The Purchase Process
Property Search – Criteria definition, short-listing, viewing trip
When you browse our portfolio you will find a selection of properties that we believe offer the best value for money of their type. Once you Register with us and complete our Client Contact Form we can also make a more extensive survey of the local market to find the properties that match those criteria. When you have made a selection of properties and would like to arrange a viewing trip, we will work out a sensible programme of viewings taking into account travelling times, location of agents’ offices etc. Many of the Italian estate agents with whom we work do not speak English, so we will ensure that during your viewing trip you are accompanied by an experienced English-speaking member of our staff. We can also advise on where to stay in the area and book your accommodation for you (see Where to Stay). If you have already found a property and don’t know how to proceed, we have a Service Package to help you through the purchase process to completion.
Offer, Compromesso, Rogito
Once you have identified a property that you wish to purchase you need to make a written offer 'proposta d'acquisto' which is supported by a deposit (anything from Euro 1000.00 to 10% of the price). The offer will have a written-in time limit by which the vendor must make his decision and sign acceptance. If the vendor signs acceptance, both parties are bound to proceed.
The next step is the private contract or ‘compromesso’ which details the legal registration of the property for sale and states a latest date for the final completion contract or ‘rogito’. At this time a further deposit (at least 10% of the agreed price) will be paid.
The final step is the 'rogito', signed before a notary, who has the task of establishing the legality of the property registration, that there are no outstanding debts on the property and collecting the state taxes. At this time the balance of the purchase price is paid to the vendor. The notary also registers the new deeds to the property and holds the deeds at his office. The purchaser can obtain a copy of the deeds once they have been registered (6-8 weeks after purchase).
Main Purchase Costs
The usual purchase costs can be broken down as follows:
- Purchase price - as agreed
- Italian Estate Agent’s Commission - normally 3% of purchase price, + 20% IVA (VAT)
- Notary fees - usually 1 ˝ - 2% of declared price (minimum €1000.00) + 20% IVA (VAT)
- Taxes and stamp duty based on the registered 'cadestale' value - 10% for a secondary residence, 3% for a primary residence
More on Purchase and Post-purchase Taxes
Example:
Purchase price - € 100,000.00
Agency commission - € 3,600.00
Notary fee - € 2,400.00
Taxes (2nd home) - say € 6,000.00 based on registered value of € 60,000.00
Total € 112,000.00 inc. IVA (VAT)
Further costs will be incurred if a mortgage is required. In Italy a mortgage contract with a bank is signed before a notary and requires the payment of a second set of notary fees in addition to the bank’s charges. If a structural survey and independent geometra’s inspection of the property’s deeds and registration is required, these will also increase the purchase costs.