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The Buying Process

How to buy a house in Le Marche

(Or The Buying Process In Few Simple Steps)

Once you have chosen your ideal Le Marche property you need to instruct your agent to write formally to the owners stating your intention to purchase along with your financial offer (Proposta d’acquisto).

After your offer has been accepted the purchase is secured by making a written preliminary agreement (Compromesso). For this you will need to pay a non-returnable deposit of up to 30% and at this stage 50% of your agent’s fee. The standard fee for agents is 3% of the purchase price. At Property in Le Marche there is a minimum fee payable of three thousand euros – less than most other agencies. Please remember that all legal fees in Italy are subject to VAT (IVA) at 22%. For the preliminary agreement each person involved in the purchase will require a Fiscal Code (Codice Fiscale-CF) which your agent can obtain with a power of attorney. The estate agent can also draft the preliminary agreement contract and a translation (which will be needed by law unless you speak Italian). However, if you prefer, this can be done by your lawyer. If both parties are ready to proceed to completion then the preliminary contract stage can be bypassed.

Next . . .

You will need to employ a Public Notary (Notaio) for the conveyancing contract (Atto). In Italy this is also the completion of the purchase. Because under Italian law you cannot convey a property unless you speak fluent Italian you will need to have either translations of all documents and a translator present when you sign the deeds or you can give power of attorney to an Italian / English speaking person of your choice.

The Notary is responsible for compiling and checking all the necessary documents, calculating and transacting the government taxes and their own legal fees. The purchase money to be exchanged between vendors and purchasers, taxes and fees, including the remaining 50% of the agents fees, are settled at completion. It is worth noting that taxes can be reduced if you take Italian residency, this can also be organised by the estate agent. For the atto it is commonly preferred for the buyer to have an Italian bank account but it’s not essential.

After this. . .

You get the keys to your property in Le Marche!