An irrrevocable purchase agreement is signed by you and the landlord when you have agreed the price in order to identify both parties, the property, as well as giving an expiry date for signing the Compromesso or Contratto Preliminare. When you sign, you pay a deposit for the equivalent ofÂ about 10% (that can vary) of the agreed price. If you change your mind you will fortfeit the deposit, as the owner will have taken the property off the market for a certain period of time. If the sale does not go aheadÂ through no fault of your own, then your deposit will be returned to you.
Then the Compromesso contract establishes the terms and conditions of the final contract (Rogito) and price details, date for completion, the nature of the property and guarantees from the landlord. It may also include any other relevant legal details. You will be expected to pay a deposit at this stage (Caparra). It is important to note that if you withdraw from the sale after signing the Compromesso, you lose your deposit.
Then the Rogito is the final stage of the process and transfers ownership of the property from the landlord to you. The document is drawn up by the Notary (Notaio) where the signatures between all parties take place. Notary fee is payable when you sign the final contract.
As well as paying the balance for the property, the buyer must also pay a Purchase tax (for new properties), which is either 4% (this varies) if the buyer purchases the property as his first residential home in Italy and applies for residency in the local area, or 10% if the foreign buyer already owns property in Italy or does not wish to apply for residency (this may vary). Please note that the tax is calculated on the declared value of the property and not the purchase price, i.e. on the value stated in the building registry. The declared value of land is extremely low, unless it is valuable land such as olive groves or building land.
Running costs of your property might include Condominium expenses. If you buy a property which is part of a group of properties which share some communal areas – gardens, driveway, swimming pool, tennis court, etc. then you will be required to pay condominium expenses.
Our buyer’s agency fee is 3% of the purchase price of the property and includes all transactions, administration fees and supervision of the entire process.