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How to buy a Property in Italy by Calabrian Services
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Property in Pizzo was set up by Calabrian Services of Pizzo with the aim
to simplify the purchasing of property in Pizzo.
The buying process in Italy is one of the easiest and cheapest in
Europe. In Italy the real estate agents are responsible not only for
marketing the property but also for all the due diligence work that is
normally undertaken by a lawyer. Lawyers in Italy rarely deal with real
estate although there are a few speciality companies that will deal with
them.
Below are a few notes on the process and reasons and explanations
for the Italian way of buying and selling a property.
How and why:
simple.
We would recommend that you have up to 15% of the cost of the
property for costs if you are looking at buying a property in Italy.
For more information on taxes please click here. For any questions on
the buying process please contact us
to simplify the purchasing of property in Pizzo.
The buying process in Italy is one of the easiest and cheapest in
Europe. In Italy the real estate agents are responsible not only for
marketing the property but also for all the due diligence work that is
normally undertaken by a lawyer. Lawyers in Italy rarely deal with real
estate although there are a few speciality companies that will deal with
them.
Below are a few notes on the process and reasons and explanations
for the Italian way of buying and selling a property.
How and why:
- A real estate agent in Italy is legally qualified to act for the seller
and buyer right up to the point where the contracts are signed at
the notary. - Typical charges for the buyer and seller from the real estate
agent are 3% each. - The real estate agent has the availability to check all paperwork,
draw contracts and deal, if required as agent for the signing of
the property. - The real estate agent can provide you with plans of the property
as well as copies of ownership, deeds etc if you ask, if these
are missing then seller may not have the full permission to sell
the property. - if you do not speak Italian you can have the contract for the
purchase translated into English which will be read out at the
notary signing together with an interpreter and yourself. This
services can cost between 300 and 400 Euros but is required
by law in order for you to sign for a property. If you have an agent,
Lawyer or other person dealing with it and they speak Italian
then this is not required.
simple.
- A down payment (deposit) is made based a preliminary
contract which is a agreement between the owner and seller
that they will sell the property for a per-established price and the
buyers will pay that price. This is usually around 10% of the
value of the property. This agreement also has protection for
both parties, if the buyer decides to pull out he must forfeit the
deposit and if the buyer pulls out he must return the deposit
doubled. - The preliminary contract also has a date when the completion
must take place. This can depend on the buyer and seller and
there is no time limit attached as long as both parties agree. - Once the date has been arranged by both parties and a date
fixed at a local notary office it is only required that both parties
(or their representatives) appear before the notary on that date
and sign over the deeds. It is during this period that the final
payment must be made for the property and also payment must
be made for the taxes and notary costs. These costs can
depend on the property location, cost and the notary fees. The
sellers will also, at this point usually pay their 3% to the real
estate agent who sold the property. - Once the notary has signed and payment have been made then
they will send it off to the local land registry office to have the
files updated with the new owners details. This usually takes 2
to 3 weeks after which time the new owner can collect the
deeds from the notary or their real estate agent / Lawyer. These
will be copies as the originals are always kept with the land
registry office in the province. - All that is required then is to register the property with the local
council office (comune) for property tax, water, waste, electric
and gas. This process can be done by a local commersalista
for little money and is well worth it so you can ensure that your
property is up to date legally.
We would recommend that you have up to 15% of the cost of the
property for costs if you are looking at buying a property in Italy.
For more information on taxes please click here. For any questions on
the buying process please contact us
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Landline contact number
EIRE
+353 01 443 3447
EIRE
+353 01 443 3447
Landline contact number
UK
+44 0208 133 0172
UK
+44 0208 133 0172
Landline contact number
ITALY
+39 0963 371 487
ITALY
+39 0963 371 487
Property in Pizzo is part of Calabrian Services of Pizzo
