Italian Mortgage Service
for Non-Italians for buy , restore , refinance
residential properties , in Italy
SOME NOTES ABOUT BUY HOME IN ITALY
BUY PROPERTY IN ITALY AS A FOREIGNER
All information on this page is believed to be accurate , however , i disclaim liability for any errors or omissions, and i will not be held responsible for any direct, indirect, or consequential damages resulting from anyone's reliance on or use of the information on this page.
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PLEASE do not be 'scared' by the following complete list of to do's : in reality, buying a property in Italy is not that much more complicated than buying one in other country once you get started.
A foreign citizen who wishes to buy a property in Italy must first of all , obtain a tax identification number ( codice fiscale). This can be requested at any government financial office or at an Italian Consulate or Embassy.
IN OTHER COUNTRYES
In all countries request should be submitted
with >> this form<<
along with a photocopy of one's national passport .
VERY IMPORTANT NOTE , FOR ALL MARRIED WOMAN ,
WHO BUY HOME IN ITALY
According Italian law, the Codice Fiscale is issued based on the name and surname, written in the passport. So if a woman, has a passport with the married surname (that is, that of her husband) and after buyng the house in Italy, divorces and resumes the maiden name, in the passport, his Codice Fiscale will have to be changed. From that moment on, the married woman who bought the house with the Codice Fiscale obtained with the married passport, and the woman who got the new tax code with the maiden name, FOR THE ITALIAN LAW, are two different people. So the divorced lady, can not sell the house that was bought by the married lady - because, under the Italian law, they are two different people.
Signing the preliminary purchase agreement ( compromesso)
Opening a bank account
Requesting bank financing, Italian Loan , Italian Mortgages
Sign the final purchase deed with the notary
Buy a car , motorcycle, boat, jet…
Arranging public utilities contracts (gas, water, electricity, phone)
Submitting declarations as needed to public offices ,communal, regional or state
If you need an Italian Mortgage to financing Italian property
purchase , restoration , building go to
BUY THE RESIDENTIAL PROPERTY
OR THE PLOT TO BUILD
In order to buy a property in Italy , the first step is to sign a preliminary agreement (compromesso) , which is subsequently followed by a public sales act drawn up by a notary.
The >> compromesso << is a private agreement between the buyer and seller (which can be done without the help of a notary), to which the "promising" buyer and the "promising" seller (indicated as the "parties" to the contract) subscribe.
This preliminary agreement will contain the following :
Identification of the parties (full names, place and date of birth, passport number, nationality, tax identification number ; in the case of companies which are selling, they must provide their value-added tax number, and their legal registration number) .
Indication of the location of the property in question (town and province).
Identification in the national register of lands (NCT) or urban areas ( NCEU) : this identification is achieved by citing the register sheet, the units of property or parts thereof. In the case of segments (frazionamento) of property, is it necessary to obtain their identification in the national register. Such action must take place before the final sales agreement with the notary
In the case of land and/or for portions of buildings, the agreement must be accompanied by a map from the register, which will be signed by both parties .
Verification of the seller's title to the property (provenienza) .
Verification of whether any limitations exist to the title, for example judiciary or bank obligations, italian mortgage, inheritance or property rights, rights to first choice of purchase, or any other limitations that reduce or in some way curtail the right to full title of the property. The seller must commit him/herself to eliminating such limitations prior to, or simultaneously with, the final sales act.
Particular attention should be paid to the agrarian preemption,if the house is in a rural together and if with the house is purchased farmland . For furter information on this subject , you should read this document , drawn up by the italian Notary Association <The Prelazione Agraria>
Identification of all servitudes that might weigh on the property (roads, trails, pipelines etc that transit through the property to be purchased) and those from which the property should benefit (access to water from nearby natural sources or wells, rights of passage, and rights to access to pipelines etc) .
Building licenses issued after 1967 .
The sales price, indicating the amounts paid at signature (or at various successive moments) and the balance to be paid at the time of the final sales act. The initial payment (anticipo/caparra) should be identified as the down payment (caparra confirmatoria). In case that the seller decides that he/she no longer wishes to sell, he/she will compensate the damaged buying party with a sum equal to twice the initial down payment .
The date established for the final sales act. This must be at least 30 days after the private sales agreement.
From July 1, 2010 year , came
into force of
the requirement to verify the
correctness of the register
made before the
notary deed, before the
signing of deeds
of sale of buildings, or
other acts with
which they move
or real rights (for
example mortgages) are
on the same must
verify that the
property is regularly surveyed
in land on
behalf of the owner (or
holder of rights
in rem), which must state that
the cadastral data and
maps are stored in
the register state
of the building.
The lack of
these statements results
in the nullity of
the act, and therefore
void the sale or
the Act concerning the property.
