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PURCHASE PROCESS
FIND THE MOST IMPORTANT INFORMATION ABOUT BUYING A PROPERTY IN VERSILIA AT A GLANCE!
For many tourists it is a big dream to have their own holiday home in Tuscany.
To give you an overview of how the purchase process works here in Italy, you can find below the following topics:
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- Process of buying a property in Italy
→ Proposta (purchase offer)
→ Compromesso/Preliminare (Preliminary contract)
→ Relazione Tecnica (Technical Assessment)
→ Atto notarile/Rogito (Transfer of ownership)
- Terms of payment/process of payment
- Additional costs for the buyer
Process of buying a property in Italy
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Proposta (purchase offer)
If the buyer has decided on an object, his realtor wirtes a written offer (proposta). The offer can also be lower than the published sales price. However, if the buyer does not want to take the risk of losing the object to someone which offers a higher proce, he sets the "offer price" at the amount of the price that was advertised or slightly higher. If the offer is full price or above, the seller must accept the offer to buy with few exceptions.
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The following information is listed in the written document of a purchase offer:
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Name, date of birth and tax ID (Codice Fiscale) of all current owners (sellers)
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Name, place and date of birth, place of residence, telephone number and tax ID (Codice Fiscale) of all buyers.
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Description of the property
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Declaration from the seller (of the condition of the property, that all necessary documents are present or can be obtained prior to the transfer of ownership and that there are no debts, costs or charges on the property)
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Buyer's "offer price"
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Payment Terms (See below for a description)
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Real estate handover (date until the notary)
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Period of purchase offer (How long the buyer is bound to the offer and until what time the offer is valid for the seller)
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Communication of the purchase offer (realtor who has to communicate the purchase offer)
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Closing the pre-contract (How a "Preliminare" is made, see below for more information)
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Registration and Costs (Once the offer has been accepted, the document must be registered by the agent)
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Other conditions (if any)
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Signature(s)
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Compromesso/Preliminare (Pre-contract)
In pre-contract, a so-called "Preliminare" is created as soon as a "Proposta" (offer) has been accepted and signed or when the purchase has been definitively confirmed with another document and this has been acknowledged by the buyer. For this reason, a so-called "compromesso" or "preliminare" with a notary is usually only concluded if it is a luxury property or if the time between acceptance of the purchase offer and the date of the transfer of ownership by the notary is relatively long. This can be, for example, if the seller wants to stay in the property for a while, a house is still under construction or if you have to wait for confirmation of financing from the buyer's bank (etc.).
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Relazione Tecnica (technical verification by the buyer)
After the "Proposta" has been accepted, the buyer has to hire a "geometra" (similar to an architect here in Italy) who has to inspect the desired object and check the data. On one hand, this serves the buyer as well as and the notary to assure that the house is compliant . It is the buyer's "geometra" that gives the notary a technical confirmation that everything is according to legal standards and norms and that the house can be sold in this condition. (We are happy to give you the contact of our "Geometra" and assist you, contact us)
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Atto notarile/Rogito (transfer of ownership at the notary)
All documents required for the transfer of ownership are signed by the seller and the buyer at a notary on the day of the “Atto notarile” or “Rogito”. On this day the buyer acquires ownership of the property through payment of the previously agreed purchase price and the applicable taxes, duties and fees and all rights and obligations are transferred to the buyer.
Ownership of the property is confirmed by an “Atto di compravendita” (Deed of Ownership), a copy of which can be requested after approximately 60 days. If you want confirmation at the time of the “Rogito”, you can request a “Certificato di avvenuta stipula” (signature certificate) from the notary.
Terms of payment/process of payment
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In Italy, to reserve the property and show the seller that you are serious, you enclose the deposit directly with the “proposta” (purchase offer) in the form of an “assegno bancario” (cheque). In the case of foreign payments, the deposit of the proposta can be transferred by wire transfer to the real estate agency or to the notary. Once the seller accepts the “proposta” (offer to buy), this amount becomes the so-called “caparra confirmatoria” (deposit for confirmation) and is paid to the seller. The seller usually specifies how high this amount is (usually approx. 5% of the sales price), but the buyer can also set it higher.
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If a date for a "compromesso" with the notary is agreed, an additional amount is usually paid. The amount of this payment is usually a matter of negotiation.
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On the day of the transfer of ownership at the notary, the remaining amount is then handed over to the seller by “assegno circolare” (bank cheque) by the buyer or his bank.
What costs the buyer has to consider when purchasing?
According to Article 1475 of the Italian Civil Code, the buyer of the property pays the costs of the purchase contract and other additional costs. The approximate cost varies from property to property. Find the varietys below:
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Purchase of an existing house, as primary residence:
registration fees
registry
ipotecaria
catastale
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2% of the cadastral income of the property
(Cadastral value x 115.5 = total x 2%)*
EUR 50
EUR 50
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Purchase of an existing house, as second home:
registration fees
registry
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ipotecaria
catastale
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9% of the cadastral income of the property
(Cadastral value x 126 = total x 9%)*
EUR 50
EUR 50
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Purchase of a new construction from a company, as a primary residence (within the first 5 years after construction):
registration fees
IVA (VAT)
registry
ipotecaria
catastale
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4% of the purchase price
EUR 200
EUR 200
EUR 200
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Purchase of a new construction from a company, as second home (within the first 5 years after construction):
registration fees
IVA (VAT)
registry
ipotecaria
catastale
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10% of the purchase price
EUR 200
EUR 200
EUR 200
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→With every purchase you also need to consider the following costs:
Relation Tecnica
(technical assessment by the architect)
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Notaio(Notary)
Atto compravedita
(purchase certificate)
Atto mutuo
(financing certification if required)
approx. EUR 1000**
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from approx. EUR 1200***
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from approx. EUR 1200**
*Would you like to know specifically how the cadastral income or VAT of a specific property is calculated?Then contact us!
**If you need a technical assessment for a specific object, contact us!
***If you need a notarial cost estimate for a specific property, contact us!
The content of this website is for informational purposes only and does not constitute legal advice.
No liability is assumed for the completeness, topicality and correctness of the content.