Tuscan Villa Sales
The Anglo-Italian property experts in Versilia
Buying a property in Italy can be far more complicated than you expect. Italian property laws can be complex and there are many pitfalls you may be unaware of. Tuscan Villa Sales is a fully qualified and registered estate agency with many years of experience of the local property market.
We ensure all our clients are given the upmost support through all stages of the property purchase procedure, ensuring the advice you are given is up to date, professional and with your interest at heart.
Technical and legal translations are carried out in house and we are able to articulate and interpret documents and deeds in plain English.
Below is a brief description of the property purchase process.
If you would like a no obligation pre purchase discussion please do not hestitate to contact us.
How to buy a property in Italy
Once you have decided on a property, the first step in the purchase procedure is to prepare a proposal form in our agency stating the amount you wish to offer, the terms of payment and the expiry date of such offer. As guarantee, a cheque for the deposit amount, made payable to the vendor, is to be handed over and will be cashed by the vendor. The expiry dates for both the preliminary and the definitive contract will be stated in the proposal.
The preliminary contract is not mandatory as the definitive contract can be immediate, it is, however, the general procedure where a property is not immediately vacant and it is necessary for the vendor to free the property of his assets before the definitive contract or where it is necessary to wait for the release of finance or for any other requirement for which the definitive contract can not be carried out immediately.
With this contract all the clauses of the definitive contract, which will be at a future date, will be defined on signing the preliminary contract is signed a deposit of 20 - 30% of the value plus the agency commission, is payable. The preliminary contract, which will be registered can be written by a notary.
The definitive contract must be written by a notary who will take out a land registry search. Notary fees are payable by the purchaser.
Property purchase tax in Italy
First home buyers 336 Euro + 3% of the value
Second home buyers 10% of value
Agricultural Land: 18% of the value.
When buying a property, it is possibile to declare as taxable value, not the amount paid, but the land registry value generally results in a considerably lower sum than the market sale price.
In order to apply for first home buyers tax reduction the following criterias must apply:
a)the property must not be evaluated as ' luxury ' (assessment a series of parameters involving the dimension, finishing touches and those pertinent to outdoor areas, swimming pool etc.)
b) the property must be located in the Municipality in which the purchaser is resident or in which he/she is to establish residency within 18 months of the stipulated dates, or in the Municipality where the purchaser carries out his main activity.
c) the purchaser must not be either, exclusive or joint owner with spouse, or have a right of use of any property in the territory of the Municipality of the property to be purchased;
d) He/she or the spouse, must not own, either in full or part, any property, in the national territory, on which the "first home buyers tax reduction" has been applied.
The said reduction will not be applicable if the property is either, sold or given as a gift before the end of the 5 year period from the date of purchase, unless within the first year a second property is purchased for the purpose of principle residence.