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![]() Normally buying property in Italy is arranged in two stages: Stage One Either directly or with the assistance of an agent Property checks and searches At this stage it will also be necessary to organize a survey, local land registry searches, and all necessary checks with the local authorities (Commune), as far as local planning and building regulations are concerned. This work is usually undertaken by a local surveyor (Geometra) and Public Notary (Notaio), which usually organised by Agency. If these searches reveal any problems regarding the sale of the property then the sale cannot be completed and you will get your deposit back in full. Usually these checks and searches take around two weeks to carry out. Checks carried out by Geometra: — The property matches the Land Registry definition — The property was not built without planning permission — Any work done, have recieved approval and have had the relevant taxes -The Checks carried out by -There -There -The property, For example is the vendor has agreed to allow a highbour to build or extend within the minimum laid down by Italian law or has given a friend a right of way across the property Stage Two The last stage relates to the completion formalities which normally take place in the offices of a Local Notary. Notaries have a special duty of drafting the Purchase Deed and to ensure the proper execution, registration, and payment of all Italian taxes ancillary to the completion. The purchaser is liable to pay: — — - - Estate Agency fees — Registration Tax. This is levied at 11% (from declared value of the property — see below) for IMPORTANT: Declared Value Under Italian Law a property has a legal or declared value. The legal value is statutory value placed on the property by the Government. This value is generally considerably less than the actual purchase price (usually The amount of tax and notary charges a lot less than it appears at first sight and from our experience all charges should not exceed 10% of the purchase price agreed (this excludes budget properties priced below 30k euros where fees can reach up to COSTS OF MAINTAINING YOUR PROPERTY List of property for sale here |
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