It is no longer possible, therefore,
sell a building, or
enter a mortgage
to secure a loan, if
it is not consistently stated
in the land registry, but even
if the header register
is not true, if the
plan filed in
the land registry does not show exactly
the state of the
property, or other characteristic
data of the property (stocks,
category, class and cadastral
income) are not updated. For more info, please click on
the following links :
1. Both the purchaser and the seller can delegate someone to act on their behalf at the time of the preliminary purchase agreement or for the final sales act, or in both instances and also for signing an Italian Mortgage . In this case, a special power of attorney will be needed : if not in italy , issued by a public Notary and apostilled . If in Italy issued by an italian notary .
2. In case the buyer is unable to read Italian, he or she must be accompanied for both the preliminary agreement and the final act, by an interpreter registered with an Italian court, or alternatively a trusted person can be given a power of attorney to act on behalf of the buyer.
3. Payment must be made in the place and currency requested by the seller.
4. In order to simplify payments, is recommended that the buyer to open an bank account in Italy.
5. If a purchaser wishes to obtain an italian mortgage, either for the purchase or for improvements , restoration , building , refinancing or pay off another mortgage , but he/she is unable to read Italian, then he/she will need to adopt the same procedure as indicated in point 2 above. Should he/she wish to delegate a trusted person, the text of the proxy must be provide by an italian notary and approved by the Italian banking institution. (ATTENTION some banks do not allow this procedure)
6. At the time of the preliminary purchase agreement, the buyer must pay the commission to the agent and/or intermediary.
7. At the time of the final sales act, the buyer will have to pay:
"of particular historic interest buildings "
benefits from some tax reductions :
1. Purchase taxes are reduced to 2% , even for not first houses , with a minimum of 1000-euro
2. Restored buildings benefit from 10 years of exemption of the tax on the income from property (IRPEF or imposta sul reddito degli immobili).
All these percentages will be calculated on the
valore catastale issued by a Ufficio del territorio
on the property certificato catastale
TAXES FOR PURCHASING ACCORDING THE
NOTE : THIS TAXES ARE NOT APPLICABLE TO PROPERTIES CADRASTALLY SCHEDULED AS A/1 - A/8 - A/9 (luxury homes)
1 - If the seller is a builder ,
2 - If the seller is a private people ,
Please note :
the prima casa tax it only applies for maximum 5000 square meters around the building ,
all more land purchased , to be pay tax of 18%
the buyer has 18 months to transfer the residence to the first house purchased, if this does not happen, him lose the allowance and have to pay to the revenue agency: the difference between the transfer fees prima casa and seconda casa - a 30% tax on the sums paid
For guideline to residence in Italy ,
Italian Tax guideline , Live in Italy
>> PLEASE CLICK HERE <<
For Italian real estate taxes , Reciprocity ,
Shenghen visa request ,
please click on the following links :
1. Within 48 hours of the public sales act, the seller must present in the relevant commune or in any police office, a declaration of >>> transfer of the property<<< indicating complete information about the buyer.
2. All of the pre-existing utility services (water, light, gas, telephone) must be transferred from the seller to the buyer. Please note that entering into new contracts is particularly costly, and therefore the transfer of existing contracts is recommended. For this purpose is it important to obtain copies of the previous bills paid by the seller. The purchaser, or whoever is entrusted with the task, should go to the various public utility offices or contact them via the toll free numbers listed in the telephone directory, communicating the full name, tax identification number, and address where the bills should be sent. In order to obtain reduction benefits for the "First Home" it is necessary to provide a certificate the residence within 180 days of the request for transfer of the account.
3. Within 30 days the buyer, with a copy of the final purchase act, a photocopy of his/her passport and of the tax identification number, should provide the tax office of the community concerned with:
a) The declaration IMU - the value of the act to determine the tax base varies from municipality to municipality,
we strongly encourage every buyer, to contact an accountant to fulfill this obligation.
b) The declaration for the removal of household and urban waste.
Please note, for both of the above it is advisable to provide a copy of the payment bills used by the previous owner.
If the purchaser obtains a mortgage for the purchase in many cases the purchaser can detract on his/her income tax return the interest and related charges.
Restoration or Building
In order to proceed with the restoration or the construction of a building, it is necessary to obtain the services of a licensed technician (Geometra), or an Architect or a Civil Engineer.
In Italy, all types of construction or restoration works , require the presentation of a request for authorization to the towns offices , signed by the owner of the property and a licensed technician.
In order to obtain authorization to begin these works, a tax must be paid to the town offices ; it normally takes 90 working days to receive the authorization from the time the request is presented.
Only in the case of light restoration works (painting, floors, window and door frames and wiring) may the technician present a particular request called DIA, for which it will not be necessary to pay any tax and the works can initiate in a brief time period .
For more info about Italian's laws to building , please click to following points , to download :
Note : files are in Adobe in you don't have it, click > HERE <
Professione esercitata a norma della legge 14-01-2013-nr.4