Buying a property takes time and requires skills. You will have to deal with experienced real estate agents who offer properties for sale. Being accompanied by a real estate agent of your choice, who takes care of your interests and who speaks your language as well, will make your negotiating position much stronger. Rely on Italy House Hunting, we will make buying a house in Italy easy for you.
This is what the purchase process is like in Italy and what we will do for you as your real estate agent.
- Step 1. Determination of the budget and the location
In order to avoid surprises, count with an average total extra cost of 10% on top of the purchase price. (This is usually between 8 and 9 percent.) For new constructions, count with 10% of VAT and 5-6% for notary costs and agency fees. If you intend to establish your residency in the property that you will buy, the extra cost percentage will be lower, thanks to lower tax or VAT percentages.
We can provide you with statistical material and average prices per m2 and per region, province or municipality (in Italian comune), which will help you determine your budget and the area in which you will want to search a property to buy.
- Step 2. Selection of possibly suitable houses
- Step 3. House viewings
We schedule house viewings with owners and/or other real estate agents, usually for 1-2 days. After visiting the properties, we evaluate with you the characteristics, the price-quality level, and the eventual interest in the property. If desired, we pick you up at the airport and/or bring you back. The viewings can also be organised during your holidays in Italy.- Step 4. Negotiating phase
If one of the visited houses meets your requirements, you can decide to enter into a negotiation with the seller. First we take care of a thorough inspection and examination of the documents of the house (cadastre). After that, we may present a binding bid to the seller on your behalf, which usually includes a payment proposal and one or more warranty down payments (deposits).
- Step 5. Contract phase
If the negotiations lead to a purchase contract, the transaction enters into the final phase which leads to the final contract in front of a notary. The seller shall submit the legally required documents to the notary. It takes by average 2 months to sign the final contract at the notary’s office, but if all documents are available immediately, it may be possible to proceed with the final contract within a few weeks. If you don't speak or understand the Italian language, the notary will demand that the contract will be translated in a language that you understand, with extra costs (translations and witnesses) for your account.
Agency fees. We charge commission for the brokerage in the sales process. This amounts to 4% of the purchase price, with a minimum of 4.000,00 euro + VAT (VAT currently 22%). The commission rates in Italy vary between 3% and 5%.
NB: In Italy, the law prescribes that the broker, who establishes the first contact between a seller and a buyer, is entitled to commission. It is therefore of the utmost importance Italy House Hunting establish the first contact with the real estate agent, who offers a property for sale that may be of your interest. In this case, as the buyer, you will pay brokerage commission to Italy House Hunting and not to the agent who is offering the property for sale. The other agent will be paid by the seller, as in Italy brokerage commission is due by both the buyer and the seller.
This is the overview of our services:
- budget determination
- selection of suitable properties
- house viewings
- examination of cadastral documents and mortgage register
- written negotiations and contract writing
- request of Italian fiscal code
- mortgage consultancy
- liaison with translator services and notary
- presence and assistance at the final deed with the notary
- assistance with stay permit and residency request (optional)
- name transfer of energy contracts
- property tax and waste disposal tax declaration
