Once you have found a property that you
would like to purchase, the following is a brief description of the process
of what you can expect to happen with regard to legalities.
The first written step in the negotiations is the proposal of purchase, by
which the buyer will bind himself irrevocably for the period of the validity
of the offer, to buy the property at a particular price. This offer is
normally valid for a period of from 5 to 30 days. When the offer has been
accepted by the vendor, a 10% deposit is paid.
The next stage is the preliminary contract of sale (compromesso). This is
the contract by which the interested parties agree in writing on the
formalities of the sale, the date by which the completion (il rogito) must
be entered into, and the name of the Italian notary who will execute the
deed. At this stage, there is normally another payment of between 20-30%.
This normally takes place some 4 to 6 weeks after the first step.
The completion (il rogito), is the definitive passage of title to the
property from the vendor to the buyer by a public document, or by a private
contract authenticated by a notary for the purpose of registration.
If you buy a property from a company, you will pay VAT (IVA), but if you buy
from a private individual you will pay Italian State Tax and not both. The
percentage currently for a second home is 10%.
