Buying a Property in Italy

Buying a property in Italy is actually quite easy. As always in Italy, it is a question of time. An unwieldy legal and property registration system slows things down and that is where experience and a little patience come into play.

The key people to the purchase of a property are the vendor, the buyer, a Notary, an experienced Surveyor called a Geometra, your advisor and ourselves.

The properties which we list here in this web site, are all owned by discerning people who understand the need to negotiate the deal through from initial viewing to completion.

We can introduce English speaking Italian professional people to smooth the path and these include Notaries, Surveyors, architects, interior designers, translators, engineers and so on. We have excellent builders and other resources available.

Taxation and professional costs and fees

Taxation on the sale and purchase of property (Stamp Duty) is a fact of life but careful attention to detail in the negotiation stage can result in a satisfactory mitigation of part of that tax liability.

The only additional fees and related costs payable by a purchaser will be to the Notaio and the Geometra and these, and the taxes, can be defined once a specific choice of property has been made.

Public Notary Fees: These are based on a national scale according to the taxable value of the property being sold. The notary acts as a tax collector and works on behalf of the state.

Geometra Fees: Based on property size and the amount of work necessary to prepare the contract.

Steps to a Purchase

The steps to conclude a deal are:

1 – The Purchase Offer (Proposta di Acquisto) is a written offer to the vendor, which once accepted by the vendor means we proceed to the next step.

2 - Contract to Buy (called a Compromesso di vendita or Preliminary Agreement) which sets the deal out and provides a completion date. This takes place after the Public Notary completes the searches on the legal and historical origins of the property, advised where necessary by the geometra. At the signing of the Compromesso a deposit is paid by the buyer and both parties are now committed to execute the transaction. This stage is similar to ‘exchange of contracts’. After this contract has been signed the Notary registers the transfer of land at the Land Registry and other searches and checks take place.

If the purchaser is a non-Italian speaker a certified interpreter must be present to translate the above contract.

3 - The Completion Contract (called Rogito), which is the conveyance. This is executed on an agreed date and the remainder of the agreed purchase price is paid along with the registration tax. The registration tax is calculated not on the purchase price but on the property’s value (Reddito Catastale) declared in the Land Registry.

These two documents are binding in law and are registered with the Land Registry (Catasto).

Contacts

info@lavecchiatoscana.com

In Tuscany

Edward Mayhew +39 333 596 6426
Rupert Mayhew +39 339 243 0972

Official Address

La Vecchia Toscana Properties Ltd
4th Floor, 3 Tenterden Street
London
W1S 1TD
United Kingdom

We fully comply with the UK Office of Fair Trading Estate Agents Guide, the Estate Agents Act 1979 and the Property Misdescriptions Act 1991.

Registered in England and Wales No. 05562413