FREQUENTLY ASKED LEGAL AND TECHNICAL QUESTIONS

Q. Can you help me arrange a mortgage?

A. Yes we can. We work with our business partner KIRON (part of the UniCredit Group) who offers our clients a 100% mortgage repayable within 30 years, flexible and personalized mortgage rates and specialised consulting.

Q. How does the property buying process work in Italy?

A. Generally, there are three steps involved in buying a property: proposal of purchase, preliminary purchase and final purchase.
If you see a property you like and you don’t want to risk losing it you can make a ‘Reservation Offer’ (Proposta d’Acquisto). This offer is optional and will reserve you the right to buy the property for a certain period of time (about 15 days). You will have to pay a relatively small deposit to the seller as a gesture of good faith. At this stage the offer is binding only upon the buyer not the vendor. If you fail to purchase the property within the specific time you loose your deposit. If the buyer does go ahead with the purchase, the deposit will be treated as a part payment on the final price of the property.
Once you have decided to go ahead with the purchase you will sign a preliminary agreement (preliminare di compravendita). The preliminare di compravendita stipulates that both parties agree to buy and sell the property, and that they concur on the terms and conditions of the sale. The compromesso is a binding legal agreement to complete the purchase at some future specified date. A deposit is required. It describes the property as it appears in the land registry. The preliminare di compravendita is subsequently followed by a public sales act drawn up by a Notaio.
The executed preliminary contract will be the basis upon which the final contract “Deed of Sale” (Rogito Notarile) will be drafted by the notary and executed by the parties. The Rogito Notarile is a legally binding document and requires the presence of an official called a “Notaio” or Notary/Lawyer. He oversees the signing of the Rogito, registers the Rogito to the Land Registry and collects tax on the property (hence the need for a Codice fiscale). Usually the choice of the notary will be made by the purchaser as he/she will be partly responsible for the payment of the notary’s legal fees.
The buyer, the seller and the estate agent are all required to be present for the signing of both contracts. If it is inconvenient for you to attend in person before the Notary we can make arrangements for a Power of Attorney (procura). If the buyer wishes to be present but the notary considers that he/she does not speak Italian well enough to understand completely, the agent can sign on the buyer’s behalf.
If you can’t make it to Italy for the signing of the contract we will draw up a power of attorney agreement which is e-mailed/faxed/sent to you. Please print it out and sign it in the presence of a solicitor. You then need to send or take it to the Foreign Office in your country (In the UK, in London) who need to stamp it (a small fee is payable) and the original copy is then sent to us in Italy. We can then sign the preliminare di compravendita or final contract or both on your behalf, without the need for you to come to Italy.

Q. How much to offer for your property in Italy?

A. This question cannot be answered unequivocally. Just like anywhere else, you are free to offer what you think the property is worth.

Q. How can I make an appointment with you?

A. To begin your request please fill out the online request form. Alternatively, you can give us a call or send a fax if you wish to arrange a viewing: 0039 0872 714393. We will make every effort to give you an appointment on the days(s) requested. We organize viewing trips from Monday to Saturday. Flights to Pescara are usually cheaper from Monday – Thursday.

Q. What is a geometra?

A. The geometra has an important role in the home buying process in Italy. He is like a surveyor and project manager and usually prepares all paperwork for property sales, improvements, planning applications etc.

Q. Are you a real estate agency registered with the Chamber of Commerce?

A. Yes. We are registered as a mercantile agent with the C.C.I.A.A. (the Chamber of Commerce, Industry, Crafts and Agriculture) of Chieti no. 646; REA (Repertorio economico amministrativo) no. 104737.

