BUYING A PROPERTY IN ITALY

The first step in the process, when both vendor and buyer are satisfied and accepted the price is to sign the purchase contract, “contratto preliminare” or “compromesso”.
When signing this a first payment will be done that has to be within 10-30% of the selling price.
The preliminary contract contains the details of the sale such as:
• purchase price
• way of payment and financing
• date of the drawing up of the final deed of purchase (rogito)
• description of the estate and relative pertinences
• indication of the amount paid as first payment, caparra confirmatioria e/o caparra penitenziale

The final deed (rogito) is drawn by a public notary (notaio) paid and chosen by the buyer. Once the contract has been signed by the two parties, the final payment is done (balance). The notary will prepare the official communication to the local council and register the deed of sale (atto di vendita). The notary will also provide in giving seller and buyer a copy of the conveyance.

FEES ON REAL ESTATE PURCHASE When you buy a property, fees to be paid can vary depending on the destination of the property and the vendor (private or builder).
In the case the property to purchase is a first home and the vendor is a private, the final notary deed is will be ca 3%.
In the case the real estate is a second home or a different type of property, the final notary deed will on the other hand be 10%.
The above mentioned fees have to be applied on the value declared in the final notary deed. This value can not be, in any case, lower than the "cadastral value" of the real estate that usually in Italy are much lower than the market value. Notary's fees can vary depending on the price of a property and are higher as percentage on cheaper properties but are normally around 2.5 %.

PROPERTY TAXES Who owns a property in Italy pays yearly a tax called ICI (Imposta Comunale sugli Immobili) to the council (Comune) where the property is located. The price depends from commune to commune but lies around 0.5% - 0.7%. ICI is paid in two instalments and the rubbish tax is to be paid yearly to the local council (Comune).