BUYING PROCESS in ITALY, THE ITALIAN LAKES: COMO, LUGANO, MAGGIORE. The APREMONT service.

Basic process
a) The first step is for the buyer to make a verbal offer to the vendor, usually through the estate agent as an intermediary. The offer is then placed in writing and becomes legally binding on the buyer's part - not the seller's.

b) Once the seller accepts the offer, the parties have a binding contract, which is the formalized with the execution of a contratto preliminare, a formal agreement according to which the parties undertake to buy and sell the property and agree on the terms and conditions of the sale.

c) On signing the contratto preliminare, the buyer pays a 5 to 10% deposit on the purchase price. Unless otherwise indicated, in the event either party withdraws from the sale the other party has the right to force the sale, and/or collect damages and/or retain the deposit (if the seller is the breaching party it can be twice the deposit amount).

d) The transfer of the property takes place with the execution of a deed of sale rogito in front of a notary public. The transfer is effective between the parties immediately upon execution of the agreement when the balancing payment also falls due. The contract is subsequently recorded in a public registry.


In more detail:
1/.The purchase process begins with a preliminary Contract ("Compromesso"), which is prepared by our colleagues in Italy, who will have introduced you to the property of your choice. Once signed by both the Vendor and yourselves, the Buyer, this agreement commits both parties to the Sale. At this stage a deposit (normally 10% of the agreed price) will be required from you to confirm your intention to purchase the property.

The " Compromesso" will then be checked by the Notary on your behalf as the preliminary Contract establishes both the terms and conditions of the final Contract ("Rogito") and includes details of the agreed price, the date of completion, the type of property and any guarantees and further information provided by the Vendor.

Please note that, under Italian Law, if you were to withdraw from the purchase after signing the preliminary contract, you would lose your deposit. On the other hand, should the Vendor withdraw, he must pay you twice the amount of the deposit you have handed over. This long established arrangement is designed to avoid the possibility of a Vendor attempting to sell to another party at a higher price than that agreed with the Buyer.

2/. The final stage of the buying process is the Contract of Sale, which transfers ownership of the property from the Vendor to the Buyer. This process takes between 4 weeks to 3 months after the signing of the Compromesso. The Notaio ( Notary) represents both parties and draws up the final Contract, which will be signed at the Notary's office in the presence of the Vendor , the Buyer and our colleague (the Agent). Although it is preferable for the Buyer to sign in person, arrangements can be made to appoint a Power of Attorney in your absence.

3/. Apremont arranges for the translation of all the essential documents required for the purchase.
We also organise the Codice Fiscale for our clients. (This is the compulsory code that everyone in Italy has, and which is essential for all Buyers of property in Italy).
If required, Apremont will arrange the opening of a bank account for our clients in Italy.

4/. Apremont is there to assist you with the move into your new property and our team will help you with organising the utilities, introducing you to local tradesmen and guidance with the purchase of furniture etc.

Fees relating to the purchase of a property in Italy

1/. Government Taxes (Stamp Duty), registration taxes etc.

These total 10%, and are calculated on the declared value of the property, which will usually be lower than the actual purchase price.

2/. Notary Fees

The basic Notary fees are fixed by Italian law and are charged according to the price of the property purchased. They range from 1% to 2% of the purchase price.

3/. Agency Fees

THE PRICES QUOTED BY APREMONT OVERSEAS FOR ALL PROPERTIES FOR SALE IN ITALY ARE SUBJECT TO a 3% BUYERS COMMISSION unless stated otherwise.