PURCHASE PROCESS

STEPS TO PURCHASING A PROPERTY. In Italy the purchase of a property is a regulated process. When you have chosen a property and an offer has been accepted, we will proceed to the preliminary contract or 'compromesso di vendita'. This document will contain details of the parties and the property, the price agreed, the deposit paid, the date by which completion will take place, the name of the Notaio who will execute the deeds and all the terms and conditions of the sale. The deposit is generally 15 – 25 percent of the agreed price. The compromesso commits the vendor and the buyer to a deal they will conclude with a deed of sale. The completion must be carried out by a 'Notaio' appointed and paid for by the buyer of the property. The Notaio will check the details recorded at the land registry that may affect the title and ensure there are no charges or debts against the property. The Notaio will record the new title with the Property Registry and deposit the deeds with the relevant financial authorities.

COSTS AND TAXATION. These vary dependent upon whether the purchase is by private individual or company and whether the property is to be purchased as a second or holiday home versus a primary place of residence. For properties purchased as a second home, allow an additional 10 - 15 per cent of the agreed purchase price to cover costs and taxation. If purchasing as a primary place of residence, this percentage reduces to between 8 and 12 per cent. Please contact us directly if you would like to discuss in more detail regarding your personal circumstances.

Included in the above percentage figures are the Notary and Agency fees. The L'Architrave fee is 5 percent (plus VAT) of the purchase price which includes complete viewing service, preparation of the compromesso di vendita in dual language, registration of the contract, conveyance and preparation of the documentation required for completion and translation of the final deed. Please note that we have a minimum fee of 5000 Euros (plus VAT). There is no wealth or inheritance tax in Italy.
Capital gains tax is only payable on holiday homes if the property is sold within 5 years of purchase.