You are here

FAQ

Q: What is the buying process?

A: After having decided on a property that suits your requirements a fee needs to be paid to reserve it and remove it from the market. After that the preliminary contract gets drafted and agreed upon by the parties, a substantial downpayment is made (20%-50%), and after the completed property has been inspected a notary date is fixed for completion.

  1. Signing of reservation and payment of reservation fee to Selective Italy.

  2. Preliminary contract (14-60 day later) and first substantial downpayment to vendor

  3. Optionally intermediate payments as agreed

  4. Notary act with full settlement and payment of taxes

 

Q: What information is required from the buyer for the notary act?

A: It is very important that the notary knows the details of the buyers well ahead of the notary act to ensure the closing can go ahead smoothly. Inform the notary of:

  1. Presence at notary or will you set up a power of attorney (POA)

  2. Nationality, country of residence and marital status of the buyers

  3. If a mortgage has been applied for (in which case a bilingual POA is normally required)

  4. If you are relocating to Italy or are an Italian living abroad (to apply for 4% tax rate)

  5. Copy of each payment made, to be quoted in notary act

 

Q: What are the costs on top of the purchase price?

A: There are a number of fees payable, the list here refers to compulsory ones:

  1. 10% IVA over the declared price in most cases when buying from a developer OR 10% taxes over the cadastral value (typically a third of commercial value) totalling less than 5%. If the buyer becomes a resident or is an Italian living abroad the IVA rate is 4%

  2. Notary fee, typically between €1500 and €3000 depending on property price

  3. Translator and witnesses €300-€350

 

Q: What are the costs for connecting water and electricity and will a property be supplied with more than 3Kw of power as standard?

 

A: Electricity costs just under €300 to have the meter installed. Once you have the meter and an active contract the wattage can be increased to up to 8 megawatt for residential use. The change costs another few hundred euros.

 

Water connection seems to change from council to council but is also in the region of €200 one off charge.

 

Q: Should I engage the services of a lawyer?

A: In Italy the title searches are done by a public notary who is an independent professional. As such Italians do not normally engage a lawyer to represent them. However, if you are unsure wether your bests interests are served, are buying off-plan or find the buying process complicated then an independent Italian lawyer that speaks your language may be a worthwhile investment. Expect to pay from 1% for a basic package of legal services.

 

Selective Regions of Italy

© Selective Italy

+39 0963 193 6699 / +31 70 755 0885 
+44 203 608 2566  /

social media buttons social media buttons social media buttons social media buttons

© MMIV - MMXIV Selective Italy VOF. The Hague Chamber of Commerce nr. 27267963.