Buying Property
Buying Guide
The process for buying property in Italy is relatively a straightforward procedure and there are no restrictions on foreign ownership of real estate. As with every property purchase, it is always wise to appoint an independent lawyer to look after your interests when purchasing the property.
A potential buyer will need to get a tax identification number, you can apply for this at the Italian consulate or embassy in you home country.
Once a property has been decided upon and the seller has accepted your offer, the initial agreement needs to be put into writing which agrees a price and takes the property off the market. A deposit of around ten to fifteen percent is also paid at this point. Generally, the deposit is non-refundable, except in the event that the clear title to the property cannot be obtained within the time specified in the initial agreement.
Your lawyer will then ensure the property is clear of all liabilities. He will also check ownership rights and that the relevant building licences have been approved by the local town hall and all other necessary searches.
After legalities have been seen to by lawyers, notaries and the like, usually taking around a month, the final contract can be signed by all parties, as well as a notary, and the sale can be completed with all outstanding fees paid, which include any applicable taxes and local registry costs.
Payable fees include applicable lawyer, estate agent and notary fees. Other taxes and costs may be incurred on top of these charges.
Mortgages
Mortgages of up to 70% are available in Italy. It is a good idea to have the offer of a mortgage in place before looking for you property. Typical interest rates are 3.3% (2006) and minimum loans are for €50,000.
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