Real estate purchase / sale process

The process of buying / selling a real estate property in Italy is divided in three phases:

• 1st Phase: ProposalThe potential buyer, once having seen the property, declares to be interested in purchasing and offers an offer in terms of:
  1.BEST PRICE
  2. terms and times of payment
  3. duration / expiration of the offer
  4. any accessory requests
  The bidder deposits, at the brokerage real estate agency, a guarantee check for a value equal to about 1% of the entire amount of the transaction.
  If the owner of the property accepts the offer, this is considered binding from the moment of notification to the buyer of the seller’s acceptance.
  For tax reasons, the second phase normally starts within 20 days of the notification.

• Phase 2: Preliminary Agreement
  The preliminary contract, also called as “Compromise”, is signed by the buyer and the seller and binds the parties to fulfill the transaction.
  The preliminary contract of sale must be registered within twenty days from the subscription. For registration, the following are due: the registration tax of 200 euros, regardless of the price of the sale and the stamp duty, equal to 16 euros for every 4 sides and in any case for every 100 lines.
  If the preliminary is stipulated with a notarial deed, the registration is performed by the notary within thirty days from the moment of signature. When the contract provides for a payment, the proportional registration tax is due: 0.50% on the amounts provided as a deposit, and 3% of the amounts provided as a deposit on the sale price
  The preliminary contract is generally signed at a notary’s office, which provides the necessary legal guarantees.
  The buyer pays 10% to 20% of the full transaction value to the seller.
  The brokerage fee is paid to the agent. In Italy real estate brokers collect commissions from both sides, seller and buyer, as by law equidistant from the parties.

• Phase 3: RogitoIt corresponds to the final contract, and is signed at a notary office, normally within three months of signing the preliminary contract. during this period, the notary carries out the checks necessary to finalize the sale / purchase in the legal parameters provided for by current legislation.
  The balance is paid to the seller.

TAXES ON PURCHASE
Purchase taxes are applied as follows. For residential properties, the value on which to apply the taxes depends on the transaction value (VT) and the cadastral value (VC). The cadastral value is generally much lower than the transaction value. For commercial properties and land, taxation is always calculated based on the transaction value.

PURCHASE WITHOUT “FIRST HOME” FACILITIES

ACQUISTO CON AGEVOLAZIONI “PRIMA CASA”