Property for Sale in Italy - The Italian Collection from Cresta Villas

"The Italian Collection"
from Cresta Villas

Telephone: 01489 482282
Fax: 01489 889801
Mobile: 07860 561509
info@theitaliancollection.co.uk

A portfolio of quality property around Italy with client focused care, at your service

A portfolio of quality property around Italy with client focused care, at your service

The Purchasing Process

There are no restrictions placed upon non-residents wishing to purchase in Italy but before you start your search it is important to understand the system. One major difference between the UK and Italy is that property transactions take place in front of a Notary who is completely independent of both seller and purchaser. He acts to ensure the transaction is properly executed in accordance with the law, regardless of whether you are buying a new or second hand home.

Purchasing an existing (resale) property

Once you have selected your property, completed negotiations, put in your offer and had it accepted by the vendor, the timescale can vary from just a few weeks to 2-3 months before you can move in. There are 3 main stages to the process:

1.	Reservation agreement and payment of reservation fee around Euro €3,000.
2.	Preliminary contract signing around 4 weeks after reservation and payment of deposit between 10% - 30% (less Euro €3,000 already paid).
3.	Completion takes place approximately 8-12 weeks from reservation, deeds signed at the Notary, payment of final balance, plus taxes and fees. The property transfers to the new owner.

Taxes and fees on resale home purchases, allow approximately 16% of the sales price to cover additional costs.

•	Various property taxes totalling 10% of the property selling price for non-residents or 4% for residents.
•	Notary fees 2.5% - 3% of the cadastral value.
•	Sales agent fees around 3% of the selling price.
•	Fees for surveyor and solicitor if applicable.

Purchasing off-plan or property under construction

Once you have decided upon the development and selected a property from the plans there could be 2 years or longer before you take possession. Even if a property is under construction, it could still be several months until it is ready. There are 3 main stages to the process:

1.	Reservation agreement and payment of reservation fee around Euro €3,000.
2.	Preliminary contract signing around 4 weeks after reservation and payment of deposit between 40% - 50% (less Euro €3,000 already paid). Bank Guarantee received.
3.	Completion could take several months or even 2 years or more, deeds signed at the Notary, payment of final balance, plus taxes and fees. The property transfers to the new owner.

Taxes and fees on new home purchases; it is necessary to allow a further sum of approximately 16% on top of the sales price to cover additional taxes and costs, the list below shows the breakdown of these costs:

•	IVA tax, the equivalent of VAT, is 10% of the property selling price for non-residents or 4% for residents.
•	Notary fees 2.5% - 3% of the cadastral value.
•	Fees for the solicitor.
•	If applicable, sales agent fees around 3% of the selling price (When buying from a developer this is not payable).
•	Utility connection charges.

Click here to view or print a detailed explanation of the above process – PDF Purchasing Guide

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