| Completion. Completion involves the
collection of all parties to the transaction -
the vendor (or vendors - and often a property may
be owned joinly by several family members),
agent, geometra, avvocato if employed, and of
course the purchaser, plus a translator unless
you speak Italian, at the office of the notaio.
Although in theory possible to appoint power of
attorney, in practice you will need to be present
yourself at completion. As this is perhaps a
pleasurable event after the negotiations and
organising most purchasers will enjoy being here
and want to gain possession immediately.
In advance of
completion you should have a list of the expenses
payable, including purchase taxes, notary and
interpreter fees and agent fees. The agent should
help you organise the necessary bankers cheques
etc at your bank.
Purchase taxes are
reduced if you intend to take Italian residence
within 18 months of purchase and declare the
property as your first home.
From January 2006
it is possible on some properties, particularly
property registered as "urban" dwelling
to declare in the sale act both the actual sale
price and the lower fiscal price on which you pay
tax. This removes the previous anomaly which gave
rise to worries about possible capital gains
problems on resale and clears the vendor from any
investigation of money laundering due to
under-the-counter cash transactions. In these
cases the buyer should insist on the full value
of the purchase being recorded in the sale act.
Completion
involves the reading of the deed of sale, or
rogito, (often in both English and Italian), its
signing by vendor, purchaser and witnesses, and
the passing of cheques or bankers orders from you
to the purchaser to complete the purchase.
Payments will
include the notary's charges and the assessed tax
on the purchase transaction, which the notaio is
required to collect. This is assessed on the
declared value of the purchase, not necessarily
the actual purchase price. It is standard
practice for the declared value to be less than
the actual value. How much less is a matter for
you to negotiate earlier and discuss with your
agent. You will also have to pay interpreter's
fees unless you speak fluent Italian.
If you have opened
a bank account locally and have transferred funds
there in anticipation of the purchase you should
be able to pay by the banker's cheques. Your
agent will advise on this. Unless you are 100%
sure of the notary and interpreter charges it is
wise to take cash to help with the correct final
payment.
In addition to the
purchase price of the property it is expected in
Italy the costs of purchase might add up to
somewhere between 10 and 20 percent of the price
including agent fees. Our experience is that for
most properties they are at the lower end of this
range.
The good news is
that you should now receive the keys to the
property, and now have full possession. Hopefully
of a beautiful house, and certainly in a
beautiful part of Italy!.
After the Purchase
For any enquiry on
buying property in Puglia, please contact us.
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