The Studio Romizi
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Frequently Asked Questions:

- How to buy a property in Italy?
 
 

THE PURCHASE ACT

THE PURCHASE ACT It's a common use to sign the purchase act in front of a "Notaio" (public notary).

The "Notaio" has the public authority of guarantee that the person involved in transaction have personally notified him their intentions, and this intentions have been written and signed by the contracting parties in sound state of mind . The Notaio has to control at the real estate list ("Conservatoria dei Registri Immobiliari") if the property is mortgaged. He has to verify if a permission to build or to restore the property has been obtained, and to ask the seller about the correct taxes payment. Furthermore the "Notaio" includes in the act, According to the specific situation, some more specifications prescribed by the law to guarantee the contracting parties (please realize that in Italy there is a civil and crimes codes, so the legal system is very different from that based on the "common law" where you've always to write in the contract much many details that in Italy are yet included in the contract by the law also if not written in it).

The "Notaio" writes the price declared by the parties.

The taxes are paid on such a declared price. The Italian law says that if the declared price is more than the value used for tax purposes , the "Ufficio del Registro" is not obliged to control the taxes amount so that they can be considered completely paid. The "Notaio" receives the taxes amount, his fee, and some more money that he will pay for the purchaser.

The costs are to be verified case by case.

As example we can give an idea of what are now the main costs for the purchase act as follow:

A - TAXES:

If building = 10% of the price declared in the purchase act (but if will formally get the residencein the Comune of the house within 18 months from the purchase, imagine to pay the 3% plus 258.22 €.

If agricultural land = 18% of the price declared in the purchase act.

B - NOTARY FEE: We can give some costs examples, as follow.

If the price declared in the purchase act is €. 50,000, Notary fee = 1,359 € + IVA 20%+taxes+visure (this last two can be minimum 500 €)

If the price is €. 300,000, Notary fee = 2,400 € + IVA 20%+taxes+visure

If the price is €. 600,000, Notary fee = 2,890 € + IVA 20%+taxes+visure

The cost of the translation as to be added if you cannot speak the Italian language or will not give the power or attorney to somebody speaking Italian to sign for you.

Rev. 01/2005 by Studio Romizi
 
 

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