We will help you at every stage of this process, so you are never left to fend for yourself and we are there to make it as pain-free and enjoyable as possible. Once you have found a property that you would like to purchase, the following gives you a summary of what you can expect to happen with regard to the legalities.
Once a verbal agreement on the price has been reached, the first written step in the negotiation is formalising the purchase offer in writing. Magic Marche handles this for you.
Preliminary contract (Compromesso)
The next stage is the preliminary contract of sale (Compromesso). In this document the interested parties agree in writing on the formalities of the sale. It lists the details of exactly what it is you are buying, including the particulars as recorded in the local Catasta, the Italian "land registry", the date by which the completion (il Rogito / L'Atto – both these words are used but mean the same thing) must be signed and the name of the Italian notary that will execute the deed. At this stage there is a payment of between 20 - 30% of the full purchase price as your deposit.
When you are ready to buy your foreign currency for your deposit, we have a special arrangement with an excellent foreign exchange company who will give you an advantageous exchange rate and organise the transaction for you, with no fees.
Completion (il Rogito/L'Atto)
The completion is when the title to the property passes from the vendor to the buyer via a public document signed in front of a Notary.
Involvement of a Public Notary (Il Notaio) is indispensable in Italy. The Notaio (a government official) witnesses the transfer of title from one party to another and collects the taxes due on the transaction which he/she then forwards to the government. The Notaio does not act for either party, and should be thought of only as a professional witness. If you would prefer to have a legal representative overseeing your interests, then we can find a local lawyer to act for you who will charge you separately. With all parties present the Notaio will identify them, one by one, and then read through the completion document (il Rogito) in detail in Italian to ensure that everyone understands what is being bought and sold. Prior to the meeting, the document must be translated into the Buyer's language as the Notary must be satisfied that the buyer fully understands what he/she is signing. An official Translator will also need to be present at the meeting if the buyer or seller does not speak fluent Italian. We organise all this for you. The Notaio will need proof that taxes and dues have been paid up to date on the property and he has to have proof of any mortgages or debts which burden the property and these must be extinguished either before or at the time of the sale. Assuming everyone is in agreement the Notaio will ask each party to sign the document and he will then sign and stamp the document. It is at completion that you, as the buyer, must pay on the day the outstanding balance of the price of the property, plus the taxes and the Notaio's fees.
Once the transaction has been completed the Notaio will register the new title within twenty-one days and you will then receive a copy of the document. If you have taken a mortgage he will also register the mortgage deed.
Other Useful Information
If I buy a home, what personal documents will I have to complete?
Citizens from European Union countries will find very few problems in buying property or starting a new life in Italy, even for nationals from further afield the bureaucracy shouldn't present too many problems. However, be prepared for initially completing quite a lot of thorough paperwork (beloved of European public officials!). Citizens of EU countries and many other nationals can stay in Italy for up to three months with just a valid passport. If, however, you want to live in Italy for longer periods you will need a Permesso di Soggiorno, or permit to stay, from the Questurea, or main police station, in the nearest provincial capital. For EU citizens a European version of the Permesso is almost automatic and, at the moment, is usually renewable every ten years. For non-EU nationals you will have to answer questions such as means of living, whether you own property, etc., and you have no automatic right to stay. For the latest information contact the Italian Consulate in your home country.
You may need to take up 'residency' in the Commune, or town, where you decide to buy if you are expecting to spend more than 183 days a year at your home and particularly if you are wishing to work. Again for EU citizens this is straightforward and virtually automatic.
The last of the essential documents to get is your Codice Fiscale, the Italian equivalent of a "national insurance" number combined with a tax code. This is one of the easiest documents to obtain, and is available from tax offices in the provincial capitals in a matter of minutes.