The procedure for buying a property in Italy

Codice fiscale - an individual tax number that contains the personal data of the bearer. Without it, no operations with state structures of Italy are possible. You can get it at the tax office of the country or at the Italian embassy in the home country of the buyer.

An account in an Italian bank is not necessary, but it makes sense to open it for the convenience of settlement during a transaction.

A real estate reservation is a buyer's offer fixed on paper about the amount that he is willing to pay for real estate. After registration of the document, the buyer pays a deposit to the seller's account in the amount of 10% of the value of the object, or 30% if the object is purchased on credit.

A preliminary contract is not mandatory, but will serve as an additional guarantee of the transaction. The contract is drawn up by a notary.

A bill of sale or a contract of sale / purchase - signed by two parties in the presence of a notary and legally certified.

Signing the contract - completes the purchase, as well as mortgage and cadastral taxes, stamp duty, registration of real estate in the cadastral register and notary services are paid.

In Italy, it is possible to purchase real estate only by bank transfer. Payment is made by confirmed checks of an Italian bank or by transfer of funds from foreign banks to the seller's settlement account, sometimes to a notary's trust account.

Non-residents of the country have the opportunity to obtain a mortgage loan from an Italian bank for a period of 15 to 30 years. Annual rates range from 2.8% to 5.5%.

• The Bank independently evaluates the selected property.
• Loan currency - only euro.

• A loan is possible with a 50-60% down payment.
• The bank takes a commission for consideration of the application, issuance of a loan and real estate appraisal.

• Registro (registry) - from 200 euros to 9% of the cost of housing.
• Catastale (cadastral) - from 50 to 200 euros.

• Ipotecaria (mortgage) - from 50 to 200 euros.
• IVA (VAT) - up to 10% for economy class housing and up to 22% for luxury class property.

• The acquired object does not apply to premium or luxury real estate.
• The acquired object is the only property in Italy with this buyer.
   

• Within 18 months from the date of the transaction, a foreign citizen draws up a residence permit in Italy and is registered at the address of the property.

• Payment for notary services.
• Commission for registration of housing in the cadastral register.

• The cost of connecting communications (for new buildings).

The contract for the purchase of real estate in Italy becomes valid only after the registration of the ownership of the new owner. For this purpose, a notarized act of the completed transaction is submitted for registration to the Cadastral Registry Department. Then the buyer receives an extract from the State Register, where he is indicated as the full owner of the acquired property in Italy.

Mercury Estate specialists take care of the entire process of buying real estate in Italy, from selecting the perfect property to meticulously assembling a comprehensive turnkey document package, all while extending the support to our investors through a wide array of concierge services.