?? BUYING A PROPERTY IN ITALY GUIDE: Navigating the Journey with Confidence

Are you considering purchasing property in Italy? Understanding the intricacies of the buying process is crucial for a smooth and successful transaction. Here's a comprehensive guide to help you navigate through the various stages of acquiring your dream property in Italy.

Making an Offer:

When making an offer, ensure it's documented comprehensively, including price, conditions, payment terms, and the deadline for the sale deed signing. A deposit, typically a percentage of the property's value, is essential to accompany the offer. Remember, only certain forms of payment, such as deposit cheques or bank transfers, are accepted.

For compliance with anti-money laundering regulations, provide necessary identification documents, including a passport or ID, bank account statement, and Italian fiscal code.

The Preliminary Contract:

After the initial offer, the next step involves entering into a binding agreement through a preliminary contract. This usually occurs within a month and requires a deposit, typically a percentage of the property's value. Non-residents must open an Italian bank account and obtain a fiscal code before exchanging preliminary contracts. At this stage, purchasers usually pay a deposit and agency fees.

Completion:

Upon completion, the balance of the purchase price is settled, and the deed of sale is signed in the presence of a notary. The purchaser bears the cost of notary fees, sales taxes, and property taxes, which are calculated based on the cadastral value of the property or on the purchase price if it is a new development.

Buying Costs:

Property taxes vary depending on the property's use and buyer's status. For resale properties, registration tax can range from 2% to 9% of a calculation based on the cadastral value - for new development there is a different calculation. Agency fees usually correspond to 4% + VAT of the purchase amount.

After Purchasing Information:

Owning a property in Italy may entail additional obligations, such as the annual IMU tax, especially if the property is not your primary residence.

Important Information:

It's essential to note that the details provided serve as a general guide and may be subject to change. Applicants are encouraged to verify the availability of properties and stay informed about any alterations in the process.

Before any official proposal, it is highly recommended to be assisted by a professional who can check the due diligence related to the property you are willing to buy.

If you'd like to embark on your Italian property ownership adventure, feel free to get in touch, you can find my contact details at this link or by scanning the following QR code.

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