must follow every time a property is going to be purchased abroad. As every international location has its own regulations, it becomes quite important to know what to do and how to do it, aspects which our buyers guide aims to give you an overview of. Nonetheless we always recommend using appropriate legal representation with any overseas investment.
USING AN AGENT
A good agent knows the local market and will find your dream holiday home or investment property in the right location and at the right price. Reputable agents do extensive research to ensure a developer has planning permission and they’ll make sure your property carries your name on the title deeds. An agent’s contacts are invaluable, especially if you don’t speak the language. They’ll know if the area has a good resale market and what facilities are available – such as schools. You’ll also save time using an agent.
MAKING AN OFFER
The Buying process in Italy is regulated. Once you’ve found your new property and secured a mortgage an offer should be made through the selling agent. Once a price has been agreed a preliminary contract is drawn up (this can be preceded by a compromesso, which legally commits the buyer to the purchase). A deposit of between 10-30 percent is required at this stage.
APPOINTING A LAWYER
If you are planning to buy a property abroad or even just thinking about, whether it is a farmhouse, cottage, apartment, villa or business, you must bear in mind that you need to retain legal representation. Your lawyer will help you avoid the pitfalls and minimize the risks associated with buying a home abroad, which is often one of the largest financial transactions you may ever undertake. Whatever type of home you decide upon, there are certain safeguards you should take to make sure your dream purchase does not become a nightmare. One of the most common mistakes is to assume that the purchase procedures are the same as in your country. Not true, failure to take basic advice can result in disastrous financial losses. Some of the things a lawyer will take care of are the following:
- Check the current owners have the correct title to the property
- Check for any charges and liabilities still owed on the property
- Check your contract and advise you on the obligations for both parties
- Help you through the payment/funds transfer
- Ensure the property is registered in your name
The property sale process is finalised before a Notary, with the buyer and seller signing the Deed of Sale (Title Deeds). The Notary is a public official whose role it is to identify the buyer and the seller, and ensure that all legal requirements have been met, and that the amount due to be paid has been settled.
The property registration procedure entails the payment of all the taxes applicable to the property and the obtaining of the final register stamp for the Title Deeds, which guarantees the transfer of the property.
Once the sale has been finalised, all the utility contracts for the property (electricity, water, rubbish collection, etc.) will be put into the name of the buyer and can be paid by direct debit from a Italian bank account.
CODICE FISCALE
Codice Fiscale (Tax Code) is an identification number for use in Italy. If you have dealings within Italy (even if you are not full time or tax resident) you are required to have a number. This is obtained from the local tax office (Agenzia delle Entrate). However tempting it may be, if you do not obtain a number you will find that it will cause you great inconvenience in the future if you do not have one.
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