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MHABITA EXCLUSIVE REAL ESTATE
Buying Properties in Italy: how does it work/useful papers
Once you have found the right property and you have decided to buy it, you will need to make an offer – the "proposta di acquisto"(proposal to buy) to the seller. This proposal is usually accompained by a small deposit.
The amount of the deposit is agreed privately between the buyer and the seller, but is often around five per cent of the total value. It can be refunded, if the purchase should fall through at this stage. Once signed by both parties, this document is legally binding . Only if it's necessary, MHABITA EXCLUSIVE REAL ESTATE will recommend you to contact a Geometra, an Architect or an Engineer too, who will eventually verified any kind of technical aspect for you.
Once all checks are completed, both parties sign a second binding agreement a contratto preliminare di compravendita or compromesso (preliminary sales contract). Signing it, seller and buyer agree to complete the purchase within an certain period, at an agreed price. At this stage the buyer makes a second downpayment . Again, this is a serious commitment: if the buyer should default, he loses his deposit. On the other hand if the vendor defaults,he must refund either the entire deposit or even a sum that corresponds to a double of it, depending on the terms of the compromesso. In these cases MHABITA EXCLUSIVE REAL ESTATE recommends to ask for a qualified legal expert.
Before making the final payment you will need to have applied to local tax authorities for a codice fiscale (fiscal code), which will identify you. By your fiscal code you can open a bank account too, if the outstanding balance needs to be paid by bank draft.
The final stage sees the purchase completion with the signing of the rogito (final deeds), usually done in the office of a Notaio (notary), who will check all documents and will look forward that all property taxes would be paied to the authorities. If the buyer doesn't speak Italian, the Notaio will require to appoint someone to represent him at the meeting. Your lawyer, if you have one, will usually organise this service for you, otherwise MHABITA Exclusive Real Estate will be pleased to help you. Looking for a property to buy, it is important to verify that:
• the legal title belongs solely to the vendor and no other party has a claim on it; • there are no outstanding loans or mortgages that would be transfered to the owner; • there are no undisclosed public rights-of-access across the property; • the building and any modifications comply with building regulations and health & safety rules; • if the property is part of a block, you must be told of any maintenance fees; • in the case of vacant land, there is planning permission to build on it. A professional MHABITA Real Estate Agent will help you on verifying all these points.
Useful and Necessary Papers are:
- Passport.
- Fiscal Code (Codice Fiscale): Needed to pay taxes and open a bank account.
You can ask for it to the italian Ufficio Delle Entrate. Your passport will be necessary to obtain it.
- Bank account: to have one, you don't have to be resident, but to take along your passport and your fiscal code to a bank.
- Recidence Permit (Permesso di Soggiorno): if you want to get one you will need to take your passport,
more than just one passport-sized photos, a bank statement and a letter proving your address to police headquarters.
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MHABITA IMMOBILI ESCLUSIVI di M.M. P.IVA 04753310871
MHABITA IMMOBILI ESCLUSIVI di M.M.C. P.IVA 04753320870
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