Sale and property purchase - Tuscany's Home real estate

THE PURCHASE PROPOSAL

To establish the price of the property the buyer formulates a written purchase offer, which we will draw up for you. The intention to buy is emphasized through a deposit (Caparra Confirmatoria). Once there is an agreement on price between the buyer and the seller and the seller has accepted the deposit, we proceed with the preliminary contract.

PRELIMINARY CONTRACT

This private, legally secured purchase and sales promise guarantees the property to the buyer on the one hand, and on the other hand gives the seller the security that the buyer is committed to buy. The preliminary contract is, in its contents and formulation, very similar to the subsequent notarial contract of purchase and, owing to the contractual promise of both parties, it represents an obligation on both sides. It includes all terms and conditions, methods of payment, dates for the final contract and any other details deemed important. We recommend that this be done with the assistance of a public notary. The preliminary contract comes into force with a deposit (Caparra Confirmatoria).
The Caparra Confirmatoria is regulated by §1385 of the Codice Civile (Italian Civil Code), which is applicable to sales offers and preliminary contracts. This deposit signifies the buyer’s serious intention to purchase the property, and by accepting the deposit, the seller expresses his commitment to sell. