THE PURCHING PROCEDURE
The purchase of a property requires great attention, a lot of experience and in-depth knowledge of the laws in force.
There are three main stages that distinguish a purchase: proposed purchase document, preliminary purchase document and the Notarial deed (signifying the final document).
The purchase proposal (proposta di vendita) is the written offer from the buyer declaring that he wants to buy the property, defining the price and the terms of payment. Generally, a pre-printed form provided by the real estate agency is filled in together with a down payment in the form of a check made out to the property owner. The check is kept by the real estate agency, with the aim of safeguarding the potential buyer, until the proposal is accepted by the other party.
This proposal contains binding commitments for the buyer which, once accepted by the seller, become binding for the seller as well.
Following the acceptance of this proposal, the next step is the drafting of the preliminary contract of sale.
The preliminary contract of sale (also called compromesso) is a real contract that obliges both parties to the stipulation of the final contract.
It defines all the mutual obligations to be fulfilled with the notarial deed. Usually, on this occasion, an additional deposit is paid.
It is not compulsory that the preliminary contract is stipulated by a notary, but it is however advisable to clarify with the notary what are the obligations deriving from it.
In the case of very substantial down payments, or a long period between the preliminary contract and the deed, it is advisable that the preliminary contract is stipulated by the notary, by means of a notarized private deed or a public deed and registered in the official public register, guaranteeing the maximum protection to the future buyer. The notary is responsible for formal checks on the existence of mortgages or other constraints, compliance with building regulations and the conformity of the deed with previous acts.
The phases of the purchase of a property is completed with the signing of the notarial deed, which determines the transfer of ownership from the seller to the buyer, making executive the commitments made previously. The act of sale must be signed in the presence of the notary and then transcribed and registered in the public register. At this stage the payment of the balance is made by a non-transferable bank check.
The registration, mortgage and cadastral taxes are paid to the notary at the time of registration of the act. The registration tax is calculated according to parameters and differs if the purchase of a property is made by a private individual (possibly also with the "first home" benefit) or if the owner of the property is a company or the builder. For further information it is necessary to contact the tax agency directly. The seller is not required to make any payment for the transfer of ownership.
Property Tax (IMU)
This is a tax calculated on each person's property holdings and is calculated by the municipality. Payment is required, following the first registration at the time of purchase.
Our company offers a variety of services. Buying and renting in Italy is not always straight forward and there are many loopholes you can fall through. The staff of Property International guarantees a personalized, professional and confidential service.
It accompanies its clients, step by step, to the completion of the bureaucratic formalities that characterize the process of buying and selling a property. We assess properties, accompany the client on all visits, advise and assist in negotiations, draw up the legal contracts for signing and supervise all transactions. Once the company or individual has concluded the transaction, our staff will ensure the rapid resolution of any issues that may arise either during the handing over of the property, or during the contractual period.
Some of our services for the owners.
- free evaluations of properties according to a careful analysis of the market;
- registration of contracts and deeds;
- Land registry and mortgage searches;
- energy certifications;
- legal and notarial advice;
- building practices.
The above guidelines are intended in good faith and do not constitute part of any contract. Prices, costs, and percentages will be confirmed upon execution of the purchase negotiation.