The Buying Process in Piemonte, Italy

Once you have found your required property you proceed to make an offer through the estate agent and agree a purchase price with the seller.

 

A geometra will then produce a technical report on the property. This report will confirm:

• The condition of the building and the land it is built on.

• Provide confirmation that the property complies with applicable building laws and regulation.

• Provide confirmation that the property and land are correctly registered.

The buyer and seller will then enter into a private contract called the Compromesso.This formal agreement will include all requirements and conditions to which the sale is subject and any other details that may have been negotiated.

 

The buyer will have to pay a deposit of between 10 and 30 % and this is normally paid direct to the sellers account. At this stage there is now a binding contract and under Italian law if you are unable to complete the contract you will forfeit your deposit if on the other hand the seller cannot complete as per the private contract, he or she must pay you back twice the deposit. This is an effective control that prevents another buyer placing a higher bid.

 

After approximately six weeks or whatever timescale you have negotiated in the Compromeso, the transfer of the property (Atto) to your name takes place in the presence of a Notaio and the balance payment to the seller is made in the presence of the Notaio.

 

You will need a bank account in Italy and a Codice Fiscale which is similar to a national insurance number. We are pleased to assist you with both.

 

When you own the property contracts with the public utilities must then be transferred to your name - electricity, gas, water, waste collection etc. We again will of course assist you with this process.

 

Prices quoted include the agency fees which are exclusive of IVA (VAT), we are also pleased to provide a full translation service up to and including the Legal Atto, obtaining your codice fiscale, opening a bank account and transferring the public services into your name without charge.

 

The only additional costs are the Notaio fees and the appropriate land and property taxes payable to the Italian authorities. We will give you a reliable estimate of the total costs payable prior to any commitment made to purchase a property. We will also explain the tax advantages of becoming a resident here in Italy.