The purchase process in Italy with Marche Country Property
Buying a home is probably one of the most important and difficult decisions to make, especially if you decide to buy in a foreign country such as Italy.You will face not only different rules and regulations for purchasing property here, but also different language, customs and rules that can make this decision harder than it might usually be.Marche Country Property will help make your dream come true as easily and safely as possible. Step 1: finding a propertyBefore deciding to buy a property Marche Country Property helps you to find the one that is in your mind and fits your criteria. We will visit many properties available in the area until you find your home. After deciding on a property we help you in the negotiation to agree the best price with the vendor.Step 2: sign the “Contratto Preliminare” or “Compromesso”After a successful negotiation you will be required to sign the Contratto Preliminare (also Compromesso) – a private legally binding contract – between yourself and the Vendor. By signing it you must pay the Vendor a statutory deposit that usually is around 10-30% of the agreed purchase price. The contract contains all the terms of the agreement such as information on the property recorded to the local Catasto, the Land Registry; Vendor guarantees that he owns the property that is being sold and that the property is free from any illegal conditions that could prevent the transaction; the purchase price, the schedule of payments, the date of completion of the purchase, the Rogito (also Atto Notarile) the official final contract and everything else you agreed with the Vendor. At this time you have to pay the deposit to the vendor and the estate agent fees (our fees can also be paid in two steps: 70% at the contratto preliminare, 30% at the rogito).Step 3: the final contractThe final contract, the Atto Notarile or Rogito, will be signed in front of the Notaio, a notary that in his role as public official acts for both the parties and checks if any charges or mortgages affect the property and if everything, including building and restoration permission for works already done by the Vendor, are following the official rules. The contract can be signed after various searches made by the Notaio who will witness the parties signing and will transcribe the new title to Land Registry. At this time you have to pay the remaining balance of the purchase, all the property taxes and the Notaio fees (The Notaio expenses, an official scale based fee, are calculated on the declared value of the property). The registration of the transaction, including your possible mortgage and loan if you need it, will take some weeks, after which you will receive your copy of the final contract.Taxes on the purchaseWhen you buy a property in Italy you are required to pay taxes with an appropriate rate. If you purchase a property in Italy as a nonresident the rate due calculated on the final purchase price will be 10% for the house and 18% for agricultural land.If you purchase your first property (Prima Casa) in Italy planning to become resident the rate due calculated on the final purchase price will be 3% for the house (4% if you buy from a building company) and 18% for agricultural land. You are required to obtain Italian residency within 18 months of signing the final contract. Being resident you have to pay taxes on your global income and are required to live in Italy for more than 6 months a year.