If you are looking to buy in Venice, you can be assured that through Venice Sotheby's Realty you will see some of the best properties meeting the needs of the international buyer in terms of size, position and quality, in a city that continues to be one of the world's most desirable and luxury locations.
While our standards our high, our business model is very fair for both buyers and sellers. We look forward to being of assistance to you.
Italy is well-known for its red tape and this of course can include property transactions. However it does not mean that the system is worse than others and to some extent it could be considered safer. For example, "gazumping" is not possible.
Generally, there are three steps to buying a property:
This document is a written offer on a property in which the purchaser acknowledges that, having seen the property, he wants to make a firm offer stating his terms regarding finance, survey, etc... He will also be expected to put down a non-negotiable bank cheque as an escrow (deposito fiduciario) corresponding to 1% of the purchase price, which becomes binding if the offer is accepted.
This deposit is held in a special bank account under the responsibility of the estate agent.
This contract, which is binding on both parties, clearly states that X promises to sell to Y, who promises to buy. Y has to deposit a sum usually corresponding to 10/20% of the purchase price (caparra confirmatoria) which includes the previous 1% already deposited. The notary will then require about a month to make all the necessary enquiries, e.g. find out if there are legal problems or if there is a mortgage on a property, and prepare all the paperwork needed for the final document.
In some cases, steps 1 and 2 can be carried out at the same time.
This final contract is signed in the notary's office. Balance of total payment is given to proprietor, and on final signature purchaser becomes legal owner and receives the deeds to the property and the keys.
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Foreign clients often ask "...but how much are the extras?". It is often difficult to be exact about this figure. However, the following should make it clearer and easier for the client to at least understand why.
All properties in Italy are registered at the local land-registry office (catasto) and as far as the Italian state is concerned are given a certain value depending on district, number of rooms, etc. This value can differ greatly from the property's commercial value, perhaps because the property has recently been restored, or it's in a wonderful position with a great view, etc.
When a house is sold it has to be registered. The registry tax (imposta di registro) is 3% on a first house and 7% on a second property. This applies for Italians too, not just foreigners. The registry tax is calculated on the value stated at the land-registry office which can be considerably less than the commercial value. Here is a simple chart:
|Second property||Historical/ listed|
|VAT*||4%||10 - 20%||10%|
|Mortgage + Cadastre||€168.00 + €168.00||2% + 1%||2% + 1%|
|* You will be liable for either VAT or registration tax. VAT is applicable on purchases from a company, whereas the registration tax applies to private purchases|
The agency fee is usually 3% plus VAT (I.V.A.), and is payable at the signing of the preliminare contract.
All property transactions must go through a notary who is appointed by the buyer. There can be a slight variation in price between notaries, but not much. Notary fees on a property of €250,000 would be from €1,800 to €2,000. The higher the price of a property, the higher the notary fees are likely to be. Commercialista's fees are between 1.5% and 2.5% of the purchase price; lawyer's fees are more, say 3% to 4%. All services will be rendered in English of course.