Purchase Procedure
Property in Italy is registered in much the same way as in the United Kingdom, and there is therefore a certain similarity with the English conveyancing system.

The Contract
As in England, when you have decided upon the property you wish to purchase, the agreement will usually be contained in a private contract. A Contratto Preliminare di Vendita or Compromesso di Vendita. This document will contain details of the agreed purchase price, payment of deposit, any schedule for payment of the balance of the purchase monies plus any extras that you have agreed to purchase and the intended date of completion and all other relevant terms and conditions necessary to conclude the contract. It should be noted that the ‘subject to contract’ provisions that apply in England do not apply in Italy. Therefore, once you have paid the deposit, ‘caparra penitenziale’ (usually 10% to 50%) there is a binding agreement between both Vendor and Purchaser.

Conveyance
The sale and purchase of all property in Italy must be registered at the Land Registry-Registro Immobiliare (the equivalent of H.M. Land Registry in England). They maintain details of the property and record any financial charges and other matters which may affect the title.

The Notary
Il Notaio prepares the conveyance –La Scrittura Privata or Atto di Comprevendita- from the information supplied to him by the Vendor or his representative and will check that it complies with Italian Law. Before the visit to the Notary a check will be made against the property to ensure that no adverse entries have been made beyond those disclosed or to which the purchaser may be subject. This is very important, and is part of the service that we provide. Once the formalities have been completed before the Notary, the Scrittura must be delivered to the Stamp Duty Office for tax purposes, and then to the Land Registry for the transfer of title to be recorded in the Property Register.

Importation of funds
There are no restrictions on purchase monies being imported into Italy but to ensure that the proceeds of any resale can be repatriated, it is recommended that the purchaser obtains official documentation of the importation of the purchase money and incidental costs. The funds should be deposited in an Italian Bank and this can easily be arranged through any of the U.K. clearing banks. Resale involving payment of the purchase money outside Italy is permissible between non-residents but the right to repatriation of funds should be expressly included in the conveyance documents.

Purchase Expenses
The total expenses incurred in the purchase should not, on average, amount to more than 12% of the purchase price. The individual expenses and fees are as follows:

Stamp Duty- Imposta di Registro
There is no stamp duty threshold as in England and you will therefore be required to pay at the appropriate rate. If the property is bought as a second property in Italy or by a non-resident the rate is 10% for the house and 18% for the land. If the property is the 1st property bought in Italy by an Italian resident, the rate for the property is 4%, the land remains the same. A foreigner must become resident within one year of final contract in order to take advantage of this system. If this does not occur, a fine will be imposed. The value of the property assessed is not the purchase price but a figure assessed by the local tax office from official tables.

Land Registry Fees
The fees for registering your Scrittura at the land registry will be assessed on a scale fee according to the value, as in England.

Notary Fees
A fee is charged by the Notary to prepare and legalise the Scrittura. This is also a scale fee based on the declared value.