How does the offer process work in Italy?

Other FAQs about Italy service

• What is a notary and what is his role in a property transaction in Italy?

  In Italy, a notary, or notaio, is a professional with specialised training and authority to authenticate and certify legal documents, contracts and transactions. Notaries in Italy have a unique role compared to notaries in other countries. They are responsible for ensuring the legality, validity, and enforceability of legal documents and transactions. One of the distinctive features of the Italian notarial system is that notaries have a monopoly on certain legal acts, such as real estate transactions. This means that certain transactions, like property sales, must be conducted through a notary to be legally valid.

• How does the offer process work in Italy?

  Once you have found the right property, you will need to sign a purchase agreement, known as a ‘Proposta Irrevocabile d’Acquisto,’ which reserves the property until you sign the preliminary contract (compromesso or preliminare di compravendita). A deposit is required, which is usually held by the agency. If you change your mind about the purchase, you will lose the deposit. However, if you proceed with the purchase, the deposit will be deducted from the total amount due at the time of the final deed (rogito notarile).

• What are the potential costs involved in a property transaction in Italy?

  When buying a property in Italy, various taxes and fees apply. Here are some of the main ones: Registration Tax (Imposta di Registro); Value Added Tax (VAT – Imposta sul Valore Aggiunto) if applicable; Land Registry Tax (Imposta Catastale); Mortgage Tax (Imposta Ipotecaria); Notary Fees; Agency Fees; Additional fees may include legal fees, translation costs, and administrative expenses.