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You second home is probably your second most expensive purchase
and every bit as important to make sure there are no pitfalls or
setbacks.
An outlined version of the Buying Process in Italy
Compromesso
When you have found your property a binding contract is drawn up
called a Compromesso whereupon an agreed deposit for the
property is made and a fixed price agreed. Once you have paid the
deposit you will lose it if you decide later to pull out. If the
vendor decides to pull out they have to pay you double, but enforcing
it is a different matter.
If you are waiting for an independent survey on the property, make
sure it is written into the compromesso "subject to survey"
and any other issues you might not be sure of. If you are uncertain
and feel your finances might be at risk then seek advice from an
Italian Lawyer before you sign the Compromesso or any other documentation
at this stage.
Rogito
If all goes well the documentation is submitted to the Notaio
(Notary) a Local Authority's legal agent who represents both the
vendor and buyer. The Notaio prepares all the documentation and
must draw up the Rogito Notarile after carrying out his investigations
before legally approving the sale. A date will be set for the Rogito
which the vendor and buyer must attend and the transfer of deeds
is made. Non-Italians must, if they are not fluent speakers, pay
for a translation service for the purchase to go ahead.
The decision to employ a Solicitor at this stage is up to the individual,
although it would be unusual for Italians to do so unless obscure
circumstances dictate, because the Notaio is a Legal Executive it
negates the use of third party lawyers in most cases.
Fee Structure
Non-residents pay a property tax of 11% on the declared value and
the Notaio fees are on a sliding scale for example between €1500
to €3000 on a property up to the value of €500,000 The
Geometra will also take a fee and there will also be a cost in changing
over the utilities.
Agenzia Immobiliare
As in the UK an Estate Agent is a commission base organisation that
advertise property for sale on behalf of the owner. Most agents
will charge a fee for both vendor and buyer, usually 3% each.
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