Property ownership can be acquired through a written or notarised
contract. Usually, the sales process constists of two steps.
First, a binding pre-contract ("Contratto Preliminare"
or "Compromesso") is entered into in wich the
parties agree to enter the final sales contract ("Rogito")
and which already contains all elements of the final agreements.
Within 20 days of this preliminary binding pre-contract
being signed it needs to be registered at the Agenzia delle
Entrate. The official italian Estate agency is the responsible
party for the registration and the payment of the appropriate
taxes and fees.
Usually, a deposit (20% to 30% of the purchase price) is
made at that time. Prior to that, buyers should verify formal
ownership, past payment of property taxes and the validity
of building permits. The pre-contract may be preceded by
a binding formal offer to buy ("Proposta d'acquisto").
Ownership of the property is transferred by entering into
a notarised sales contract ("Rogito") or notarisation
of a prior private contract. Subsequently, the sale is registered
with three different public registers.
The completion of the entire process is finalized in front
of a Public Notary who is, as a government official, an
impartial securitor for both buyer and seller that all taxes
and dues are fully paid and that any mortages remaining
on the property have been proved. The role of the Notary
is a primarily of a witness to the completion of the transaction.
Associated costs may include notary fees and property purchase
taxes (approx 3% to 10% for private individuals, 4% to 20%
for corporate entities).
Commissions of real Estate brokers vary but will mostly
be based around 4% of the purchase price for sellers. The
buyer of the property pays a commission of approx. 3% of
the purchase price.
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