Buying Real Estate and property in Sicily,
Italy - FAQ
How
do I arrange a viewing for property in Sicily?
We will spend time talking with you before
your trip to determine the best sort of real estate/property
for you to see, so you make the best use of your time
in the area. Before you leave we will agree with you
the properties that you will see and make a firm appointment
as to the time and place of meeting our agent. Once
you have one or more properties you want to view we
can advise on travel and accommodation in the area
and arrange an appointment with a local agent.
Can you help
me selling my property?
Yes. See our sales page.
How safe
is the buying process in Italy?
Very! All registered property transactions in Italy
must take place in front of a notaio (A Notary Public
who represents the Italian government.) The notaio's
job is to check that the sale documents are correct,
to verify the identities of the parties involved,
to collect the tax on the sale due to the Italian
government and to ensure that the entries in the land
registry are updated to show the new owner.
Before this can happen one needs to check the land
registry to ensure that the property is correctly
registered to the vendor, that the property is registered
as either a residential property, or in the case of
property that isn't at present a dwelling, for example
a barn, that the required permissions are forthcoming,
that essential services are available, that there
are no undisclosed rights-of-way through the property,
no outstanding mortgages, and to generally ensure
that you are buying what you expect. We can offer
you advice on the above mentioned matters, at an additional
cost.
How long
does it take to buy a property in Italy?
If we provide consultancy on the above mentioned
matters, we can generally move from offer to completed
sale in around 3-4 weeks if both parties are ready
and if the final check on the paperwork shows up no
last-minute problems and a notaio is available to
produce the sale documents and to witness the sale.
What additional costs will I have to face to buy a
property in Sicily?
You will need to pay for the services of the notaio
(see above), for a geometra (surveyor) to run the
legal checks and searches listed above and required
by the notaio, and pay purchase tax to the Italian
government. In practise all of these will generally
add somewhere between 9% and 13% to the sale price
- of which the great majority is the tax.
Do I need
to sign a pre-contract (Compromesso or similar)?
Absolutely not, although we can arrange
one if you wish.
Italian property law allows a range of pre-contracts
where the purchaser pays a deposit on a property that
they wish to buy to stop the vendor selling elsewhere,
perhaps while the purchaser raises the money, or runs
checks on the property to ensure that it is sound.
Do I need
to personally attend the sale?
Italian property sales are usually
enacted in the office of the notaio overseeing the
sale and in the presence of both the vendor and purchaser.
If you can't, or don't want to, personally attend
we can send you a "power-of-attorney" request
and use a third party to represent you. You will need
to get the request witnessed by an Italian government
official or an authorised Notary Public or similar
person in your own country and return it to us before
the sale.
Do I need
to use a lawyer to represent my interests?
The notaio overseeing the sale works
for neither buyer nor seller. However, he or she is
responsible for seeing that sale is correctly carried
out, that the new ownership is correctly registered
and will generally become legally responsible for
any claims made by the vendor in the sale document.
When I purchase
a property, which taxes will I have to pay?
It depends on the kind of purchase.
Taxes can range approximately between 4% and 10% .
On request we provide tax consultancy advice.
Will the deposit
that I will pay to ensure the property, be given back
to me, if the vendor was to refuse my proposal?
Yes. If the buyer who gave the deposit
backs-out, the vendor can withdraw keeping the deposit.
If instead, the person who received the deposit backs-out,
the other part can withdraw and demand the double
the deposit (see art. 1385 of the Italian Civil Code).
Is there a
rule that sets the value for the deposit? Does it
have to correspond to an exact percentage of the total
amount, or it is up to the participants to decide?
There is not a rule, although the Chamber of Commerce
of each city sets a minimum percentage.
Usually the percentage can be higher or lower, according
to the agreements between vendor and buyer.
Where can
I find out about the latest Sicily investment news?
You can find the latest news and developments by going
to our Investment News page.
Is it easy for a foreigner
to get a mortgage in Italy?
For information about mortgages in Italy, check this
link:
http://www.bancaperlacasa.it/ubcasa/jsp/foreign_buyers/index.jsp
It links to a bank called Unicredit, Banca per la
casa (Bank for the home) and it was formerly the Abbey
National branch in Italy. They have a branch in Catania,
Sicily.
How much are the agency fees?
2-3 % on the price of the property for the buyer,
2-5% for the seller.
Is there a Capital gain tax
in Italy?
No, there is not. Instead there is an annual tax called
ICI. The amount of ICI is decided by each city council
and it depends on the location of the property and
on its square metres. It may change from year to year,
according to the decision of the city council.
Are there any other property
taxes?
There is a tax on rubbish disposal, which is decided
by the city council of each city and it depends on
the square metres of the house. It doesn't matter
how many people live there.
Interested
in buying - Contact Us
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