Buying a property in Italy
The Czech or Slovak citizen is not limited in the purchase of a property in Italy and can be owned by both natural and legal persons.
Reservation of property (Proposta d´acquisto or Offer)
The person interested in the property will give a written offer to the owner through the intermediary. If the owner accepts the offer, the buyer will deposit a reservation deposit called “Caparra Confirmatoria”, usually EUR 10,000-20,000. The execution of this transaction will result in a legally binding act, so that if either party withdraws from the reservation, either party may enforce the sale / purchase or return of the deposit to the buyer / forfeiture of the deposit to the seller and damages if the transaction does not take place due to the seller, the buyer may require payment of up to twice the deposit.
Future contract (Compromise or Preliminary contract respectively Preliminary advice)
Usually from a few days to three months, after the reservation deposit is signed a future contract. When signing this contract, 10-20% of the price of the property consists of a future purchase contract solves the conditions of sale, precise cadastral description of the property, at this stage the commission is paid to the broker „Provvigione“.
Notary property transfer record (Rogito or Atto Notarile)
Within 30-45 days after the conclusion of the future purchase contract, the property is valued by an estimate, while the notary examines all legal and property documentation for the property. This is followed by a notarial deed on the transfer of real estate (purchase is possible only by a notarial deed). The notary also verifies the documentation for the disposal in the local land register and in the cadastre „Conservatoria dei Registri Immobiliari“. The buyer pays the rest of the purchase price, receives a copy of the purchase contract and keys. The notary will also provide a purchase announcement form for the local quest.
The estimated cost of buying a property in Italy is:
- Real estate transfer tax 9% for so-called second housing, or VAT for new buildings of 10% on property price
- Notary fees usually 1.5-2% of the value of the property plus the registration fee in the land register and in the land register (eg in Liguria EUR 168 each)
- Legal fees usually 1-2% of the purchase price or hourly rate
Costs related to the operation of the property in Italy:
- IMU (real estate tax): 0.76% of the cadastral value of the property
- TASI (tax on maintenance of roads, sidewalks, street lights ..): 0.1-0.33% of the cadastral value of the property
- TARI (garbage collection tax): calculated from square meters. If your property is part of a complex or community, you pay a municipal fee. Furthermore, common charges for water, electricity, gas, or property insurance.