1. Can foreigners purchase a castle in Umbria or Italy?
In principle, there are no general restrictions. Both companies and private individuals from other countries can acquire real estate in Italy in its entirety.
It is always recommended to seek advice from the real estate agency - or, in the case of private sales, from a lawyer -
in order to enter into a legally effective purchase transaction without subsequent consequences.
Sometimes the land register of a property is encumbered, third parties may have rights to a property or unauthorized construction measures
have been carried out, for example. You have to protect yourself against all these eventualities in advance!
2. When is a deposit required?
The basis for a down payment (in Italy called caparra conifrmatoria) is a signed preliminary purchase agreement (Contratto Preliminare di Vendita or Compromesso di Vendita).
Unlike other countries, this deposit is mandatory and usually NOT refundable if the buyer wishes to withdraw from the contract for any reason.
Exceptions for repayment can be guaranteed only in certain cases or if it was contractually agreed for certain reasons.
The usual down payment here is between 10% and 30% of the total purchase price.
3. What if the seller withdraws from the contract?
If the seller withdraws from the purchase contract for certain reasons,
the buyer is usually entitled to a refund of double the amount of the caparra confirmatoria,
unless a specific reason was excluded in the preliminary contract.
The final purchase agreement is then usually made within a maximum period of four months.
4. What should be considered during the final handover of the property?
purchase and sale of real estate in Italy must be registered with the authorities. The
Conservatoria dei Registri Immobiliari is responsible for this.
A professional real estate agency takes care of all matters.
It procures the necessary documents, checks procedures and obtains information.
In particular, at the time of the transfer, all legal aspects should be fully clarified before the notary prepares the final purchase
contract named Atto di Compravendita.
5. What characterizes a good Italian real estate agency?
Before you fly or drive to Italy to make an appointment
for a viewing, you should write down any questions in advance.
If necessary, take a trusted person with you to the inspection, who can advise you on site.
In addition to the general activities of a real estate agent, you should pay particular attention to the following things:
- The company is registered in the local chamber of commerce
- Agency offers negotiations with the owner
- Complete information and clarification of all facts and special features according to a specific property and sales process
- Requesting documents and powers of attorney
- Contracts in your local language
- Mediation of insurances and financing options
- After-sales assistance: mediation of specialized companies to carry out restoration works or rent your property.
In recent years, the so-called real estate tourism has increased significantly.
Supposed prospective buyers pretend to be wealthy without being able to afford a property,
causing annoying work and wasting time.
Therefore, please note that some agencies may demand inspection fees and proof of creditworthiness, especially for high-priced properties!
6. How much are the notary fees?
The notary fees for the preparation and certification of the purchase
contract are based on the value of the property, payable at the time of signing.
Basically, foreign buyers who do not intend to move to Italy pay more taxes.
- Buyers who already own a property in Italy and are NOT Italian residents pay 9% of the value of the building and 15% of the value of the land.
- Buyers who purchase a property in Italy for the first time and are resident in Italy or want to move to Italy pay 2% on the value of the property and 15% on the value of the land.
A foreigner is obliged to take up residence in Italy within 18 months from the date of purchase.
7. How much are the usual brokerage fees?
The usual buyer's commission brokers in Italy is 3% plus VAT,
although minimum fees are also common, i.e.:
The agency charges a minimum fee if the 3% is below a certain limit.
The VAT in Italy called IVA is currently 22%.
