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How to buy In Italy
Both residents and non-residents alike are able to buy in Italy.
Reserving a new-build property generally involves a holding deposit of 3,600€ which can be either “definite” or “refundable” depending on your preference.
Once you have made a firm decision on the property you wish to buy, a “Definite” deposit is needed.
A reservation agreement is drawn up detailing the payment schedule and usually 14 days later it is necessary for you to pay approx. 35% of the purchase price to the lawyers.
The developer will draw up the “Compromesso” (Builder’s Contract) identifying both parties (buyer & seller), the property in question and various other important facts concerning the purchase. This document serves in place of your title deeds whilst the property is under construction.
When it comes to the property’s eventual completion, a further document is signed, the “Rogito”
The document is drawn up by the Notary (Notaio), who represents both parties. The buyer, seller and estate agent are all required to be present for the signing of the contract at the Notary's office. You can sign the Rogito in person or appoint a Power of Attorney in your absence. You will be expected to transfer funds to the vendor and the Notary at this stage. The best way of transferring funds to your Italian account in time for the Rogito is by using a specialist currency dealer, which may be able to offer you better rate of exchange.
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As well as paying the balance for the property, the buyer must also pay:
- VAT: 10% for a foreign buyer or a resident purchasing a second home.
(This figure becomes 4% if you are an Italian resident, ie. You have a residency permit in Italy)
Please note that the tax is calculated on the value stated in the building registry, which may not always coincide with the purchase price.
- Notary fee: Usually around 2% – payable when you sign the final contract
Running costs of your property will include:
- Annual Tax – 0.4% – The Imposta Comunale sugli Immobili is an annual council tax calculated on the value of the property based on the value stated in the building registry.
- Annual Rubbish tax – Approximately 250€/year
- Utilities – electricity, water, gas, telephone (if required) – Slightly less expensive than the UK
- Community Charges – Upkeep of communal areas (swimming pools, tennis courts, garden lighting, maintenance etc). These charges are decided by the community of owners, in which you have a vote. We estimate these tend to be around 500€/year
The easiest way to pay most of these is by direct debit, although some you will need to pay at the post office.
Useful contacts:
www.enit.it
(Italian State Tourist Board - useful for travel, history, events, etc)
www.ambitalia.org.uk
(Embassy of Italy in UK)
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