A Czech or Slovak citizen is not limited in any way when buying real estate in Italy, and it can be owned by both a private and legal entity.
Fees and taxes associated with the purchase of the property:
- real estate transfer tax (9%) for “second-hand” real estate, then only VAT for new buildings
- notary fees, stamps, and other local fees (approx. 1,500 – 5,000 EUR)
- costs for legal services including power of attorney (1% + VAT of the property price)
- commission of the real estate agency (3% of the purchase price plus the relevant VAT)
- translations by a court interpreter
THE PURCHASE PROCEDURE:
1. A purchase proposal with purchase price confirmation – Proposta/ Offerta
The person interested in buying real estate sends a so-called proposta/oferta as an expression of will and real interest in the purchase, which is subsequently confirmed by the seller with his signature and subsequently the buyer pays a 10% deposit.
2. The Future Purchase Agreement/ Purchase Agreement Contratto Preliminare/ Acquisto
Subsequently, a future purchase contract or directly a final purchase contract is concluded. The offer, which is a Reservation Agreement, anticipates in its text the conclusion of a future purchase contract, or a straight purchase contract.
3. Preparation of documents and documents
In order to buy a real estate property, it is necessary for the buyer to have a so-called Codice Fiscale personal tax number, which is necessary for communication with the authorities, especially with the tax office and the land registry at the time of the real estate purchase. The CF is processed while waiting (directly at the Italian Embassy in the country in question). Without a CF you cannot be registered as a new owner and the CF must therefore be part of the purchase contract.
Documenting of all documents by the seller, checking the obligations of the previous owner: title, fees, encumbrances, plans, building permits and certificates (everything will be ensured by the lawyer who will represent you in Italy)
4. Signing of the future Purchase Agreement – Contratto Preliminare
The future purchase contract addresses the exact conditions of the purchase, including the method of payment of the purchase price. This contract can be signed by a lawyer under a power of attorney.
5. Signature of the final Purchase Agreement – Contratto di Acquisto
The purchase contract is concluded after the purchase is formally approved by the buyer’s lawyer, who checks the necessary documentation for the property. By signing the purchase contract, either the purchase price that has already been paid is confirmed, or this purchase contract determines by when the rest of the purchase price must be paid. By paying the purchase price, the buyer becomes the full owner in accordance with the provisions of the purchase contract.
6. After-sales operations
Transfer of energy, water, gas and other legal acts – performed by a lawyer on the basis of a power of attorney.
