The buying process in Italy is simple, but there are a few steps to watch out for.
- Assistance and completion of paperwork in all phases of the sale up to the deed.
- Drafting of preliminary sales contracts and leases.
- Legal, notary and tax advice.
- Credit assistance, also to foreign customers, for the request for medium-long term loans (mortgages).
- Assistance in researching building practices and cadastral documents.
- Verification of building practices and cadastral documents.
- Due diligence assistance.
- Our collaborators will be at your disposal throughout the purchase process. Once you have purchased your home we will be happy to assist you in the post purchase if you wish to renovate or make changes to your property. We put at your disposal the professionals of the sector (architect, interior designer, construction company) and we also offer project management services during the renovation, the management of the property and the possible income.
There are many foreigners who dream of buying a real estate property in Italy, however it is important first of all to know the laws that regulate matters relating to the purchase of real estate or land by foreigners in Italy. The current legislature provides for the following conditions and distinctions for foreign citizens who intend to purchase real estate in Italy:
- Foreigners who do not reside in Italy can purchase real estate if there is an international treaty that allows a condition of reciprocity between their country of origin and Italy. The Ministry of Foreign Affairs establishes that reciprocity is not required under the following conditions:
- If the foreigner is a citizen of the European Union
- For a “foreigner resident" in Italy
- If there is a treaty between Italy and the foreigner's country that allows activities requested by both parties.
- Foreigners who legally reside in Italy, their family members and stateless persons who have lived in Italy for no less than 3 years can purchase a property without the need to verify a condition of reciprocity if they are in possession of a residence permit.
- There are no special requirements for citizens of EU countries, EEA countries such as Iceland, Liechtenstein and Norway, and for stateless persons or refugees who have resided in Italy for more than 3 years and who wish to purchase a property in Italy.
- What is it about?
The preliminary sale agreement is the instrument that legally obliges the seller and the buyer, respectively, to sell and buy the property; it is a real contract that obliges both parties to sign the definitive contract (notarial deed).
- The preliminary contract can be concluded
- Through a private agreement drawn up between the parties without the help of professionals
- By public deed or deed authenticated by the Notary
- What the preliminary contract contains
This document must contain all the agreements regarding the future sale, that is: the sale price, the amount to be paid as a deposit, the payment methods, the completion date (in the case of a property under construction ), the manifestation of the will of the parties to sell and buy the house, the boundaries of the property, the cadastral data and the description of the property, the date of signing the final contract and in any case all the pacts and agreements between the seller and the buyer. Upon signing the preliminary contract, payment of a share (usually 15-30%) of the sale price of the property is envisaged, including the amount already paid as a fiduciary deposit mentioned in point 3.2 by way of deposit. This amount can also be paid directly to the Notary on a dedicated account, as the "guarantor" of the sale, and will be delivered to the seller after the Notary has completed the registration and transcription of the preliminary contract.
- Preliminary of buildings to be built and surety
The Italian law has provided for special rules governing the hypothesis in which the preliminary contract concerns the purchase of a property not yet built. In this case, upon signing the preliminary contract, the manufacturer is obliged, under penalty of nullity of the contract which can only be asserted by the buyer, to deliver to the buyer a surety (issued by a bank, an insurance company or a authorized financial intermediary), for an amount corresponding to the sums and value of any other consideration that the manufacturer will collect before the transfer of ownership. The surety guarantees the buyer for the sums paid in the event of bankruptcy or default of the manufacturer.
- In case of default, what happens to the deposit paid?
If the party who paid the deposit is in default, the other party can withdraw from the preliminary contract by retaining the sum received; whereas, on the contrary, if the party who collected the deposit is in default, the other party can withdraw from the preliminary contract and demand the payment of double the deposit. In any case, the non-compliant party can demand further compensation for damage if it can prove it. The confirmatory deposit also provides that the party who is in compliance (both the buyer and the seller) can ask the party who is in default to define the sale in any case.
- OPEN AN ITALIAN BANK ACCOUNT: To request an Italian bank account, you can make use of the assistance of our financial advisor. If you opt to pay the fiduciary deposit (point 3.2) to the Notary, it will not be necessary to open a bank account. However, it is recommended to have a current account in an Italian bank.
- HAVE THE ITALIAN TAX CODE:The Italian tax code, on the other hand, can be requested directly from the consultant of Studio Immobiliare Brandini. Eventually, the Italian tax code can be requested directly at the Embassy / Consulate of your country of residence. The Italian tax code is also necessary for handling all future post-sales practices (e.g. for the registration of electricity, water, etc.)
- DOCUMENTS REQUIRED TO BE PROVIDED TO THE NOTARY:
- Documents for natural persons:
- photocopies of identity document and tax code;
- if the document does not show current residence, a residence certificate on plain paper;
- extract for a summary of the marriage certificate on plain paper;
- certificate of marital status in plain paper;
- valid residence permit.
- Documents for legal entities:
- Certificate from the competent Register of Companies and company statute translated into Italian, certificate of Good Standing or Affidavit, drawn up by a Notary and / or equivalent professional level, reporting all the data of the company and the directors (with the relative powers of signature) and of the shareholders, as well as, for the purposes of anti-money laundering legislation, the data of the beneficial owner, a natural person, who has a shareholding in the company greater than 25%, all translated into Italian and duly certified by translation; the declaration relating to the "beneficial owner" may also be issued directly by the directors of the company;
- Power of attorney granted to whoever intervenes on behalf of the company, by public deed or authenticated by a Notary (if the public deed is not necessary), in the forms provided for by the law, which must also include the ascertainment of the full signatory powers of the person granting power of attorney, translated into Italian, apostilled and / or legalized.
- Italian tax code
- Photocopy of the identity document of the legal representative and related powers of signature (Report of attribution of powers or special power of attorney)
- Recipient code or certified e-mail address for billing.
- o Price and payment brokerage:
- Photocopies of checks for payment of the price;
- Photocopies of checks paid for mediation and data of the mediation company (name, headquarters, VAT number, REA registration of the company, complete personal data, tax code of the legal representative)
- Preliminary recorded (if done) complete with Model F23.
- Documents for natural persons:
- o Sales subject to registration tax
(i.e. those in which the selling party is a private individual, or a company that has not built or renovated the property, or a company that has built or renovated the property for over 5 years and in deed does not exercise the VAT option):
- Registration tax
- First house: 2% (always to be calculated on the cadastral value);
- Second home: 9% (to be calculated on the cadastral value if you buy a private individual or to be calculated on the price declared in the deed if it is a company or a natural person who buys as the owner of a sole proprietorship or as a professional);
- Fixed mortgage tax: 50 euros;
- Fixed cadastral tax: 50 euros;
- Sales subject to VAT
(i.e. those in which the selling party is: the company that has built or renovated the property for less than 5 years, or the company that has built or renovated the property for more than 5 years and in deed exercises the VAT option):
- first home: 4% (always to be calculated on the price declared in the deed);
- second home: 10% (always to be calculated on the price declared in the deed);
- luxury building: 22% (to be calculated on the price declared in the deed);
- Fixed registration tax: 200 euros
- Fixed mortgage tax: 200 euros
- Fixed cadastral tax: 200 euros
- IMU: property tax
- TARI: tax on waste collection
- TASI: is the local tax for services such as street lighting, etc.