Buying a property in Italy: Key steps and costs
Investing in a property in Italy can not only be financially beneficial, but it can also provide you with a wonderful place for recreation or a permanent home. The process of buying a property can be divided into three main stages to help you successfully go through the whole process.
1. Property reservation (proposta d’acquisto)
Once you have decided on a particular property, you will receive detailed information about the property and the terms of payment of the purchase price. The first step is to pay a deposit, which is usually 20-30% of the purchase price. This deposit serves as confirmation of your interest in purchasing the property. If the seller changes their mind and the deal does not go through, your deposit will be refunded. On the other hand, if you change your mind, the deposit is forfeited to the seller.
2. Contract for a future contract (preliminare di compravendita)
A few days after the reservation of the property, a contract for a future contract is concluded. This contract contains all the essential elements of the purchase, such as the identification of the parties, a detailed description of the property according to the cadastral records, the commitment to buy and sell, the legal status of the property including any mortgages and encumbrances, and the latest date for the notarial transfer of ownership.
3. Contract of sale – notarial deed (atto notarile di compravendita)
The last step is to sign the purchase contract at the notary’s office, where the ownership of the property is officially transferred. At this point, the buyer pays the rest of the purchase price as well as notary fees and fees associated with the transcription of ownership in the real estate register. After signing this contract, you will receive the keys to your new property. It is important to know that the buyer does not have to be present in person to sign contracts; it is possible to appoint a representative and often only one visit to Italy is needed.
Fees associated with buying a property in Italy:
In addition to the purchase price itself, there are other costs that need to be taken into account:
- Electricity: usually paid bi-monthly according to consumption.
- Gas
- Water
- Garden maintenance, pool and community payments
- Property tax
Buying a property in Italy is a process that requires careful preparation and an understanding of all the steps and costs involved. With this information and the right approach, you can look forward to a successful investment and a beautiful home in one of the most beautiful parts of the world.
We will be happy to guide you through the entire process. Do not hesitate to contact us.