Buying property in Italy is a relatively straightforward process which goes smoothly if done in collaboration with a licensed real estate partner like Ravagnan’s | Forbes Global Properties. Buyers must also hire technical advisors to perform the necessary inspections on properties. When the formal proposal with deposit is accepted, it becomes a legally binding contract and the preliminary contract can then be drafted. This does not transfer the property yet, but rather sets out all the details of the sale and gives the seller and/or the buyer time prior to the agreed closing date.
The standard deposit is between 10% and 30% of the purchase price. A foreign buyer must have an Italian tax code at the preliminary date when the notary registers the transaction. Following the preliminary contract, a notary prepares the final contract. Buyers may claim back twice the deposit paid if the seller interrupts and/or cancels the purchase. Vice versa, buyers may lose their deposit if they withdraw from the purchase without a legitimate reason. The buyer pays the outstanding balance including the notary as well as any other fees and taxes. The notary pays stamp duty and other purchase taxes to the government on the buyer’s behalf.
Non-residents are subject to pay annual property council taxes calculated on the potential income; these are collected by the local authority twice a year. The capital gain taxes on the sale of a property are applied only if the transaction takes place less than five years after the purchase.
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