Purchase/sale process
In Italy there are three steps to buying a property:
Offer (Offerta/Proposta di Acquisto)
A private, written offer is prepared by the Real Estate Agency and the document is presented to the vendor, offering an amount for the property. This is accompanied by a small deposit (usually around €5,000-€10,000) in the form of a cheque. The offer is normally valid for only a few days. If the vendor accepts the offer he will undersign the proposal and accept the deposit .
Preliminary Contract (Compromesso/Contratto Preliminare)
A binding, legal agreement between the vendor and the purchaser, normally but not necessarily drawn up by a geometra (surveyor) and undertaken by a notaio (public notary). The Compromesso contains all the terms and conditions of the sale, including the date of the final contract – this can be at any time agreed by both parties but the norm is 2-3 months later. At this point, the main deposit (caparra) is paid (minus the sum already given at the time of the offer). The amount is negotiable but is usually around 20% of the purchase price, and with a limit of 40%. At this time the Real Estate Agent’s fees are also paid.
NB: If the purchaser later withdraws, he will lose the entire deposit. If the vendor withdraws, he is bound to repay the deposit plus a penalty of the same value.
Final Contract/Deed of Sale (Atto di Vendita/Rogito)
The completion of the sale must be executed by a notaio (chosen and paid by the purchaser), and requires both parties to be present. The notaio is responsible for drafting the Deed and has a duty to ensure that all documents are accurate and that there are no problems relating to the sale. He will read through the entire document and both parties will then sign and the Deed is stamped. The purchaser will pay the balance to the vendor, plus all taxes (given to the notaio) and the notaio fees. The vendor must also pay taxes if there are any due. The notaio is responsible for preparing the official communication to the local council and registering the Deed of Sale with the Land Registry Office (Ufficio Catastale).