Your contact person for Italien Patrick Kyd-Rebenburg Spiegelfeld representative in Trieste This e-mail address is being protected from spambots. You need JavaScript enabled to view it Tel. +43/1/513 23 13-0

Area: 301,336 sqm Population: 57 mn GDP (2009): EUR 1,531.8 bn. Capital city: Rome Population of capital: 2.6 mn

 Contract of sale: Property acquisition in Italy is usually carried out in two steps. The first step consists of concluding a preliminary contract (contratto preliminare), through which the parties obligate themselves to conclude the final contract of sale. While the preliminary contract is valid when signed only by the parties involved, it is recommended to have the document officially recorded by a notary public in order to be able to enter it into the property registry, thus providing the buyer with security. It is customary to stipulate a deposit (caparra confirmatoria) in the amount of ten to 30 per cent when concluding the preliminary contract. The seller retains this sum in the event that the sale does not take place for reasons which the buyer is accountable for. The second step is for a notary public to officially record the final contract of sale (alternatively, certification by a notary suffices as well). At the latest by the time the contract is submitted to the registry office (i.e. if the preliminary contract has not been entered; see above) the buyer is protected against a double sale of the property as well as against the seller having any encumbrances entered.

Transfer of ownership: Ownership passes to the buyer upon conclusion of the final sale of contract, regardless of the point in time when the title is entered into the property registry (registri immobiliari). The only exception to this is in the formerly Austrian territories, where entry into the land registry (libro fondario) is the precondition for transfer of ownership.In Italy, building projects as well as additions or alterations to buildings are sometimes carried out without notifying the responsible authorities. While it is primarily the official responsibility of a notary to inspect a building to ascertain conformance with the building code, it is nevertheless recommended to make enquiries or even have a lawyer do so in order to avoid later demolition or a fine.

Incidental costs: It should be noted that, in addition to the actual purchase price, incidental purchase expenses as well as ongoing incidental costs are considerable. When a mortgage needs to be entered for the purchase of property, registry tax, cadaster tax, mortgage tax and stamp tax become due – not to mention notary fees and possible lawyer fees. The incidental expenses of purchasing property in Italy amount in general to 12.5 to 14.5 per cent of the actual purchase price.

Tel: +43 (1) 513 23 13 - 0, Fax: +43 (1) 513 23 13 - 23

 In addition to the selected properties presented here by way of example, we will be glad to offer you further properties upon request. Please make use of our contact and enquiry form. We will put forth every effort to deal with your request as swiftly as possible.