Buying property in Italy is a regulated process. The best way to buy property in Rome is by consulting an estate agency (agezia immobiliare.) Here are the basic stages of the buying process:
- Sign a preliminary contract. A compromesso may be requested meaning the buyer is legally bound to buy the property.
- Sale is completed before a public notary when final deed is signed. Exact details of transaction are recorded by the local castato, the land registry.
- The compromesso will have a time established for the final atto, or contract, to be signed before a local notaio, a public official, witness to public contracts. Certified copy of deed is issued and original document registered with the castato. The buyer officially becomes the owner.
- Make sure to distinguish between the two types of deeds in Italy: a private deed and a public instrument.
- Finally, the buyer pays the purchase price and pays the mediators involved.
Costs
Estate Agent's Fees: Expect to pay between 1% and 4% (generally 2%) of the purchase price to the estate agency. Most of the agencies are willing to arrange a mortgage.
Legal fees: Italian solicitors' obligations include the following: drawing up contracts, contacting notary, paying taxes, and registering property with the land registry (catasto.) Expect to pay about 2% of the property's cost.
Notary Fees: The notaio is responsible for recording the transaction and contacting the relevant authorities. Fees are generally about 4% of the declared price.
Taxes: Registration tax will be a minimum of 4% for first-time buyers who are residents. You must also pay 20% VAT.
Council Tax: The Imposta Comunale Immobili (ICI) is the council tax and is between 0.4% and 0.7% of a property's value. The local authority decides the actual rate depending on the type, location and size of property.
For information on prices per square meter in all areas of Italy, including Rome, visit www.attico.it
Mortgage
Mortagages are available from some estate agencies, Italian banks and even UK lenders, for example. Maximum loans available from Italian banks are usually 50%-60% of the buying price for second homes and 75% for a main residence.
Update 22/04/2008
Keep more of your money when transferring funds overseas!
If you want to move money abroad, from Italy or to Italy for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.
Why Fexco
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
Main characteristics
Fexco will help you to keep your overseas money transfer costs to a minimum.
| Margin | 0.6% |
|---|---|
| Regulator | FCA |
| Fee | £10 < £5K or Free > £5k |
| Mini | £1K |
| Ccy | All (130 currencies, incl ‘exotics’) |
| Services | Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone. |
Get an online quote today
When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.