Luxury italian properties for sale in Tuscany and Umbria. Professional real estate agency dealing with villas, historical residences and traditional farmhouses. We make buying easy.

Purchasing

THE BUYING PROCESS

STEP 1. FINDING THE RIGHT PROPERTY AND AGREEING ON THE PRICE

You may look at many houses or just a few before you find the ideal property on which you want to make an offer, and continue with the process of buying. At this stage The Italian House will start negotiations with the vendor to agree on certain aspects regarding the sale but, most importantly, to agree upon the total purchase price for the property, the amount of deposit to be paid, final contract date and other details that are needed to enable the preliminary contract to be drawn up.

STEP 2. THE PRELIMINARY CONTRACT

Prior to drawing up the preliminary The Italian House will carry out searches called visura on the property to include identifying exactly how the property is listed in the urban/land registry office, if there are any mortgages or leans in relation to the property, if structural changes and building works have been registered and whether there are any neighboring land owners who have rights to prelazione on land being purchased.

The Preliminary Contract is a legally binding contract between the signatories, i.e. the vendor and purchaser. In Italy this contract is called the Contratto Preliminare di Compravendita/ Compromesso. In it will be detailed all aspects of the sale and purchase of the property including details of the signatories, agreed purchase price and payment details including the amount of deposit, known as the caparra, to be paid on the signing of the Compromesso (this is agreed in the negotiations and is normally between 10% and 30%), how the property is listed in the land registry including exact land boundaries and dimensions, the date of final contract and any other clauses to be included by purchaser or vendor such as rights of way and water rights.

On signing the Compromesso the caparra is paid. This is non refundable. If the purchaser is unable to complete the sale on the agreed date of the final contract for any reasons that do not allow for an extention to this date listed in the Compromesso , the deposit is lost. If the vendor is unable to complete the final contract or pulls out of the sale for any reasons not detailed in the Compromesso that allow them to do so they must reimburse the purchaser an amount totaling double that of the caparra. The Italian House will register the preliminary contract at the tax office. At this point a portion of the purchase taxes/duties payable by the buyer are due and correspond to 0.5% of the confirmatory deposit (this sum will be deducted from the taxes/duties paid at the moment of the notarised contract) along with a fixed tax of € 200 and a number of revenue stamps, the sum of which will be calculated at the time of registration. (Briefly, upon the signing of the preliminary contract of sale the following will be payable; a percentage of the sales price in the form of a confirmatory deposit, a small portion of the purchase taxes/stamp duties and the first 50% of the agency fee).

STEP 3. FINAL CONTRACT

On the signing of the final contract, known in Italy as the Atto di Compravendita, the purchaser takes legal ownership and title of the property. The date of the Atto di Compravendita is listed in the Compromesso and can be anywhere between one month and 9 months after signing of the Compromesso but would normally be about 1/2 months. The Atto di Compravendita is a public contract drawn up by and signed in the presence of the Notary. Prior to the Atto, The Italian House will provide the Notary with all relevant information regarding the property to enable the Notary to carry out all his own checks and searches on the property to enable him to draw up the contract. At the contract, purchase taxes will be calculated and paid to the notary along with the Notary’s fee and the balance of the commission charged by The Italian House.

TAXES AND COSTS

The expenses incurred by the purchaser of a property in Italy can be broken down into 3 areas:

  1. Local purchase taxes on buildings and land
  2. Fees paid to the Notary for the final contract
  3. Commission charged by The Italian House

Local purchase taxes are paid at the final contract to the Notary and vary depending whether you are a resident in Italy or not. For residents there is a rate of 2% charged on the building and 15% on any land. For non-residents the rate on the land is the same but the rate on the building rises to 9% . These taxes are charged on the rateable value of the land and buildings as listed in the registry office and are calculated by the notary, they are not based on the actual sale price (unless one of the parties is a company), the rateable value may be as low as 10% of the sale price or as high as 25% and varies from property to property. Obviously before signing a Compromesso we will find out what the rateable value of a property is so that we can calculate the amount of taxes likely to be charged at the final contract.

Notary fees are charged on a case-by-case basis depending on the complexity of the purchase and the value of the property that is being sold. A minimum fee of euro 5.000 is required by The Italian House for sales'price equal or less than euro 150.000.

Latest proposal

  • This magnificent Maniero dates back to 850 d. C., it was an ancient Roman tower, while the other part of the building was built in the medieval age and was used as a military post, overlooking the valley. In time it has been transformed into a mansion and a small private chapel was added along with a large farmhouse ( mq. 500 to be restored) divided in apartments for the workers.

Search