The process of buying real estate

First of all, we need to obtain identification taxpayer code (Codice fiscale). This code allows to identify each person residing or engaged in economic activity in Italy. This code accompanies man all his life. It can be obtained in two ways:

• In Italy with a valid passport and valid visa;
• The Italian Consulate in the country of residence.

After obtaining a Codice Fiscale you need to take care about opening accounts in an Italian Bank. According to Italian law the payment for the acquisition of real estate in Italy can be made only with the participation of the Italian Bank.

The process of buying property in Italy is strictly regulated by the Italian law

The process of buying property is usually divided into three stages:

1. Proposta d'acquisto (Offer to purchase). The process of buying real estate begins with signing the Proposta d'acquisto (Offer to purchase). This document specifies all the details, description of the property, price, terms and conditions. To confirm the seriousness of intent on purchase, at the time of signing the offer to purchase, the buyer makes Assegno (Deposit), which is usually the sum of 2,000 euros and may vary depending on the value of the property. Usually, the Proposta d'acquisto is irrevocable for the period specified in the document, but not more than 30 days. This time is given to the seller to decide to accept or not to accept the offer. The seller is therefore exempt from any obligations until the adoption of the proposal (Accettazione della proposta). The buyer can withdraw your offer at the end of the validity period of the offer specified in this document, but prior to acceptance of the quotation by seller. In case of acceptance of the quotation by seller, Assegno will be deducted from future payments.
2. The Compromesso (the Preliminary purchase agreement, also called Preliminare di compravendità). This is a legal contract, which specifies all the conditions subsequent of the transaction of purchase and sale, price, payment method, terms of payment, date of signing of the notarial deed, etc. When signing the Compromesso paid a Deposit (Caparra) or advance payment (Acconto) depending on what is stipulated in the contract. Typically, this amount is from 10 to 30% of the contract sum. The Deposit and advance payment have different meanings. So in case of failure of one of the parties from the contract the advance payment is refunded in full. With the advance things are different, in case of refusal of the buyer from the purchase, the Deposit remains with the seller in case of failure of the seller, the buyer will be refunded the Deposit in double. Within 20 days from the date of signing of this agreement it must be registered in the tax office, are also subject to payment of registration fees and taxes accrued on the amount of the advance or Deposit. At the request of the parties to this agreement may be executed with the participation of the notary in this case, the notary will make the entry in Conservatoria Registri Immobiliari, which will have the meaning of "reservation" for a certain period of time, i.e., this object cannot be alienated to third parties. The notary pays the party, at the request which produced this record.
3. Natarile Atto or Rogito (title deed). The final contract of sale is made in the presence of a notary (Notaio). The notary checks the legal purity of the transaction, is a contract of sale that certifies the fact of signing of the contract and supervises the payment of the registration taxes and fees. Further, the contract recorded by the notary in the registration of real Estate Office (Conservatoria Registri Immobiliari). At the time of signing of the contract, at the notary's office made the final payment to the seller, all taxes and fees and notary fees. As a rule, at the same time of the acceptance - transfer of object of real estate.

In the case where the buyer is a foreigner, there are two versions of the contract:

• The contract is in two languages, in the transaction there should be a translator and two witnesses, who speak the language that is understandable to the buyer. In this translation of the contract is done in advance. Interpreter and witnesses paid by the buyer. 
• Procura speciale d'acquisto (power of Attorney), is issued to a person who owns the Italian language, which signs the contract of purchase and sale on behalf of the buyer. In this case, the presence of the buyer on the transaction is not required. The power of attorney may be executed in Italy or in the country of residence of the principal. To have legal force, a power of attorney in the country of residence of the principal needs to have an apostille and be translated into Italian.