PROPERTY FOR SALE IN SOUTHERN ITALY

Information on Buying a property in Italy and how the legal process works for property purchase in Italy

This is intended to help you understand the process of buying a property in Italy, to explain some of the terminology you will encounter, and to give an indication of the obligations of overseas home ownership.

Permissions:

Generally, no special permission is required to buy a property in Italy (unless it is in a sensitive military area).

Though the Italian legal system is different to Britain's, the whole process is less complicated than buying a home in the UK.

As with any property purchase, it is prudent to have a survey carried out. Our partners can arrange this for you.

When you decide upon a property a deposit of 30% of the price is required, this is non-refundable should you withdraw from the purchase, should the seller withdraw after receipt of the deposit they must return your deposit and pay you the same amount again in compensation.

 

Terminology:

DIRITTO DI PROPRIETA': ownership right.

Under the Italian Law only freehold ownership exists. Therefore, such right is full and absolute, with no time limit.

TRATTATIVA: pre-contractual phase.

In this phase each party states the essential terms and conditions to be agreed. The "avvocato" plays a fundamental role in this phase as he/she gives all relevant advice on legal aspects involved, checks on the fairness of parties' behaviours in this phase, coordinates the activity of other professionals involved in the transaction (i.e. surveyors, notary, estate agent)

CONTRATTO PRELIMINARE:

Once you are satisfied with the preliminary investigations and arrangements for payment have been made, the preliminary contract is signed and the parties undertake the obligations, respectively, to sell the house and to purchase the house. At this stage, the title of property is not yet transferred as this will occur only by signing the "contratto definitivo". However, the parties in the "contratto preliminare" set all relevant terms and conditions which are legally binding for them and must be included, unmodified, in the "contratto definitivo".

 

CONTRATTO DEFINITIVO DI COMPRAVENDITA:

The title deed, proving who is the owner as well as describing the property in detail. You may either attend the signing in person or appoint someone as Power of Attorney to attend on your behalf. The "contratto definitivo" is signed in the presence of the Notaio.

Notaio:

A public official who is present to officially certify that the title deeds have been exchanged and understood by the parties concerned. After the signing, the Notaio witnesses the payment, or an acknowledgement that the payment has already been made, and this fact is incorporated in the deeds. The Notario is completely impartial and offers no advice, however the Notario will confirm that the seller has the right to sell you the property and that no charges or obligations are outstanding on the property. If you cannot understand Italian interpreters must be present to ensure you fully understand the purchase process. (A charge for the interpreters will be payable by you)

Registering your property:

After the signing of the "contratto definitivo", it is taken to the registry by the Notaio for payment of registration fees and other taxes.

 

Name on the Deeds:

It is worth considering who is to be named as the purchaser and owner on the deeds. Inheritance tax and change of ownership taxes and fees may be levied if your property changes hands in the future. It is therefore advisable to take this into account at the initial purchase, our partners will provide you with full information in regard to the options for you to make an informed decision.

Service we provide:

Escorted tours of property.

Guided tour of area.

Investigation of title

Property search

Reporting on enquiry results

Setting up of Italian bank account and Tax Reference for non Italian residents

Arranging for completion including the provision of independent English speaking translators

Co-ordinating other professionals' activity

Property letting service

Property maintenance

Additional Cost:

Legal Fees

Notaio Fees

Purchase Tax on property. This is the main additional cost of purchase at between 3% - 5% based on a banded rate according to the price of the property.

Provision of English speaking translators to attend the Notaio’s office to complete the purchase. (2 interpreters are required by law to attend the completion process if you cannot speak Italian, and they must have no involvement in the transaction, so they are impartial and will accurately translate all the information and relay your comments or questions to the Notaio and translate his replies

Tax office registration for foreigners (NIE) - typically £100

Power of Attorney for signing in your absence - typically £100 if required

When you have chosen a property to be purchased an exact calculation of the above costs can be provided, as a guide you should budget for additional cost of between 5% - 7% of the purchase price of the property.

Guide to a successful purchase.

In our experience there is a stepped process to completing a smooth stress-free purchase of a property abroad.

If you are familiar with an area and know the kind of property you want and the price you want to pay. Just contact us with this information and we will identify properties which fit your criteria and arrange a suitable viewing date.

If you are not so familiar with the area, maybe just one or two holidays and fell in love with Puglia, which often happens. We would suggest maybe another trip or two taking with you a wish list of the kind of property you want, villa/apartment, beach or country location, busy town or quite village, if the property is to be for your own use or for rental, preparing the answers to these questions and compiling your wish list will help you find the right location and property for you and make your dream of owning the perfect home in the sun a reality.

TIP: Make your wish list as extensive as possible.

Having completed the above you are now ready for the next step.

You know what kind of property you want, in what area and the price range for your property, you may even have seen the perfect property for you.

If you have not already done so, now is the time to contact us. We will then provide you with all the information on your chosen area, show you properties which fit your wish list within your price range and work with you to complete the purchase process, stress free.

  Contact us on 01234 363147. 07769585992