FINDING YOUR DREAM HOME AND PREPARING FOR A PURCHASE
Start by listing your wishes here. We will then suggest a meeting here in Italy or by phone if you are abroad. This will allow us to understand your requirements and expectations.
Based on your search criteria we will compile a list of properties for you to consider. This will provide us with the necessary information to create a tailor made shortlist for viewing once you are in Italy.
We normally suggest max. 3 – 4 properties a day. This will give you time to inspect the property thoroughly and to carefully consider the possibilities each property represents. You will also want some time to enjoy the views! You should expect some travel time between each property, these beautiful properties are usually tucked away from the main roads.
Like everywhere else a mortgage provider will need various documentation as part of the application process. It is very straightforward and as we work with English speaking mortgage / insurance providers as well as one of the largest banks in the area we can make the right introductions for you.
The 2 most important tasks are to obtain a “Codice Fiscale” (personal tax code) and to set up a Bank Account. “Codice Fiscale” is your unique tax code or ID number which is necessary for almost any purpose (Insurance, gas, water & electricity supply, phone subscription etc). This is acquired through your local Comune. You will also need the Codice Fiscale to set up your local bank account.
The geometra can play a significant role in the purchase and renovation of your Italian home. Geometra means “surveyor”; But this translation does not cover the load because the geometra is much more than a surveyor. He carries out a large number of the activities performed in other countries by an architect, estate agent, supervisor and contractor. The geometra is unique for Italy. In other European countries, you will not find this position.
Overview of the tasks of an Italian geometra:
As a foreigner, it is convenient to have a geometra as a supervisor. He knows the local customs and methods of construction and can accurately assess whether the work is carried out by the drawn up plans and permits. It is important that he has good contacts with the municipal officials.
SECURING THE DEAL
Most of the properties we sell are old and in a poor state of repair. Don’t let it put you off pursuing your dream home! We have lots of examples of how to transform an old building into a beautiful charming home .
Our experienced Geometra will give you a completely independent and honest assessment of the current property and your ideas and assess if your visions can be delivered. This discussion / evaluation / survey is naturally undertaken before you take any decision to buy the property.
Each property listed on our books has a technical sheet giving an approximate price of the cost of the renovation project including building costs, legal fees, technical surveys and estate agent commission. It also includes an estimate for a standard size swimming pool. These costs are only indicative and may vary depending on your project.
A restoration project normally takes circa 10 – 12 months + the time taken to obtain planning permission.
A completely new build / rebuild normally takes circa 12-15 months + the time taken to obtain planning permission.
Once you are sure that the specific property is the right one, you will need to provide us with a written offer. We will then contact the seller to present and discuss your offer.
PRELIMINARY CONTRACT (PROMISE OF SALE)
Yes, we recommend you do, however if you are unable to attend you can appoint the estate agent or a third party to represent you.
Yes, a deposit of 10% is required at the Contratto Preliminare. This amount is held by the Notary until the final contract is signed. In case of default, the other party will have the possibility to withdraw from the contract withholding the deposit (or claiming double).
You have a 7 day grace period to withdraw from the contract. On the eighth day the contract is legally binding and irrevocable.
THE FINAL CONTRACT
The final contract (“Atto”) is drawn up by a Notary who acts on behalf of both the purchaser and the vendor and is responsible for the correct transfer of the property. He is responsible for a long list of tasks including:
The final amount of the purchase price should be paid by a Bank Draft. You will also need to bring other cheques in order to pay the Notary, translation provider and estate agent commission.
We will ensure that you receive information / documentation of each of these expenses in advance of the meeting.
Italian law dictates that the payment of the final amount can only be made via a cheque issued by an Italian bank.
Estate Agent commission. In Italy both purchaser and vendor pay commission to the Estate Agent. Our standard fee is 3% of the property price and no VAT is applicable. This rate depends on the sale price and could change accordingly.
Translation fees. Unless the Notary speaks English, It is essential to have an official translator at the signing of the final contract to ensure you fully understand all the obligations of the contract. We work with a reputable and fully independent agency that provides certified translators. You should expect the fee to be circa €600 excl. VAT.