Buying property in Italy should be relatively straightforward, but we would always recommend that you instruct the services of a reputable agent, surveyor and notary.
There are three types of most common contracts legally recognized in Italy:
1- Formal offer “proposta d’acquisito”.
Once the above is complete, you can then proceed in creating a formal offer or “proposta d’acquisito” for the property. It confirms your interest to pay for the property. However, it is always important to engage the services of a solicitor at this point to ensure that your interests are well catered to, this throughout the entire process. As a matter of fact, as soon as the seller accepts your offer the formal offer turns into a legal-binding contract, and you will also be required to pay a deposit known as “caparra” CLICK HERE for more information about the deposit.
2- Preliminary agreement “compromesso”
The deposit seals a contract known as preliminary agreement of sale (‘compromesso’ or “contratto preliminare di vendita” in Italian). It is also called the ‘promessa di vendita’ which is actually a major contract setting out all the full conditions of the sale including all the necessary registry information. The signed contract must be (if both parties wish) registered within 20 days to make it a legally binding document.
The cost of the notary, to organize and register the contract, is approximately € 2,500.00
N.B. The preliminary agreement is NOT mandatory and the “final contract” can be immediate after the “proposta d’acquisito”.
3- Final contract “rogito”
The next step will be to officially get the property’s title deed known as the ‘atto di compravendita’ or simply the ‘rogito’ (final contract) using the services of a notary, locally known as the ‘notaio’.
He or she will validate the contracts dealing with transfer of property ownership, draft a new deed citing you as the new legal owner, and witness the closing of the deal as you hand over the final payment and receive the property’s keys from the seller.
Notary fees vary from town to town and also depends on the purchase price of the property. His or her services are essential in closing the purchase convivially. Average, the costs of the notary are 1.2% with a minimum amount of € 1000.
The notary needs about 6 weeks to arrange all administrative tasks to complete the “rogito” and in some cases s/he will need more time depending on workloads.
There are usually many variations to the property buying process, but most sales usually follow this pattern in most parts of Italy.