Buying Procedure for your Property in Abruzzo

 

1.    send a description of your required house

a.    Fill in the questionnaire

b.    We can already suggest some houses that fit you description

2.    Come out and view properties

We will put together a tour where you will see properties that fit your description and get a taste of Abruzzo.

3.    Choose a house

4.    Make an offer

Once you found the house, you need to make an offer. Remember usually the furniture and kitchen are not included in the deal, unless otherwise stated. We offer some packages for standard kitchens and new bathrooms.

5.    Put down Euro 1000 deposit to make your offer valid.

Only at this point the paperwork i.e. all the documents needed to sell and purchase a property in Italy will be released to the Notary. In Italy the Notary acts on your(the buyer’s) behalf .

6.    Organise a Tax code and Bank Account

Take a morning (not over the weekend) to organise a Tax code and Bank Account (minimum in the account of Euro 500 – our fees of Euro 200)

7.    Start purchasing process

The complete process from making an offer to owning a piece of Italy takes from 3 weeks onwards. Depending on the situation of the paperwork, a compromesso (see below) may or may not be required.

a.    -compromesso

This is a legally binding contract to buy and sell a house subject to specified conditions. You need to pay the seller some money, which is part of the purchasing price. The compromesso is usually done when there is either some work to be done on the house by the sellers or the paperwork needs to be rectified. A compromesso is also necessary for the amount of 20-30% when a mortgage lender is involved. The compromesso can be done via Post.

b.    - Transfer funds

Before the final signing you need to transfer your funds to your Italian bank account

c.     -final signing

You need to be present for this and it’s the day where you get the legal and physical possession of the property. The final signing will only take place if all documents are correct and the notary has checked and is certain of their validity . The notary will also check for any debt allocated to the property.

8.    Paying for the house

At this point you need to pay:

a.    the complete purchasing price (minus what you already paid).

b.    the Notary fees and the tax purchasing fees (this is based on the property price and a tax value –valore catastale – we recommend to calculate from 12-15% of the purchasing price).

c.     Translation fees and Interpreter fees (Euro 650).

d.    Agency fee of 3,5% +VAT or a minimal charge of Euro 4000 +VAT

9.    Receive deeds

In Italy the deeds need to be registered with the “Registro Immobiliare e ipotecario” this takes up to 20 working days. Hence, you get the key and a certificate confirming the purchase at the day of purchase and pick up the original deeds after a month.

10.          Change utilities

You are responsible for transferring utilities over from the seller to your name. We can offer this service.

A list of any works you require on the house is made and quotes prepared. No work is carried out without a written quotation.

Any support required is available to help you manage you property.