Purchase Guide
Buying a home is probably one of the most important steps we'll ever take in our lives.
Let's review and analyze all the stages involved in purchasing a home.
Choosing a property is obviously the first step, a decision that should be made slowly and with careful consideration, preferably with the advice and assistance of a professional real estate agent. Once you've identified your dream property, the next step is to draft a Purchase Offer/Preliminary Contract, the first official document that formalizes the intention to purchase the home and the parties undertake to abide by the terms and conditions contained in the document. The Preliminary Contract/Purchase Offer must contain all the clauses of the sale, precisely specifying the key elements such as the property to be purchased, its address and a description (floors, rooms, etc.), Land Registry information (with floor plans attached to the contract), the agreed-upon price and payment terms, and the deadline for the final contract.
Upon signing the Preliminary Contract/Purchase Offer, the buyer pays the seller a deposit, generally between 10 and 30% of the agreed-upon price.
The final phase of the sale process is the drafting of the Notarial Deed, or Final Contract of Sale, which marks the final transfer of the property from the seller to the new owner. It is drawn up by the buyer's trusted notary and contains all the information necessary to identify the property, its compliance, the price, and the payment terms. Upon signing the deed, the buyer pays the remaining balance to the seller.
The buyer's purchase costs are:
- Agency commission = 4% of the sale price plus 22% VAT
- Notary fees - Preliminary contract, registration fees, taxes, and stamp duties.
- Final notary contract, registration fees, taxes, and stamp duties.
However, our agency will be able to provide the buyer with a quote containing the amounts due for the above items.
To purchase a property in Italy, the buyer is required to have a tax code (Codice Fiscale). The tax code is an Italian tax identification number. It is issued free of charge and is not only required to purchase a house or land in Italy, but also to obtain a mortgage, open an Italian bank account, obtain a mobile phone number, register utilities, take out insurance, find a job, etc. You can obtain a tax code by applying at the Italian embassy or consulate in your country, or we will be happy to assist you with obtaining one at a local tax office in Italy.
Tuscany Inside Real Estate by Anna Rivieccio offers a comprehensive and professional service, following every step of the process, from initial contact to signing the deed, with the client.
Let's review and analyze all the stages involved in purchasing a home.
Choosing a property is obviously the first step, a decision that should be made slowly and with careful consideration, preferably with the advice and assistance of a professional real estate agent. Once you've identified your dream property, the next step is to draft a Purchase Offer/Preliminary Contract, the first official document that formalizes the intention to purchase the home and the parties undertake to abide by the terms and conditions contained in the document. The Preliminary Contract/Purchase Offer must contain all the clauses of the sale, precisely specifying the key elements such as the property to be purchased, its address and a description (floors, rooms, etc.), Land Registry information (with floor plans attached to the contract), the agreed-upon price and payment terms, and the deadline for the final contract.
Upon signing the Preliminary Contract/Purchase Offer, the buyer pays the seller a deposit, generally between 10 and 30% of the agreed-upon price.
The final phase of the sale process is the drafting of the Notarial Deed, or Final Contract of Sale, which marks the final transfer of the property from the seller to the new owner. It is drawn up by the buyer's trusted notary and contains all the information necessary to identify the property, its compliance, the price, and the payment terms. Upon signing the deed, the buyer pays the remaining balance to the seller.
The buyer's purchase costs are:
- Agency commission = 4% of the sale price plus 22% VAT
- Notary fees - Preliminary contract, registration fees, taxes, and stamp duties.
- Final notary contract, registration fees, taxes, and stamp duties.
However, our agency will be able to provide the buyer with a quote containing the amounts due for the above items.
To purchase a property in Italy, the buyer is required to have a tax code (Codice Fiscale). The tax code is an Italian tax identification number. It is issued free of charge and is not only required to purchase a house or land in Italy, but also to obtain a mortgage, open an Italian bank account, obtain a mobile phone number, register utilities, take out insurance, find a job, etc. You can obtain a tax code by applying at the Italian embassy or consulate in your country, or we will be happy to assist you with obtaining one at a local tax office in Italy.
Tuscany Inside Real Estate by Anna Rivieccio offers a comprehensive and professional service, following every step of the process, from initial contact to signing the deed, with the client.
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