Buying property in Italy

More and more people are considering properties in Italy for the laid back lifestyle. Buying a property in Italy is fairly simply. The first step in buying a property in Italy is to make a legally binding offer. If the seller accepts the offer, the offer forms the basis of the contract or the compromesso. The contract sets out the terms of the transaction which includes the full details of the property, price, date of completion and conditions that must be met before completion.

During the compromesso stage, the seller must pay a deposit. The deposit is normally between 5-10%. Either party then has the right to force the sale. A sale can be forced unless conditions like establishment of clear title have not been met. The title deed or the rogito is drawn up and signed in the presence of a notary.

For costs, the seller must set aside 10-15% to cover registration tax, land registry tax, VAT, notary fees, estate agent fees, mortgage fees and legal fees. The seller must also consider other local taxes which may apply.
The average price for a two bedroom flat in Italy is around £176,000. For a four bedroom house in Italy, a property may fetch up to £292,000 or even more.

Posted on: Italy

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Buying property in Italy

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