ITALY

1. In Italy a pre contract and a notarys contract are signed in most cases for property purchasing. A pre contract is binding and the purchaser pays between 10% and 15% of the agreed price. The pre contract can be signed without a notary but it is recommended that you do consult a notary.
2. In most areas it is not necessary to register property in the land register but it is recommended that you do so.
3. Before buy property in Italy you should first view the registered entry in order to be sure that ownership is 100% clear.
4. The price which is published in the notarys contract is mostly lower than the agreed price in order to save taxes.
5. There are a lot of illegal buildings in Italy. Renovation work or additional building works need also a license.
6. There are different land transfer taxes in Italy. The tax for a second home from a private person is 10%. If the house will be used as a main residence the tax payment is only 3%.
7. The tax for the land registry is 4%, the notarys fee is 3% and the commission for the real estate agent ranges between 4% and 6%.
8. If you want to build a house, we recommend that you first check the professionalism of the building company by viewing already completed houses and asking for references of clients.

9. The cost for renovating an old house is in most cases quite high. For this reason interested clients should also bear in mind the option of purchasing an already completed building.

10. Renting in Italy has an advanced sales right. This might be of importance for any client looking into buying an apartment.