Buying a luxury property in Italy

Purchase process for Italian luxury property

When you want to buy a luxury property in Italy it is important to have a thorough understanding of the process, so that you can avoid some of the most common hazards of home-buying. Below, we list the main steps you will go through to buy a luxury property in Italy.

The fiscal code

The first thing you need to obtain is a Codice Fiscale. This is an identification code calculated on the basis of your surname, your names, the place of your birth and the date of your birth.

Opening an Italian bank account

In the event of a purchase it is essential to open a bank account in Italy. You’ll need to transfer the funds there during the final stages of purchase. You’ll also need an Italian bank in order to automatically pay the various utilities.

Offer (Proposta di acquisto)

The climax of the negotiation process is the offer of purchase (Proposta di acquisto) which must be in writing. Our legal expert will draft the official document, and you – the buyer – will sign it. It’s then submitted to the seller along with proof of payment of the deposit. This is generally between €5,000 and €15,000. Once the offer is accepted and the deposit banked, the property will be withdrawn from the market. It’s time to buy a bottle of champagne in readiness! But don’t open it yet!

Preliminary sales agreement (Compromesso)

The next legally binding document that we will draw up for you is the Compromesso or the preliminary sales agreement. It includes the full and official description of the property, the agreed purchase price, the completion date and some other relevant legal details. You’ll also be reassured to know that in the Compromesso the seller has to state that the property is unencumbered by any legal or financial liabilities. Once this contract is signed, a second deposit is required, This is called the Caparra confirmatoria, and it covers around 10% of the purchase price. When this has gone through, the seller can’t pull out of the sale – unless he or she pays the buyer twice the amount of the deposit. The agency fees (usually 3%) are payable at this point. It’s time to put the champagne on ice!

Notarial deed (Rogito)

On the date specified in the Compromesso, the notarial deed (L’atto notarile or Rogito) is signed. Both parties must be present at the office of the officiating notary. However, if this is impossible for you, it is possible to arrange a power of attorney. In this case, a document has to be signed before a public notary in your own country. Once the signatures go on the notarial deed, the balance is paid, and the property is yours! Congratulations. It’s time to open that bottle of champagne!