Green Umbria works exclusively with established registered real estate agencies in Italy as a broker facilitating the process of property purchase for foreign purchasers obtaining all legally required documentation.
Having chosen a
property in Italy, the actual purchase usually takes the following pattern:
1) The purchase
price has been established between the Purchaser and the Vendor. Green
Umbria's selected agent will arrange to have the COMPROMESSO drawn up. The compromesso
is a legally binding, preliminary contract between the signatories that
details such things as:
i) The sale
ii) The amount to be paid as the deposit (CAPARRA)
iii) The completion date of the sale
iv) Land boundaries and details of the property
v) Any other clauses that might be relevant such as water rights. rights
of passage, etc.
2) Once the
agreed deposit has been paid (the deposit amount can vary between 15%
and 50% of the sale price depending on the property and the Vendors
wishes) and the compromesso has been signed, both parties are bound
to complete. Should the Purchaser back out of the contract, he or she
will lose his or her deposit. If the Vendor fails to fulfil his or her
obligations as specified in the compromesso, he or she has to repay
DOUBLE the deposit amount to the purchaser.
3) Once the
compromesso has been signed, Green Umbria will instruct a geometra to
undertake the conveyancing (la practica). He will visit the Comune (local
council) registry offices and the regional land registry offices (il
catasto) to obtain the necessary documents required prior to the sale.
When he is satisfied that all the documents are in order, he will present
them to the Public Notary (il Notaio).
4) If the
Purchaser does not have one he or she must obtain an Italian tax code
(codice fiscale). Green Umbria is able to obtain this document.
the Purchaser speaks sufficient Italian to satisfy the Notary that he
or she understands the contents of the transfer document (il rogito
or the atto notarile), it is necessary to have present an officially
accredited translator. Alternatively, most Purchasers give a special
power of attorney (procura speciale all'acquisto) to their Agent. This
document can either be prepared and signed before the Notary while the
Purchaser is still in Italy, or alternatively, at the Italian Consulate
in the Purchaser's country of residence. Green Umbria can
prepare this document including the specific information so that the
Purchaser can simply get it signed and notarised at the nearest Consulate.
6) All the
required documents are presented to the Notary who carefully checks
the details. Only when the Notary is satisfied that they are all in
order will he prepare il rogito.
7) It is necessary
for the Vendor and the Purchaser (or their nominated representatives)
to be present at the signing of the atto notarile. The Notary is bound
by law to read aloud the contract to the interested parties. Prior to
the actual signing, the balance of the purchase price is handed over
to the Vendor. The rogito is signed by the Vendor and by the Purchaser
and is then countersigned by the Notary. At this stage certain fees
and taxes are to be paid.
8) The Purchaser
is liable to pay:
Tax. This is levied at 10% of the catastal value for 'urban'
property, and 17% of the catastal value for agricultural land and rural buildings. Most
houses, even if they are in the middle of nowhere have been 'urbanised',
and the 'rural' property mainly refers to land only, or land with an
agricultural building on it. In some cases, the property being sold
is owned by a Company, in which case I.V.A. (VAT) at a rate of up to
21% is payable on the declared value instead of the Registration tax.
Green Umbria will advise you if the property is urban, rural or Company
ii) The Notary's
fee. This amounts to approximately 2.5% of the total declared value
of the property, with a minimum charge of approximately Euro 1,300.00.
(The charges do vary between notaries).
iii) The Geometra's
fee. for the conveyancing. These can vary between Euro 500.00 and Euro
2,000.00 depending upon what work is involved in the conveyance.
commission. Our cooperating agents charge
3% to both purchaser and vendor as is normal practice in Italy.
9) BANK ACCOUNT.
While in Italy, it is wise for the Purchaser to open an external Euro
bank account. Green Umbria will assist you in this matter.
10) Once the
property has been purchased, Green Umbria will, wherever possible, organise
for the utilities to be changed to the name of the new owner. We can
also arrange for the utilities to be paid by 'direct debit' from the