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HOME TRUTHS: HOW TO BUY PROPERTIES & REAL ESTATE FOR SALE IN ITALY
As one of the premier estate agents in Italy, we at Sabini & Associates have had plenty of experience in handling Italian properties for sale and we can offer helpful advice on how to buy property in Italy. So without further ado:
How to buy a house in Italy
Property ownership can be acquired through a written or notarised contract. Usually, the sales process consists of two steps. First, a binding pre-contract is entered into in which the parties agree to enter the final sales contract and which already contains all elements of the final agreements. The pre-contract may be preceded by a binding formal offer to buy. Within 20 days of this pre-contract being signed it needs to be registered at the Agenzia delle Entrate, the official Italian estate agency responsible for the registration and payment of 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. Ownership of the property is transferred through a notarised sales contract 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 guarantor for both buyer and seller that all taxes and dues are fully paid and that any mortgages remaining on the property have been proved.
Associated costs may include notary fees and property purchase taxes (approx 3% to 10% for private individuals, and 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 approximately 3% of the purchase price.
For more information on this and other issues relating to property and real estate for sale in Italy, as well as for a comprehensive list of such properties on offer, contact us at info@splendidtuscany.com for more
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