Real estate - process of purchase
We broker – rent – sell you high quality property in the regions Marche, Umbria and the Tuscany
The following information has been extensively researched for you by us, yet it serves only informational purposes and offers no legal advice. Therefore no liability can be assumed for the provided information.
Purchasing a house/apartment:
Generally real estate contracts are subject to Italian law. There are two steps in order to process the purchase once you have found your “dream property”.
1) Buyer and seller close a preliminary contract that goes by the name Contratto preliminare or Compromesso. This is a non- notarial document, signed in private capacity and it contains important terms of contract such as the purchase price, the size of the plot, the location, etc.. With signing the preliminary contract you usually have to make a down-payment of 20% - 50% of the purchase price by means of a bank certified check or bank transfer. Due to new legal provisions this Compromesso needs to be registered in the Uffico del Pegistro since September 2006. The costs for the registration are calculated from the amount of the preliminary contract. The down-payment from the Compromesso is to be evaluated as a security deposit for the adherence to the contract of both parties. Should you withdraw from your purchase intention the seller has the right to keep your down-payment as a contract penalty. Similarly the following applies: If the seller withdraws from his intentions to sell, he has to reimburse you the amount of the down-payment in addition to the refund of your effected down-payment.
2) Closing the notarial sales contract: For contractual matters in Italy, you need a personal tax number in Italy. Our local partner agencies can help you to obtain your personal tax number. If you don’t speak Italian or speak the language insufficiently, a sworn interpreter is required to be present at the appointment at the notary as well as two witnesses. The notaries provide the contact to suited interpreters. Before the notarial contract is closed, the notary is obligated to verify following aspects of the property:
• Registration of the seller as previous owner
• Registration of the property in the real estate register
• Potential mortgages
• Preemptive rights of third parties or other registered rights
As the buyer you should be informed about all costs related to the purchase of the house. Upon the completion of the notarial contract the full purchase price is due – minus the effected advance payment – and the payment often needs to be made in a combination of cash and bank check. With the signing of the contract by both contractual parties and the payment, the acquisition of property is completed immediately, unlike in Germany.
Apart from the purchase price that you as the buyer have to pay the seller, the following “additional costs” still result:
• Notary fees (about 1.500 Euros)
• Sworn interpreter fees (if necessary – about 400 Euros)
• Real estate transfer tax (see also section taxes/laws on our webpage)
• Commission of the real estate broker (due already with completion of the preliminary contract)
Related links real estate Tuscany, real estate Umbria and real estate Marche
Real estate Tuscany | Real estate Umbria | Real estate Marche