Property in Italy is registered and conveyed in much the same way as in the United Kingdom. Property can be owned by a private individual or as a company asset. Most countries around the world have a reciprocal agreement allowing companies registered within their territory to hold full ownership of Italian property. Our legal adviser can assist on request.
When a property has been selected a contract will be drawn up in the form of a private agreement – The Contratto Preliminare di Vendita or Compromesso di Vendita. This document will contain cadastral details of the property, agreed purchase price, payment schedule, guarantee of ownership, saleability and all other relevant terms and conditions. This document will be drawn up and translated by the IPN Castello staff.
Unlike other European countries this contract, once signed, is binding and at this stage of the purchase a deposit (usually between 10% and 30% of the purchase price) is paid to the vendor. This is known as a caparra conifrmatoria and is non refundable should the purchaser decide not to proceed for any reason unless stated in the compromesso di vendita. If the vendor withdraws or fails to complete the transaction for reasons other than stated within the compromesso di vendita the purchaser is entitled to a refund of twice the amount of the caparra confirmatoria. It is usual that the final contract takes place between 2 to 4 months from the date of the compromesso di vendita at which point the purchaser takes full title and possession of the property. Variations to the above standard Italian system can occur on a case by case basis.
The sale and purchase of all property in Italy is required to be registered in the Conservatoria dei Registri Immobiliari. Any variation, burden or situation that can affect the possession of the property must be registered. Any such burdens present will be identified when searches visure are carried out by IPN Castello before the compravendita.
THE NOTARY – Il Notaio
Prepares the final contract of sale Atto di Compravendita or Rogito Notarile in compliance with the law currently in existence.
The Atto di Compravendita is a public contract which is signed by both the vendor and the purchaser in front of a notary who authenticates the contract with a signature and stamp. After which the notary, in his/her role as public official, is obliged to register the contract in the conservatoria dei registri immobiliari land and property registry.
Various searches are necessary throughout the buying process and will be carried out by IPN Castello before a compromessois signed and are repeated by the notaio just prior to the compravendita.
The searches carried out by IPN Castello include:
- Verification of title for both buildings and for agricultural land if applicable.
- Ownership of neighbouring land parcels and identification of any rights to purchase prelazione.
- Verification of permissions for any works carried out on a property.
- Identifying the presence of any existing mortgages.
- Checking any registered obligations or rights concerning the property that may prejudice your interests.
IPN CASTELLO SERVICES
- Present and accompany the client to a selection of suitable properties based on individual requirements.
- If required, prepare a letter of offer in Italian with translation.
- Negotiate the purchase.
- Arrange independent survey of chosen property if required. (Survey fee not included in IPN Castello commission fee).
- Upon a successful negotiation draft a compromesso in Italian and translate.
- Acquire necessary tax codes for purchaser.
- Open bank account if required.
- Co-ordinate transfer of funds.
- Effect the signing of the compromesso.
- Arrange power of attorney if required.
- Arrange and co-ordinate the signing of the final contract of sale and accompany the client to the bank and to the notary.
- Transfer title of all utilities. (Electricity, gas, telephone).
- Arrange insurance if required.
- Provide an authenticated copy of the final contract of sale. (The original remains with the notaio).
Some of these services are vital to the completion of any sale and are all included in our fee.
IPN Castello srl is an estate agency registered with the chamber of commerce of Perugia (number 1119) and a member of F.I.A.I.P. Federazione Italiana Agenti Immobiliare Professionali. All members of staff are bi-lingual and IPN Castello is a fully insured operation. Our services are not limited to the above and our clients may take advantage of our sister company “The Italian Job srl” specialising in restoration.
A fee is charged by the Notary to prepare and legalise the compravendita.This is a scale fee based on the value of the property.
Payable on the signing of the compravendita. If the purchasers already own a property in Italy or are not resident and do not have the intention of becoming residents then the rate is 10% on the value of the building and 18% on the value of the land. If the property is the first property bought in Italy by an Italian resident, the rate for the property is 3 %, the land remains the same at 18%. A non resident has to commit to becoming a resident at the time of the Atto di Compravendita and must effect residency within 18 months of the purchase date.
3% plus IVA with a minimum fee of euro 6.600,00 plus IVA. IPN Castello srl work on a “no buy – no fee” basis. Fees are non – negotiable and are payable in two stages; 80% plus IVA upon signing of the compromesso di vendita and 20% plus IVA upon the signing of the Atto di Compravendita. (IVA is the Italian version of VAT and is currently 22%).