The Buying Process:
Buying a property in Italy is relatively straight forward, however there are a few considerations to take in to account. If the buyer signs a binding buyer proposal called a compromesso, then the buyer is legally bound to buy, however the vendor and agent are free to consider other offers. It is the buyer’s responsibility to obtain a tax form usually from the local newspaper shop or tobacconist, complete it and calculate the amount of tax owed before submitting the form to the tax office with the correct amount of tax owed. There is no wealth tax and no capital gains tax on certain properties, it is advisable to check this beforehand.
Here we have simplified the buying process for you:
- You give us your property requirements
- We arrange a viewing trip to view a selection of properties that match your requirements or we send you details of the properties that you have chosen from our website.
- We arrange for a meeting with our recommended mortgage advisor and legal advisor either in the UK or in Italy.
- You sign a preliminary contract, which may be proceeded by a binding buying contract (compromesso), where the buyer is legally bound to buy.
- The seller accepts the offer and the contract is binding with the execution of a contratto preliminare.
- You pay a deposit usually 10%.
- The final deed is signed in front of the local notaio and you pay the remaining balance.
- The Notary registers the original document with the land registry.
It is advisable to always keep an extra 10-15% for land tax, solicitors etc, although for luxury properties It is advisable to keep an extra 20%.
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