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Purchasing Property in Italy
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Property in Italy is registered on a property register in much the same way as in the U.K., and there is therefore a certain similarity with the English conveyance system.
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THE CONTRACT - When you have decided upon a property to purchase, the agreement will be usually contained in a private contract - The Contratto Preliminare di Vendita or Compromesso di Vendita. The document should contain details of the agreed purchase price; payment of deposit; any schedule for payment of the balance; any extras that you have agreed to purchase, and the intended date for completion together with all other relevant terms and conditions.
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CONVEYANCE - The sale and purchase of all property in Italy is required to be registered in the land registry - registro immobiliare - the equivalent of the land registry. They maintain details of the property and record other matters that may effect the title and financial charges against the property or its title.
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THE NOTARY - Il notaio - prepares the conveyance - la Scrittura Privata or Atto di Compravendita - from the information supplied to him by the vendor or his representative, and will check compliance with the Italian law.
Before the visit to the notary, a check will be made against the property to insure that no adverse entries have been made beyond those disclosed, or to which the purchaser may be subject. This is very important and is a service that we provide. Once the formalities have been completed before the notary, the scrittura must be delivered to the Stamp Duty Office for tax purposes, and then to the Land Registry for title to be recorded in the Register of Property.
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IMPORTATION OF FUNDS - There are no restrictions on purchase monies being imported into Italy, but to insure that the proceeds of any resale can be repatriated, it is recommended that the purchaser obtains official documentation of the importation of purchase funds and incidental costs. The funds should be deposited in an Italian bank, and this can be easily arranged through your own bank, or through EPN who will arrange banking services for you. Re-sales involving the payment of the purchase money outside Italy are permissible between non- residents but rights to repatriation of funds should be expressly included in the conveyance.
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PURCHASE EXPENSES - The total expenses incurred in the purchase should not, on average, exceed 12% of the purchase price.
The individual expenses and fees are as follows:
- STAMP DUTY - IMPOSTA DI REGISTRO There is no stamp duty threshold as in other countries, and you will therefore be required to pay at the appropriate rate. If the property is purchased from an individual, the rate is 11% of the government valuation. The value of the property assessed is not the purchase price itself, but the figure assessed by the local tax office from official tables.
- LAND REGISTRY FEES The fees of the Property Registry for registering your scrittura in the register will be assessed on a scale fee according to the value.
- NOTARIAL FEES A fee is charged by a notary to prepare and legalise the scrittura. This is also a scale fee based on the declared value.
- AGENT FEES EPN will charge you 6% for the service we provide. This commission is payable on or before the date any moneys are paid to the Vendor, in the following manner - 80% + IVA at the time of the compromesso and the remaining 20% + IVA 10 days before the date of the notarised contract. Please be aware that we he have a minimum fee of Euro 6.250,00 plus IVA.
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