Buy ABRUZZO PROPERTIES HOUSE - Italian Houses, Properties for sale in Italy - Abruzzo Real Estate - Idea Immobiliare - Guardiagrele

BUYING A HOUSE IN ITALY

OFFER (Offerta or Impegnativa d’acquisto): is the first step in initiating the sale in order to take the property off the market, negotiate/establish the price, and fix the land boundaries and details of the property and the terms of payment. Normally the deposit is between 5.000,00 and 10.000,00 € paid as security deposit in the event of breach of contract, to be paid by means of cheque or bank money transfer as free trust deposit in the hands of the representative of the agency. This amount shall be given back free of any penalty or indemnity, in case the seller does not accept the offer. Should the seller accept this offer, such amount will become a binding deposit. In the offer the seller has to give some guarantees to the purchaser, such as: availability of the property, that it is in order with the building regulations in force, that all taxes have been paid.
Preliminary contract (Compromesso or Contratto preliminare): is a legally binding, private contract between the signatories that details all terms and conditions: details of the final contract are laid out, methods of payment, dates for the signature of the final contract and any other clauses that might be relevant. In this contract the full price being paid for the property is stated. We recommend that this be done with the assistance of a Public Notary who will perform a title search and insure that there are no loans, liens, or other impediments such as rights of way on the property, that the property is the exact one that is for sale and that all permits and permission for the building are in order. Once the agreed deposit has been paid (the deposit amount can vary between 15% and 50% of the sale price depending on the property and the negotiated percentage agreed upon between the Purchaser and Vendor) and the Compromesso has been signed, both parties are bound to complete. Should the Purchaser back out of the contract, he or she will lose his or her deposit. If the Vendor fails to fulfil his or her obligations as specified in the Compromesso, he or she has to repay DOUBLE the deposit amount to the purchaser. This is called a "Caparra Confirmatoria." This makes the penalty for default an equal amount for both parties.
Surveyor (Geometra): In some cases it is necessary to hire a geometra to collect all relevant documents (la practica). He will visit the Comune (local council) registry offices and the regional land registry offices (Catasto) to obtain the necessary documents required prior to the sale
After signing the Preliminary Contract you should obtain the following documents as they are necessary for the signing of the Final Deed:
- Tax ID (Codice fiscale): If the Purchaser does not have one he or she must obtain an Italian tax code. This document can either be prepared at the Italian Consulate in the Purchaser's country of residence, or alternatively, while the Purchaser is still in Italy.
- BANK ACCOUNT: While in Italy, it is necessary for the Purchaser to open an external Euro bank account. Your Agent can assist you in this matter.
Final Deed (Rogito or Atto notarile): The final contract has to be made in front of the Public Notary. This is the contract which is registered in the Property Registration Office (Conservatoria dei Registri Immobiliari) and is the one that is recognised as the contract on which all government taxes and fees are calculated. After the signing of this contract there is a period of approx. 3 weeks before the new owners receive this document. This document is equal to a Title Deed and is the document of ownership of the property.
It is necessary for the Vendor and the Purchaser (or their nominated representatives) to be present at the signing of the Final Deed. The Notary is bound by law to read aloud the contract to the interested parties. Prior to the actual signing, the balance of the purchase price is handed over to the Vendor. The Deed is signed by the Vendor and by the Purchaser and is then countersigned by the Notary.
At this stage (in the Office of the Notary) the Government Purchase Taxes (imposta di registro, ipotecaria, catastale are to be paid:
- For the building 10%: of the declared price (15% imposta di registro, 2% ipotecaria, 1% catastale)
- PRIMA CASA: if you will be taking residency (“residenza”) in the purchased property within 18 month from the date of purchase, you may claim this at the time of the signing of the Final Deed. The taxes for the purchase of the house will be reduced from 10% to 3% (imposta di registro) plus a fixed tax of about 500,00 € (imposta ipotecaria, imposta catastale). If you don’t take the residency within 18 month you will be penalised for the difference between the 3% purchase tax you paid and the 10% you would have paid as a second home plus a fine.
Power of Attorney: Unless the Purchaser speaks sufficient Italian to satisfy the Notary that he or she understands the contents of the Final Deed it is necessary to have present an officially accredited translator. Alternatively, most Purchasers give a special power of attorney (Procura speciale all'acquisto) to their Agent. This document can either be prepared or signed before the Notary while the Purchaser is still in Italy, or alternatively, at the Italian Consulate in the Purchaser's country of residence. Idea Immobiliare. as Agents can prepare this document including the specific information so that the Purchaser can simply get it signed and notarised at the nearest Consulate.
At the time of the signing of the Final Deed the following fees are to be paid:
- The Notary's fee
- The Geometra's fee
- The Agency’s fee
- The Translator fee is a big difference been these two values. The Land and Building registry office in the region assign a value for each property (valore catastale). The value set by registry office is the mini you can declare in the Notarial Deed.