THE
PARTIES:
 The
BuyerThe Buyer is responsible for paying the Notaio fees and the Registration
tax directly to the notary at the signing of the final purchase deed (atto).
The Buyer, therefore, by law has the right to chose the notary of his or
her choice. Because property and building laws and customs may vary
from region to region in Italy and because the notary does his own title
search at the provincial Land Registry Office it is always best to use
a local notary.
In Italy there
are no restrictions on foreign ownership.
The
Seller
The
Seller is required by Italian law to produce the following documents:
--original
purchase deed (atto di provenienza)
--cadastral
certificates (visure catastali)
--land
maps (mappe catastali)
--floor
plans (planimetrie), these must correspond to the present state of any
buildings
--building
permits and authorizations (concessioni e permessi edilizi) in case of
any modifications sinc
the purchase or acquisition of the property
--building
allocation certificate (certificato di destinazione urbanistica)
--declaration
of habitability (certificato di abitabilità o agibilità)
It
is the owner’s sole responsibility to assure that all documents are correct
and in accordance with current laws before a notary will close on the property.
The owner must pay all geometra fees incurred to prepare documents for
the conveyance. If the owner fails to fulfil his obligations before
the closing date he will be considered to be in default.
THE
PURCHASE PROCEDURE:
1.
Preliminary purchase-sales contract (compromesso)
A
legally binding document between the buyer and seller setting out all specifications
of the sale including:
--details
of ownership
--legal
description of the property
--easements,
liens etc. if relevant
--sale
price
--payment
conditions including deposit and balance
--final
closing date (three to six months)
At
the signing of the compromesso the buyer must pay the established deposit.
This amount can vary from 10-30% depending upon the value of the property
and the Seller’s wishes.
A
confirmatoria deposit guarantees that if the Seller subsequently withdraws
from the contract or fails to fulfil his obligations he must pay double
the deposit to the Buyer. If the Buyer withdraws before the final
closing he loses the deposit.
2.
Final Purchase Deed or Closing Contract (atto notarile)
Final
deed drawn by up a Notaio. Both parties must be present, or
representatives with power of attorney, the notary is obligated by
law to read the deed aloud and all parties, including the notary
himself and any witnesses, must sign (rogito). If any party does
not fully comprehend Italian the notary must appoint an official translator
to be present. Final payment is due prior to the signing of the purchase
deed.
WHO
IS INVOLVED AND THEIR FEES:
The
Notaio
An
Italian state official responsible for drawing up legal documents including
deeds and title/lien search, power of attorney, and the formation and registration
of companies and partnerships. For property transactions his fee is based
on a standard table of charges, ca. 2.5%, that can also vary depending
upon the substance of the sale. The notary only prepares the final
closing contract after all relevant documents have been delivered to him.
Estimates of the registration tax and notary fees are supplied by the notary
prior to the actual signing of the purchase deed.
The
Geometra
A
professional surveyor qualified to do land measurements, cadastral surveys,
and the lay-out, direction and overseeing of some building projects.
It is highly recommended that prospective buyers engage a geometra to do
a survey of the property prior to signing a compromesso. Fees for this
service can vary from Euro 500 upwards depending upon the work involved.
The geometra will also prepare the preliminary purchase-sale contract for
a fee.
The
Broker or Agent
In
Italy a real estate agent or broker is an impartial, autonomous and independent
mediator whose job is to bring both parties to a satisfactory business
agreement. Brokers, therefore, receive a commission from both the
buyer and the seller of 3% or 4% (customary commission now in use in Umbria),
plus sales tax, on the purchase price. The commission is due at the
signing of the preliminary sale-purchase contract (compromesso).
Their services include aiding both Buyer and Seller through the negotiations,
preparing the compromesso, and collecting any and
all relevant documents to present to the Notary.
The
Lawyer or Solicitor
The
services of a lawyer or solicitor may be used by the Buyer to draw up the
preliminary sale-purchase contract or assist with other legal services.
This is optional and fees vary. Local attorneys should be contacted
due to customs and laws that may vary from region to region.
TAXES
DUE:
Registration
tax (imposta di registro): There are several tax brackets depending upon
the type of property (rural or urban dwelling, farmland) and whether or
not the seller and/or buyer are private entities, residents or non-residents,
a company, a farming business, or a simple farmer. In most cases
the following applies:
House:
10% of the declared value or the cadastral value (rendita catastale)
Land:
18% of the declared value or the cadastral value (rendita catastale)
I.C.I
(Imposta Comunale sugli Immobili)
The
local communal property tax paid by all property owners in Italy whether
or not they are residents. ICI is levied at the rate of 0.4-0.7%
of the rendita catastale, the actual rate being decided by the local authorities,
and is paid in two instalments in June and December. |
Umbrian
Estates - Vacation Villa Rentals - Todi/Italy