A real estate agent is legally obligated to act impartially. They work on behalf of both the buyer and the seller and must hold an Italian real estate license. Therefore, their commission is usually paid by both the buyer and the seller. Each agent sets their own commission rate. A buyer typically pays 3% to 5% + VAT of the sales price. Always have everything checked and processed by a notary. Do not make any payments directly to the agent or seller. Be sure to have a preliminary contract (compromesso) registered with the land registry/property register. This is especially important if the buyer still needs to secure a mortgage.
Offer proposal → 2nd preliminary contract (compromesso) → 3rd notarial deed ("Rogito", transfer of ownership)
The only legally binding step in the transaction is the definitive property transfer agreement between the parties, which must be drawn up and witnessed by a notary. The payment amount should be given to the notary in advance by Italian bank check . The notary's fees and transfer taxes are collected by the notary , who also ensures that the land register (catasto) and cadastral records are correctly updated. The duties of a notary , which guarantee a successful transaction, include:
Clarify ownership
Eg easements and rights of way, liens (mortgage, land charge), right of first refusal etc.
check that it is a legal object and not a "black building", or conversions / additions are also registered in the land registry.
checking the identities of the parties (buyers / sellers); ensure that they meet the legal requirements for entering into the agreement (B. Minimum age, common sense)
the applicable tax regimeconfirm and collect the taxes due. Real estate transfer tax is 2% for primary residence and 9% for secondary residence of the cadastral value
Issuing the deed of ownership ensures compliance with all applicable laws
enclose the legal floor plan for the property
Read the notary deed to the parties to ensure that they understand the content and that it is what they want
collect stamp duty and taxes on behalf of the state
Registration of transfer of ownership with Property registerand in the Land Registry(catasto)
In order to open a bank account in Italy, a bank requires personal identification and an Italian tax number (codice fiscale). A codice fiscale that is quite easy to obtain.
Once you become a new owner, you incur some recurring costs:
Facilities (telephone, gas, electricity)
Condominium management costs
only if your property is part of a condominium community
Local garbage and service tax
Municipal or property tax (Imposta Municipale) for services and expenses of the municipality
does not apply if your house is your main residence- unless it is a luxury property.
Insurance
You should at least consider insurance that covers damage to third parties, such as when a water pipe breaks and your neighbors suffer water damage. You can also consider theft, fire, and other coverages.
Avoid double coverage:
If you are in a condominium community, there may be group insurance for the building.
If you have taken out a mortgage loan, you have some risk coverage for life over the life of the mortgage loan.
Your real estate agent can provide an overview of your expected annual ownership costs.
Tax deductions
Property owners can benefit from a number of tax deductions when filing a tax return in Italy. The exact details may change from year to year. Preferably speak to an Italian. Tax Advisor (Commercialista)
Brokerage fee
Mortgage loan interest
Renovation costs
Energy saving improvements
What can the broker do for you?
Provision after "after-sales phase" as community registration
Activation of electricity, water, possibly gas, WiFi, insurance, waste disposal
Bureaucratic administration.
Maintenance work and possibly cleaning.
Monitoring of conversions, renovations.
Construction direction including geometer
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Once you have decided to purchase, it is important to legally secure the sale. In Italy, sales to private or commercial customers are carried out by notarizing the sales contract. A preliminary contract is often concluded beforehand to secure the purchase of the property. The notarial entry in the property register is essential to officially confirm ownership of your property in Liguria. Especially with high-priced properties, such as a villa for sale with a beautiful pool, it is worth seeking the support of experts to ensure that all legal steps are carried out correctly.
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Financing and mortgages for real estate in Liguria
When purchasing a property, there are various financing options, including the possibility of taking out a mortgage. Italian banks offer mortgages for foreigners and, depending on the bank, the amount of financing usually varies between 60 and 80% of the purchase price. It is advisable to check the current mortgage market and interest rates to find the best option.
There are also differences in the German system compared to Italy. While variable interest rate mortgages are often used in Germany, fixed interest rate mortgages over a long period are very popular in Italy. The Italian tax authorities also offer tax incentives for property owners, such as deductions for renovations, which are often linked to taking out a mortgage.
Another important aspect of financing is the property transfer tax, which in Italy is between 2 and 9% of the purchase price. These taxes can vary depending on the property and whether it is used as a primary or secondary residence. It is important to find out the exact costs involved in purchasing a property to avoid any surprises.
To ensure secure financing, you should work with an experienced real estate agent who will guide you through the entire process. They can help you find the right bank and explain what documents are required to apply for the mortgage so that the purchase of your dream home goes smoothly.
Buying real estate – charming houses and villas
We offer a wide selection of houses and villas for sale, ideal for those seeking relaxation and investors, with properties in La Spezia, Imperia and picturesque villages such as Cervo or Rapallo. Whether you are looking for a house in La Spezia, a beautiful villa in Imperia, or a country house in Cervo or Rapallo, we have the perfect property for you. Many of the properties offer a unique panoramic view of the Ligurian landscape or the sea. Our properties are often equipped with a beautiful pool and offer high living comfort in picturesque villages on the Riviera di Ponente.
