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How is the sale and purchase of real estate in Italy 2016

Процесс покупки недвижимости в Италии

 

Good day, our dear readers!

Via XX Settembre 77, OspedalettiThis article focuses on the basic steps for buying property in Italy. If you have additional questions, you can always ask us in the Contacts section. So:

The process of buying property in Italy, despite existing myths and speculation, is a fairly simple and affordable procedure, which is strictly regulated by Italian law . We, as a company that has already been working in the real estate market for a long time, want to open the curtain of misunderstanding on the very process of buying property in Italy. To register the acquisition of real estate in this country, you will need:

issue a tax identification code (TIN) or codice fiscale

- TIN which will be identified by your personality as a person living in the territory of the Italian Republic or leading various kinds of economic and financial activities here. This code is necessary not only when acquiring an immovable property, but also carrying out any kind of actions proving your activity in this country - from acquiring a SIM card by phone to signing various official agreements and even applying to local social welfare services. If you have a foreign passport and a valid Schengen visa on hand, you will be able to get a TIN for half an hour at any branch of the Italian tax service or at the Italian consulate in your country of residence.

open a bank account for an individual ( conto corrente fisico )

According to the rules of the current Italian law, all payments for the acquisition of a property should be made exclusively through one of the credit institutions in Italy. After carrying out the above procedures, you can safely proceed to the purchase of real estate. However, do not forget that the documents for completing this purchase and sale transaction will be drawn up in Italian, and therefore, if you do not know it, and the seller of real estate and your notary public who helps you buy a property in Italy do not speak your language, then you certainly need a translator to be aware of all the details and nuances of the operation.

In Italy, for more than one hundred years, the process of acquiring real estate takes place in several stages:

Property purchase offer (Proposta di acquisto)

1. Offer to purchase real estate (Proposta di acquisto) - signed by the seller and the buyer at the very beginning of cooperation. This proposal should stipulate all the nuances of the upcoming transaction, such as a description of the property, its value, payment terms and the like. The buyer confirms the seriousness of the purchase intentions by making a deposit, the amount of which can vary from 2 to 5 thousand euros. The security deposit is paid to the seller’s bank account or by issuing a bank check in his name. If the transaction is broken for one reason or another, the security deposit is returned to the buyer without any penalty or penalty. Often the process of buying and selling real estate occurs without the participation of third parties (intermediaries), and therefore this step is skipped.

Property Purchase Agreement ( Compromesso, il Contratto Preliminare Di Vendita )

2. A real estate purchase agreement (Compromesso) is a legal contract that is signed by both parties to a transaction after all its nuances have been agreed. In this agreement, specific details are clearly established - the exact price of the real estate, the date of signing the contract, the timing of payment and other data. In addition, at the time of signing this agreement, the buyer must pay an initial contribution of 20-30% of the cost of the purchased property, after which both parties are required to enter into a transaction. However, if the buyer refuses the transaction for any reason, this amount is not refunded to him. If the operation cannot be carried out due to the fault of the seller, he will have to pay the buyer an amount equal to double the size of the initial installment. Also, at the first stages of the agreement, commissions are paid to the intermediary, and they are recovered from both the seller and the buyers, unlike the Russian Federation, where the commission is paid only by those who turn to this intermediary for help in acquiring real estate. If one of the parties to the transaction does not speak Italian, then a professional translator with a notary must be present at the signing of this agreement, otherwise the contract will be declared legally invalid.

Final sales contract, notarial deed (Atto notarile)

3. Final sales agreement (Atto notarile) - will be signed exclusively at the notary’s office. First, your notary must verify the legal correctness of the transaction, payment of all necessary fees and tax assessments, and subsequently certifies with its signature the fact of the transaction. After all of the above actions, the notarial deed must be registered with the Real Estate Registration Bureau, where he is given an individual register number. In some Italian provinces, ownership of the property is transferred to the owner immediately after signing the contract of sale.

The process of signing a notarial deed when purchasing real estate in Italy

Those who have decided to buy real estate in Liguria or in another region of Italy, upon signing the notarial deed, will have the following ceremony of actions, your notary public will read the deed out loud to make sure that all points are understood correctly by all both parties to the transaction. If the property is bought by a person who does not speak this language, one of the following options can be selected to solve the problem:

- The purchase certificate can be drawn up in several languages, and when signed, there must be a translator and one more person - a witness who speaks the language of the buyer. A written translation of the act, certified by a notary in the presence of witnesses and a translator, is done in advance and is attached to the original contract in Italian. Then the notary introduces the text with the translated text of the buyer to the text of the seller. Then, in a queue order, everyone who is directly included in the act is signed, namely:

  • The seller and the seller’s spouse, since, according to Italian law, a spouse must be present during the sale if there is a marriage act.
  • The buyer and the spouse of the buyer, if they want to take advantage of tax benefits of 2% of the cadastral value, to obtain a residence within 18 months. If the buyer does not receive the residence, he will pay 9% of the cadastral value.
  • Seller Witness
  • Witness from the buyer who speaks Italian
  • An interpreter accredited in a local court and who has the right to this type of activity
  • The notary puts his signature last

This is just the smallest list of people who can sign a notarial deed. If there is a mortgage, a representative from the bank should come and pay off all obligations before buying a property and so on.

It is also worth noting that the services of an interpreter, as well as a witness, notary services and taxes are paid by the one who uses them, that is, the buyer.

- It is also practiced to make a special power of attorney for a trustee who speaks Italian and can represent your interests when signing a notarial deed on behalf of the buyer. The presence of the buyer at the signing of the notarial deed is not a prerequisite. The power of attorney is drawn up at the Italian notary also with the presence of a competent translator. If the power of attorney is drawn up in the buyer's country, it must necessarily have an apostille, after which it can be translated into Italian already in Italy.

The Russian real estate agency in San Remo offers Russian-speaking buyers the services of buying and selling real estate. We will help you not only find the right accommodation, but also arrange a deal without any kind of documentary delays and language problems. The most important thing in our work is the control of all pre-sale documentation.

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