The purchase process in Italy is quite straightforward but there are a few steps on the way to pay attention to. We are your partner throughout the complete purchase process, and beyond.
From the first search to the signature at the Notary — and beyond — Enzo Musco and the STUDIO MUSCO team guide you through every step of buying property in Italy, with over 25 years of experience on the ground in Capri, Naples and Sorrento.
Financing your property purchase in Italy
When we start the search for the perfect property for you, of course we need to know your specifications and your budget to buy property in Italy. It is also useful for us to know if you already have the finance for the property ready because this can be an advantage in the price negotiation with the seller. If you are planning to take out a mortgage on the property we are happy to introduce you to our partner bank and get this process started, since paperwork and administrative matters can take some time in Italy it is wise to start the mortgage discussion in the beginning of the purchase process. It's possible to get a mortgage for a part of the amount needed (usually 50%) even if you are not planning to be a resident in Italy and it's normally a quite straight forward process if the bank is happy with their due diligence.
Italian bank account and Fiscal Code (Codice Fiscale)
To be able to buy property in Italy you need to have an Italian bank account and an Italian Fiscal Code (Codice Fiscale). To apply for an Italian bank account you need to be here in person and the fiscal code can be applied for either here in Italy or at the Embassy/Consulate in your resident country. We recommend that you arrange both the bank account and the Fiscal Code in the beginning of the house hunting process. We have close partnerships with banks and are happy to assist you with the process of opening a bank account and the application for the Fiscal Code.
House hunting in Italy
According to your specifications, wishes and budget we present houses for you to evaluate. We carefully choose the properties that we believe are best suited for your specifications and intentions. We are also able to advise you on areas, locations etc for the properties to avoid making the wrong decision. In addition to the properties we have on our website we also have many properties for sale where the owners wishes to be more private and where only private viewings are done.
Surveys
It is not obligatory in Italy to get a survey of the property and it is always the buyer who pays for an eventual survey. If you want to execute a survey on the property we will be happy to put you in touch with a surveyor, called a geometra, who will assess the property for you. If you are planning on doing any construction or renovation work, the geometra will also be the professional you hire for the complete project. In Italy you always buy the properties "as is" and therefore it is very important to do any checks of the property and negotiate the price accordingly before signing the first contract (compromesso).
From offer to keys: the two contracts
The first contract – Compromesso
Once the price and terms for the purchase are agreed with the seller it's time to sign the first contract (Compromesso). This is a contract that stipulates the sale price, when the final contract will be done etc. Once the contract is signed, the Compromesso binds both you and the seller to the sale. At this stage you are expected to pay a deposit (usually 10–15% of the sale price of the house) and our commission of 3% + VAT (minimum fee €3.000 + VAT). If you pull out after signing the compromesso you lose your deposit and commission payment.
The final contract at the Notary
The final deed is drawn up by the Notary (Notaio). Italian law states that the deed of sale needs to be carried out at a Notary, who will also check that the house is free of mortgages, that the due tax is paid and that it is owned by the people selling it. The final money transfer to the seller, the notary's fee and the purchase tax are due at this stage, usually via a bank-guaranteed check (Assegno Circolare). If you don't speak fluent Italian, an authorised translator must also be present to translate the contract during signing.
Cost of buying a property in Italy
As a rough guideline you need to calculate 10% of the sale price of the property for the buying costs in Italy. The purchase tax varies depending on whether you will be a resident in Italy (Prima Casa) or you plan to buy as a second house (Seconda Casa), and this affects the final buying costs.
The buying costs include:
- Purchase tax
- VAT in case of a new build
- Agency commission
- Notary fee
- Registration fee
- Translation fee
Before, during and after the purchase
We will be at your side throughout the complete purchase process, make sure that you get all information and support you need and that all necessary steps are done, in time and correctly. If you are planning to make changes to your property or renovate we can connect you with all necessary professionals — geometra, building company, lawyer — and we also offer project management services during the renovation, property management and much more.
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