ITALY | Essential Guide | Buying Property in Italy

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Buying Property in Italy | Essential Guide | Italy

The Buying Process in Italy

Please note that we will help you at every stage of this process, so you are never left to fend for yourself and we are there to make it as pain free as possible. Once you have found a property that you would like to purchase, the following gives you a summary of what you can expect to happen with regard to the legalities.

Purchase Offer

Once a verbal agreement on the price has been achieved, the first written step in the negotiation is formalising the purchase offer. Magic Marche handles this for you.

Preliminary contract (compromesso)

The next stage is the preliminary contract of sale (compromesso). In this document the interested parties agree in writing on the formalities of the sale. It lists the details of exactly what it is you are buying, including the particulars as recorded in the local catasta, the Italian "land registry", the date by which the completion (il rogito) must be signed and the name of the Italian notary that will execute the deed. At this stage there is a payment of between 20 - 30% of the full purchase price.

When you are ready to buy your foreign currency, we have a special arrangement with an excellent foreign exchange company who will give you an advantageous exchange rate and organise the transaction for you.

Completion (il rogito)

The completion (il rogito) is when the passage of the title to the property passes from the vendor to the buyer via a public document. Completion takes place before a Public Notary (Il Notaio) and his (or her) involvement is indispensable in Italy. The Notaio (a government official) witnesses the transfer of title from one party to another and collects the taxes due on the transaction. The Notaio does not act for either party, and should be thought of only as a witness. If you would prefer to have a legal representative overseeing your interests, then we can find a local lawyer to act for you who will charge you separately. With all parties present the Notaio will identify them, one by one, and then read through the completion document (il rogito) in detail in Italian to ensure that everyone understands what is being bought and sold He will need proof that taxes and dues have been paid and he has to have proof of any mortgages or debts which burden the property. Assuming everyone is in agreement the Notaio will ask each party to sign and he will sign and stamp the document. It is at completion that you, as the buyer, must pay the outstanding balance of the price of the property, plus the taxes and the Notaio's fees.

Once the transaction has been completed the Notaio will register the new title within twenty-one days. If you have taken a mortgage he will also register the mortgage deed.

FAQ - If I buy a home in Italy, what personal documents will I have to complete?

Citizens from European Union countries will find very few problems in buying property or starting a new life in Italy, even for nationals from further afield the bureaucracy shouldn't present too many problems.

However, be prepared for initially completing quite a lot of thorough paperwork (beloved of European public officials!)

Citizens of EU countries and many other nationals can stay in Italy for up to three months with just a valid passport.

If, however, you want to live in Italy for longer periods you will need a permesso di soggiorno, or permit to stay, from the Questurea, or main police station, in the nearest provincial capital. For EU citizens a European version of the permesso is almost automatic and, at the moment, is usually renewable every ten years. For non-EU nationals you will have to answer questions such as means of living, whether you own property, etc., and you have no automatic right to stay. For the latest information contact the Italian Consulate in your home country.

You will almost certainly need to take up residency in the Commune, or town, where you decide to live, particularly if you are wishing to work. Again for EU citizens this is straightforward and virtually automatic. For many things, such as opening a bank account, a residency certificate or, certificato di residenza, is often required.

The last of the essential documents to get is your codice fiscale, the Italian equivalent of a "national insurance" number combined with a tax code. This is one of the easiest documents to obtain, and is available from tax offices in the provincial capitals in a matter of minutes.

A tip from us - during your first few months carry some recent passport photos in your wallet as you never know when they may be required.

FAQ - What taxes am I liable for?

What follows is a brief introduction to property and income taxes and other money matters in Italy. Do be aware that Italian tax matters are rarely straightforward and it is worth paying the usually modest fees to use the services of a local commercialista, or accountant.

If you are neither resident nor working in Italy, you need only bother yourself with property taxes on any buildings that you own. Each commune, or town council, levies I.C.I. (imposta comunale sugli immobili), a modest tax on property, based on size and type of property and charged to owners. Your local comune also raises a separate, but low tax to pay for refuse disposal called T.A.R.S.U. (tassa per lo smaltimento di rifiuti solidi urbani).

If you wish to work in Italy things get more complex and use of a commercialista (accountant) becomes really essential.

FAQ - What is healthcare like in Le Marche, Italy?

The Italian public health service, generally works very well. A modern, well-run network of hospitals covers the whole region and even in the most remote areas you'll never be far from emergency treatment should you need it.

For minor aches and pains head for the local farmacia, or dispensing chemist. They keep normal shop hours and can be spotted by a a green cross outside; they also operate an emergency 24-hour service on a rotating shift basis, details of which are displayed in the window.

In the event of serious illness or injury, 24-hour casualty department, or pronto soccorso, at any hospital is the place to go.

If you decide to live in the Marche you will have to sign up with a general practitioner (medico di famiglia) through the local U.S.L. - Unit' Sanitaria Locale - office and if you are earning you'll have to pay your regular "national insurance" contributions (INPS in Italian). Equally, you can always consult a doctor as a paying private patient without getting involved with the U.S.L.

Unless you are elderly or chronically ill, you'll normally have to pay a relatively small contribution for prescriptions, laboratory analyses and hospital out-patient treatment.

Dental treatment and opticians in the whole of Italy, are excellent but can be expensive and are not covered by the public health service in any way.

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