Q. What types of Italian real estate are there?

A
Annesso: annex (e.g. garage space, box)
Appartamento: an apartment, or a flat to UK readers
Agriturismo: a working farm offering accommodation
Attico: attic
B
Bilocale: an apartment with two rooms
Box: Prefabricated garage
C
Casa: generic term for a house or home
Casa bifamiliare: a sub-genre of the casa known to Brits as a semi or as a duplex to Americans
Casa calonica: a farmhouse, also referred to as cascina
Casa padronale: the main house on an estate, the old squire’s house.
Cascina: a farmhouse, also referred to as casa calonica
Casetta: a small house
Casale: a farmhouse or small hamlet
Casolare: a house in the country
Castello: a castle
D
Dépendance: outhouse
F
Fattoria: working farm
M
Mansarda: loft conversion
Masseria: a huge farm, usually in southern Italy
Monolocale: a studio flat
P
Palazzo: a phrase that can be applied to almost any large apartment building or block of flats, as well as meaning a large town house or mansion.
Podere: a small farm that has meat, fruit and vegetables
R
Rudere: an abandoned ruin
Rustico: rural property, usually in need of restoration
T
Terratetto: means that the entire building is owned by the owner and it may be a semi-detached, detached or terraced house.
V
Villetta a schiera: a terraced house

Q. How do I find the ideal holiday domicile?

A. Have a look in our online catalogue (immobili residenziali) where you can consult thousands of properties currently available. Alternatively, you can order our brochure(lasciare le vostre richieste) which is updated every 15 days.

Q. What are the tax obligations arising from the purchase and ownership of real estate in Italy?

A. Under Italian law, taxes on real estate can be divided in two categories:

taxes payable on the transfer of property (tributi della compravendita immobiliare – e.g. registration, mortgage, cadastral, and VAT taxes)
taxes on the ownership of the property (tributi di gestione)

For further information on taxes arising from the purchase and ownership of real estate in Italy, click here. (tassazione e normativa - inglese)

Q. Do I need an Italian-based representative for fiscal issues?

A. It is advisable you appoint an Italian fiscal representative, a “rappresentante fiscale”, who deals with the Italian Tax Authorities. if you are not intending to take up residence in Italy. This can be a friend or a professional advisor such as the buyer’s personal attorney or accountant.
A foreign citizen who wishes to purchase property in Italy must also obtain a tax identification number “codice fiscale” from the local tax office. The codice fiscale will be necessary for the execution of the compromesso and of the rogito notarile. Tasso Immobiliare can organize a codice fiscale for you. All you need to do is provide us with a copy of your passport or ID. Please contact us for further information.

Q. How long will it take me to buy a property?

A. Generally speaking the sale can take up to 6 – 8 weeks. If the property is vacant and all the paperwork is ready we will make an appointment with the notary and you can buy immediately (within 2 weeks). However, how quickly you can purchase a property depends on what you are looking for, and how specific you want to be. It also depends on whether you are planning to come to Italy in person or arranging power of attorney, as this takes a bit longer.

Q. What if I find a property and don’t want to be gazumped?

A. In Italy you can sign a purchase agreement (a Proposta Irrevocabile d’Acquisto) which reserves the property for you for 15 days until you sign the preliminare di compravendita (first contract). A deposit is required which is held by the agency and returned to you at preliminare di compravendita. If you change your mind about buying you will lose your deposit, but you are protected against any legal or planning issues should they arise.

Q. How does your service differentiate from that of other estate agencies?

A. We offer services that go beyond the sale and purchase process. Whether you are looking for a holiday home, looking to retire, seeking a big return on investment or buying to let, we can discuss the types of properties that best suit your requirements. We can also find the best mortgage deals and inform you on inheritance and tax issues. In addition, we can make restoration cost estimates for you and project manage for you.

Q. Which is the airport closest to you?

The closest airport is Pescara which is a half-hour drive from Lanciano. Pescara airport is served by Ryanair (www.ryanair.com). For more information on Pescara airport and car hire click on “links”.

Q. Where can I find information about living in Italy?

A. There are several books on the subject.
The following books have received excellent reviews and can be ordered on amazon: www.amazon.co.uk

Buying a House in Italy by C. Gordon Neale, Paperback Buying a House in Italy: Where and How to Do It by C. Gordon Neale
Living, Studying and Working in Italy: Everything You Need to Know to Live La Dolce Vita by Travis Neighbor Ward & Monica Larner.

You can also find some useful information on the net:

If you have any particular questions you can contact us via e-mail or phone:
E-mail: atdtasso@tin.it
Tel/Fax: 0039 0872 714393
Mobile: 0039 335427961