The most frequent questions before buying a house in Italy – FAQ
Buying a home is a very important step and it is good to be informed before doing it. Here are the main questions that are addressed to Cortona real estate:
Buying a home is a very important step and it is good to be informed before doing it. Here are the main questions that are addressed to Cortona real estate:
The most common procedure is to start a negotiation followed by a purchase offer and the payment of a deposit. Normally the latter is based on 10 to 20% of the total value of the property and is retained by the agency until the offer is accepted by the vendor, after which it will be registered, within 20 days, by the Italian Revenue Agency. Before the expiry of the date indicated for the deed, the seller must provide all the required documentation to the notary chosen by the purchaser. Finally there is the notarial deed, which makes the transfer of ownership and the conclusion of the payment effective, even if, in the event that the purchase is made with a mortgage, there is an intervention by a bank.
For the buyer, the expenses to be incurred are: the registration of the preliminary act, the notary’s fees, the registration tax and the commission of the real estate agency. While, for the seller, the expenses are: the report to the notary, the APE, the commission of the real estate agency and, if requested and if the seller does not own them, the certificates of compliance of the installations.
When buying from a private person you pay the registration tax on the cadastral value. Otherwise, if you buy from a builder, the VAT on the actual value must be paid.
The maximum commission requested by the agency is 3% + VAT.
The land registry data of the property and complete data of the parties.
Yes, the commission is due when the proposal of purchase is accepted and not at the signature of the notarial deed.
The loan is normally requested for the payment of the property, meaning at the time of the deed. It may however be used also after the stipulation of the deed, for the renovation works, with some slightly different characteristics.
Yes, foreigners can easily buy a house in Italy. For this an Italian tax number and a bank account are needed, in addition to indicating the income of recent years in the case of a loan. The bank account is necessary for the payment during the notarial deed, because the purchaser will have to pay with a cashier’s cheque payable to the seller. For those who come from non-Schengen countries, other supplementary documents are required e.g. for proxies and mortgages/loans.
The taxes to be paid in Italy for a second home are the IMU, the TASI and the TARI.
He will need a translator if his understanding of the Italian language is not sufficient and this is also one of the various services provided by our real estate agency.
Cortona Immobiliare selects and proposes original and prestigious apartments in the historic center of Cortona, luxury villas, farmhouses and country houses located in panoramic positions, in a territory situated between the Chiana Valley, the Crete Senesi and Lake Trasimeno.
