The purchase of property
• Down-Payment (caparra confirmatoria)• The completion of the notarial sales contract (atto notarile)
The notarial sales contract then only performs the agreements that were made in the letter of intent, whereas the notary double-checks the registry information of the property and the ownership. At the appointment there will, of course, be an English version of the contract at hand as well as an officially licensed interpreter. You can only sign what you are able to read and understand up to the last word. Italian law also insists on the presence of two witnesses where foreigners are buying property, who both have to confirm by signing the notarial contract.
The cost for the notary is usually about 1700 €. The real estate tax, a one-off payment, varies from 10 to 18 % of the value stated in the contract, depending on the utilisation of the property. The tax value is determined by using a basic value table owned by the notaries. One should not fall below this value, in order to not risk being suspected of tax evasion.
The purchase price will already be paid for at the notary, this is part of the notarial act. (Very much in contrast to the German system, where the sum is only paid once the enrolment of the priority notice of conveyance - which doesn’t exist in Italy.
Now the property belongs to you.
You do not have to wait for the entry in the land register. The notarised certificate is, according to Italian law, a proof of ownership.
Area service! Already at the purchase of a property a fiscal code (codice fiscale) is required to order all necessary utilities such as water, electricity, telephone, etc. We will take care of that for you!
