Buyer's Guide to Italy

Guide for non-resident purchasing in Italy

In order to buy a property in Italy, you will need an official fiscal number (codice fiscale) so that the Italian tax authorities can identify you. This can be obtained from your local tax office or you could ask your estate agent / solicitor to arrange this for you. Without this fiscal number you will not be able to open a bank account, buy property or pay bills.

Upon finding your ideal property your first step will be to make an official offer of purchase to the vendor. This would usually be made via your estate agent. As the prospective buyer you will be bound by this offer for the period of its validity which is usually between 14 to 30 days.

Once the vendor has agreed to the price, your agent will draft a preliminary contract (compromesso di vendita). Upon signing this, a deposit of anywhere between 10% and 30% will usually be passed over (although this is usually less in the case of new build properties). Once passed over, this deposit is forfeited if the purchaser does not ultimately proceed to buy. Similarly, if the vendor withdraws from the agreement, they are liable to pay double the deposit amount back to the purchaser.

It is important to point out that, just as in the UK, it is important to instruct an English speaking lawyer when purchasing abroad. This could potentially save you a lot of time and money in the long term. They will be able to carry out checks and searches on the property you are buying and, crucially, ensure that it is free of debts and any restrictive clauses The final stage of the purchase process is the signing of the "rogito" which is the final completion contract, similar to the Property Deeds.

This transaction will take place at the notary office and both parties, vendor and seller, must use the same "notaio" to execute the deed. The notaio will check that the sale documents are all in order and will ensure that the parties are who they say they are. Once the rogito is signed, then the balance of the contract will be paid to the vendor from the funds or mortgage that the buyer has arranged.

The notaio is then responsible for collecting any completion taxes that are payable to the Italian government and to finally ensure that the new ownership is registered with the land registry. He should also inform the local police of the change of ownership.

Once the deeds are with the land registry is the property officially yours.