Once a property has been identified, the vendor and the buyer agree on a price and on the general conditions of the sale (payment terms, timing, etc.). Said conditions are outlined in the Proposta di acquisto (de facto a promise to purchase), which must be defined and signed by both Parties.
Once a property has been identified, the vendor and the buyer agree on a price and on the general conditions of the sale (payment terms, timing, etc.). Said conditions are outlined in the Proposta di acquisto (de facto a promise to purchase), which must be defined and signed by both Parties.
The Proposta di acquisto contemplates the issuance of an initial payment to the Vendor, whom, upon receiving the payment, temporarily takes the property off the market while a due diligence is carried out on its legal and technical status and while the Contratto preliminare di vendita is drafted between the parties.
Should the due diligence be positive, the parties will proceed with the final definition of the Contratto preliminare di vendita.
Frequently known as Compromesso, the Contratto preliminare di vendita precisely defines all terms and conditions of the sale. It contains:
Prior to the proposal of a draft of a Contratto preliminare di vendita to the buyer, Case in Italia completes the necessary conveyance (checking the legal status of the property and the existence of possible mortgages) with the help of specialized consultants. If the result of the above checks is positive, a draft of the Contratto preliminare di vendita is prepared and finalized with the buyer before submitting it to the Vendor.
Once the content of the Contratto preliminare di vendita is finalized, it is ready for signing. The signing of the Contratto preliminare di vendita requires either the presence of the buyer (not necessarily all, if the buyers are more than one) or his representative with a Power of Attorney. The Power of Attorney may be given to a third party such as a relative, a friend, a solicitor or a representative of Case in Italia (Case in Italia can provide a sample text of the Power of Attorney).
With the definition of the Contratto preliminare di vendita, a second installment is made. Said payment, summed to the funds paid with the Proposta di acquisto, is considered as the deposit of the full payment due.
Providing assistance in overseeing and drafting the Proposta d’acquisto and the Contratto Preliminare di Vendita, is part of the services included in our fee.
The final contract or Deed of Purchase, is called the Contratto definitivo di acquisto orRogito, and is signed after the Notary has completed a second conveyance on the legal status of the property.
The buyer always chooses the Notary.
Case in Italia has a list of preferred Notaries to be suggested depending on the location of the property.
TheRogitois always in the Italian language and, generally, the text is not available for consultancy until the time of the meeting with the Notary. Case in Italia always requires the Buyer to meet with the Notary before the actual signing to get a verbal translation of the content of the document. It is not to be forgotten that the Notary represents the buyer and not the vendor.
It will take the Notary from 2 to 4 weeks to register theRogito. Once theRogito is registered, it can be collected at the Notary’s office with the receipts of all the paid duties and the invoice of the Notary’s fee.All the necessary assistance up to the final signing and collection of the Rogito is included in our fees.
Once a property has been identified, the vendor and the buyer agree on a price and on the general conditions of the sale (payment terms, timing, etc.). Said conditions are outlined in the Proposta di acquisto (de facto a promise to purchase), which must be defined and signed by both Parties.
The Proposta di acquisto contemplates the issuance of an inital payment to the Vendor, whom, upon receiving the payment, temporarily takes the property off the market while a due diligence is carried out on its legal and technical status and while the Contratto preliminare di vendita is drafted between the parties.
Should the due diligence be positive, the parties will proceed with the final definition of the Contratto preliminare di vendita.
Surveys in Italy are optional and a fee will be charged according to the complexity of the survey and the size and condition of the property. Usually, unless the building to be purchased has not been recently built or restored, the only survey that could be carried out is a structural survey.
Case in Italia has a number of preferred technicians that can complete the surveys. The relevant cost is not included in our fee.
The Codice fiscale, is a National Insurance number (Social security number in the USA) which is given to any Italian citizen as well as to non-Italians applying for it. The Ministry of Finance issues the Codice fiscale. The applying person should send the application form to the Ministry of Finance indicating an ‘indirizzo fiscale’ (fiscal address). Case in Italia offers its Clients the use of its address as a temporary fiscal address. Once the Buyer completes the purchase and the property is habitable, the temporary fiscal address must be changed to the property address.
All formalities in applying for a Codice fiscale can be completed by Case in Italia without extra charges.
It is advisable to open a bank account once a property has been identified and the potential buyer wishes to proceed with the purchase. To do so, one must fill out an application form (which differs from bank to bank), have a valid Passport and a Codice fiscale.
Case in Italia has agreements with internationally, well-known banks to make the process smoother and quicker. Our relationships indeed make things easier. Bank accounts may be opened in any Italian bank.
Money can be transferred without limitation into the account. There are no restrictions on funds being imported into Italy, but to ensure that the proceeds of any resale can be repatriated, it is recommended that the purchaser obtain official documentation from the bank of the importation of the purchase money and incidental costs. The funds should be deposited in the Italian bank. Resales involving payment of the purchase money outside Italy are permissible between non-residents but rights to repatriation of funds should be expressly included in the conveyance.
The person opening the account, or anyone else expressly nominated, can withdraw money or authorize payments: this should be taken into consideration if one does not plan to be in Italy every time a payment needs to be made.
All formalities to help the potential buyer open a bank account can be completed by Case in Italia at no additional expense.
The following is the list of the expenses involved with the purchase process with relevant estimated percentages. The listed percentages are indicative as they depend on the type of property and each specific circumstance. It is advisable to estimate an additional 10-15% of the purchase price to cover duties, taxes, notary and translations when required.
Taxation on property purchases is applied at different rates on buildings and land. Therefore, the total value of the property, for taxation purposes, will be divided into two separate values: one for the building(s) and the relevant courtyard(s), and one for the remaining land. Such values are not arbitrary, but depend on the parcel fiscal values obtained from the Catasto.
This is known as Imposta di registro. There is no stamp duty threshold as in most of the United Kingdom, and you will, therefore, be required to pay at the appropriate rate. If the buyer is purchasing the property as prima casa (house of residence in Italy), this is the equivalent to a permanent residency and the rate is 3% of the fiscal value of the building(s) and relevant courtyard(s). You can apply for your residence certificate within 18 months from the date of the Rogito. If the property is not bought as prima casa, even though it is the first property purchased in Italy, the rate is approximately 11% of the fiscal value of the building(s) and relevant courtyard(s).
Land is always taxed at 18% regardless of residency (prima casa).
As of January 2006, for all residential properties acquired through private transactions, one may declare two prices: the purchase cost and the cadastral value. The Stamp Duty is calculated on the cadastral value (usually the lower of the two).
The new law does not apply to the following: plots of land, developable land, factories and industrial buildings, shops and offices.
Additional fees and duties, such as costs for registering the purchased property at the Property Registrar, will be assessed on a scale fee according to the value of the property.
A fee is charged by the Notary to prepare and legalize the Rogito. This is a scale fee based on the property value.
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