BUYING IN TUSCANY

1. The offer
We can initiate the buying process by making the initial offer on your behalf. A deposit (Deposito di Garanzia) will ensure that you are given preference over other potential buyers and the property is generally removed from the market. You are not committed at this point. The deposit ranges from 3-5% of the agreed purchase price. We can arrange for a surveyor (Geometra) to organise a survey on the property and carry out the searches.

2. Preliminary contract
The sale starts with a preliminary contract (Compromesso), which is prepared by our estate agents. This agreement commits both parties to the sale.  This contract establishes the terms and conditions of the final contract (Rogito) and details price, date for completion, the nature of the property and guarantees from the seller. You will be expected to pay a deposit at this stage (Caparra), which can range from 10 - 30%. It is important to note that if you withdraw from the sale after signing the Compromesso, you lose your deposit. However, if the seller withdraws, he must pay you double your deposit! The Italian way of selling ensures that buyers are not gezumped in the marketplace and that all parties work towards an established completion date from the outset, unlike the UK.

3. Contract of sale
This is the final stage of the process and transfers ownership of the property from the seller to the buyer (usually 1-3 months after the Compromesso). The document is drawn up by the Notary (Notaio), who represents both parties. The buyer, seller and estate agent are all required to be present for the signing of the contract at the Notary's office. You can sign the Rogito in person or we may be able to appoint a Power of Attorney in your absence - our lawyer will advise you on the appropriate action. As with a sale in the UK, you will be expected to transfer funds at this stage - we advise the best way of transferring funds is either via Swift at your own bank or by using a specialist currency dealer, which may be able to offer you better rate of exchange.

Useful Tips On Buying In Italy

Establish your budget
Make sure that you have taken into consideration the full purchase costs of the property before entering into a contract. Make sure that you have factored renovation costs and property maintenance into your budget

Allocate time
If you are going to combine viewing with a planned holiday, make sure that allocate enough time for each as the discovery of your ideal home should not be rushed. Check for public holidays in Italy - we will advise you of these.

Be mobile
A car is a must if you want to get around the region and visit a number of properties. Book in the UK as it is usually much cheaper.

Take viewings seriously
Always view the properties personally. Allow sufficient time when visiting, especially between appointments. Always check distances before setting off. Homes in Italy will organise your itinerary for you to help you use your time more effectively when in the market. Please be punctual for appointments as agents and proprietors will be waiting for you. Be honest with the agent if you are not pleased with the properties. If you prefer, we can feedback on your behalf. Take a camera, tape measure and note pad. Homes in Italy will provide you with a property checklist. Take a dictionary also in case the owner or agent do not speak English (we will advise beforehand if this is the case). Always view more than one property as a benchmark - you would do this in the UK.

Carefully select location
It is important to establish the type of location that you are interested in, do you want to be isolated? Near local amenities? Close to major road connections? If you are going to rent, make sure that your target market will be prepared to travel to the accommodation Stay in an area for a couple of days to familiarise yourself with the surroundings. Visit the location during the day and night. Visit the local shops, bars, if applicable.

Be realistic
If you are looking for a property that requires renovation, be realistic about timescales andcost. We can provide you with details on local architects, builders, surveyors, etc.

Fees Associated With Buying In Italy
Please note that this is a guide only and the exact fees associated with buying your property, will be outlined to you before you start the sales process.

Agency Fees
In Italy both the buyer and seller pay the Italian Estate Agent Fees, which can range from 3 - 8% of the purchase price. Our clients only pay Apremont Overseas a fixed fee of 3%(plus VAT) for all our support services.

Purchase Tax 10% approx*
There are several registration taxes that are combined with the Stamp duty. This is 10% and is calculated on the declared value of the property and not the purchase price (this is generally 50% less that the purchase price - please consult us for advice on this). *The purchase tax is reduced to 3% if the buyer purchases the property as a first home and applies for residency in the area within 18 months of purchase.

Notary fees - 1%-2%
The basic Notary fees are fixed by law and are charged according to the price of the property - they range from 1- 2%.