Complete guide: Buy real estate in Italy.
This guide will help you to understand how to buy real estate in Italy. It is very important be supported by a professional Real Estate Agent, regularly subscribed at the Chamber of Commerce. Move to Sardinia is a brand registered with N°1145 in Sassari’s Chamber of Commerce at name of Francesco Mele.
1) Codice Fiscale: is a tax identification number used in all interaction with government agencies and public administration in Italy. It is a unique identity code devised from an individual’s name, date and place of birth. It is similar to the National Insurance number.
The Codice Fiscale is issued by the Agenzia delle Entrate (the Italian Revenue Agency) of the Ministry of Economy and Finance of Italy.
How to get it
Application must be made at the local office of the Agenzie delle Entrate.
Documents Required: Valid passport or stay permit
On making an application, a number will be issued and the card will be sent by post later.
Applying from outside Italy
Codice Fiscale also can be issued by an Italian consulate in an applicant’s home country.
2) Passport or ID card: There are no restrictions placed upon a non-resident, from Europe or elsewhere, purchasing a property in Italy. You must always be provided of valid identification document.
Proposta d’acquisto: It starts the buying proccess. It is a document where you formally propose a price for the property and offer a deposit in guarantee. If proposta d’acquisto will be accepted by the property owner, buyers and vendors are bonded. If the owner will not accept the offer, or if the sale cannot go on, the deposit will be fully reimbursed.
Contratto Preliminare: Once a the parts agree the price through the Proposta d’acquisto both parties will sign a preliminary contract, usually called Compromesso di vendita and make a deposit of 10%-20% of the property price. If once this contract is signed the buyer is not going ahead with the terms of the contract he can lose the entire deposit. If the vendor doesn’t respect the terms of the contract he must repay the buyer with double of deposit. To ensure that the property you wish to buy is free of debts and restrictive clauses is recommended to employ a professional realtor to protect your own interests.
Il Rogito Notarile: Vendor and buyer must use a public Italian Notary (Notaio) to execute the deed. At this time buyer must pay property registration fee, land registry tax plus, notary fee and the remaining part of the agreed purchase price. Then both vendor and buyer will sign the transfer of deeds.
All registered property transactions in Italy must take place in front of a public Notary who represent the Italian government. Notaio’s job is to check that the sale documents are correct, to verify the identities of the parties involved, to collect the tax on the sale due to the Italian government and to ensure that the entries in the land registry will be updated in order to show the new owner.
Agent fee: Usually the fee is 6% plus V.A.T. based on the agreed price, split equally between vendor and buyer (3% each) + V.A.T. Following the Italian law the commission must be paid at the signature of Contratto Preliminare. Other agreement can be discuss between the agent and the parts.
So if you are looking to buy a real estate in Italy contact us or visit our property for sale in Sardinia here.