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We are pleased to offer you a variety of professional services which are designed to guide you through every aspect of the location, purchase and maintenance of a property in Italy. Our objective is to make our clients well informed buyers. The following information show the most important aspects of the process of purchasing a property in this country. The more you know about this process, the more enjoyable and satisfying your experience will be.

Remember, Italian law does not place any legal restriction upon the purchase of property within its borders by non-citizens.

In the case that the buyer chooses to use a real estate agent in order to locate a property and to negotiate its sale, the buyer should make certain that the agent is licensed to conduct business by the local Chamber of Commerce.

In some cases the buyer is required to provide a formal written offer (proposta) for the property. They may also be required to put down a bank cheque held in escrow to secure the property, which becomes binding if the offer is accepted.

Upon an offer being accepted, the agent will often produce a memorandum of sale to send to all parties involved. This serves to help the professionals involved draw up the preliminary contact (compromesso).

The buyer’s solicitor and/or geometra will undertake initial searches, check conformity with permissions and regulations, and check for any pre-emption rights. He will then work with the notary (notaio) and the vendor’s solicitor to produce the compromesso, and when signed by all parties this will be lodged with the notary.

Usually a deposit of 20 to 30% of the purchase price is exchanged between buyer and seller at Compromesso. Agent’s fees under Italian law are payable both by the buyer and by the seller (3% + IVA for seller and 3% + IVA for buyer), and these may be payable upon the exchange of the Compromesso.

Following compromesso, the notary will undertake any final necessary searches, tie up any loose ends, and prepare the final contract.

If the vendor is found to have not declared any important information, the purchaser may withdraw. However, if the purchaser withdraws after compromesso without just cause they lose their deposit. If the vendor withdraws after compromesso, a penalty of twice the deposit level is paid to the purchaser. Please be aware that damages could also be requested from either side under certain circumstances. Upon signature of the final contract (rogito notarile), the purchaser pays the remaining sum to the vendor, the notary’s fees (circa 1%) which are mandatory, the solicitor’s fees (if applicable), purchase tax (stamp duty) and any remaining agent’s fees. Please note that the purchase tax due will differ on every sale and should be calculated on an individual basis. The notary, upon final signing of the contract, will transfer legal title of the property at the Ufficio delle Entrate and register the change at the land or building registry.

Italian purchase taxes have just been changed Since the 1st of January of 2014 the tax was fortunately lowered for individuals, who are purchasing a property in Italy. When an Italian or a foreign purchaser, who does not own other properties in Italy, acquires a property for residential purposes and takes official residency in the municipal area where the property is located, the tax levied on such purchase amounts to 2% of the tax value (=valore catastale) of the property (before was 3%). This tax value is usually much lower than the actual purchase price. In any other circumstance, as for a “second home”- purchase the property tax amounts now to 9% (before was 10%) of the tax value for the building and 17% for the land. In addition to the purchase tax the buyer pays the notary fee which is based on the sale price and which is contemporarily paid to the notary with the signing of the contract..

Remember, Italian law does not place any legal restriction upon the purchase of property within its borders by non-citizens.

In Italy real-estate agents receive a commission from both the buyer and the seller. Generally, agents collect 3% from each side for a total of 6% commission. This percentage can be negotiated. When billing the buyer or the seller, Immocasa must include an additional tax of 22% (added value tax) to the commission.

IMMOCASA also consult for clients wanting an introduction to the area. This may include viewing of properties on their and other agent’s lists, with the pros and cons discussed from a living or potential rental point of view. This is a service for clients who wish to assess the general suitability of purchasing property in Italy. The charge for this service is EUR 80.00 per hour, an amount that would subsequently be deducted from the commission should a property be purchased through our agency. Again when billing, IMMOCASA must include an additional tax to this fee.

Management fees are based on the value of the individual property, the size and the distance from Florence. An average apartment has a monthly management fee of EUR 175.00. The agency will bill the owner monthly with the added value tax of 22% added. This fee would cover: organising cleaning and general maintenance plus a weekly inspection including mail collection. In addition we will organise billing and banking management, providing each client with private access to an up-to-date accounting sheet available 24 hours a day via our web site. Extra fees would be charged to cover: gardeners, accountants for income tax returns, attending condominium meetings, supervising the repairing of any emergency and any requested renovations. Examples of additional management services and the fees:

Client, friend and family check-in and check-out in Florence: EUR 35.00 per hour. Late night check-ins after 6.30 p.m. until a maximum of 10.30 p.m.: EUR 100.00 per hour Registering the client/friend/family with the police in accordance to the Italian law of 1978 for anti-terrorism: EUR 25.00 The general consulting fee for rental information and advice is Euro 35.00 per hour. All of the above prices are subject to 22% value added tax.