Optional: LETTER OF INTENT (proposta d'acquisto)
If you have made up your mind about a given property and you don't want to risk losing the opportunity to buy it, you can make an offer on it. You will be asked to complete a form stating a.o. the price you are willing to pay for the property and the expiry date for signing the compromesso (Step One)The form will be forwarded to the seller who usually takes some time (about 10 days) to decide whether accept or refuse. When you sign you pay a deposit by cheque in any currency for the equivalent of usually € 1000 (more if the house is of high value) which is not cashed but held by the seller's agent until the offer is accepted. If the offer is refused, the cheque will be refunded. If the seller accepts the offer, he will sign the form and it will so become a legal contract. In this case the amount of the deposit will be deducted later on from the price due at compromesso. If you change your mind you will forfeit the deposit, as the owner will have effectively taken the property off the market for a given period of time. If the sale does not go ahead in the specified date through no fault of you, the deposit will be returned to you.
1. Step One: CONTRATTO PRELIMINARE OR COMPROMESSO (preliminary contract)
The compromesso, usually drawn up by the notary, is a legally-binding document which states the agreed price, a description of the property as it appears in the land registry, the completion date, the deposit to be paid at the signing and any other relevant legal details. The deposit usually amounts to about 30% of the purchase price. If the seller, after signing the compromesso wants to back out, he must pay double the deposit amount to the buyer. Should the buyer wish to back out, he will lose his deposit. According to current laws this contract needs to registered.
The agency fee is payable when the compromesso is signed.
2. Step Two: ATTO / ROGITO
The final contract or l'atto notarile is signed 1 - 3 months after having signed the compromesso. It is signed by both parties, the balance is paid and the property is officially transferred. The buyer, the seller and the estate agent are all required to be present at the notary's office for the signing of both the preliminary contract and the final contract.
The balance for the property together with the notary fees due, taxes and registration fees, which the notary is responsible for assessing and collecting on behalf of the revenue authorities, are payable when you sign the final contract.
All in all costs related with property purchase tend to vary between about 10% and 15% of the purchase price.
In order to purchase a property in Italy, you will need a fiscal code and a bank account. We can sort this out for you.
Thanks to our FIAIP membership we can help you to arrange a mortgage at convenient rates.
Following services are performed by outdoor professionals:
translation\interpretation
surveyor
arranging power of attorney
changing utility bills into your name and informing the council of the change of ownership
Prices upon request
ICI = "Imposta Comunale sugli Immobili": annual council tax
REFUSE TAX = payable in 4 installments
UTILITIES: electricity, water, gas/oil for heating and cooking, phone
"CONDOMINIO": expenses related to communal areas of the property
Most of these can be paid by direct debit.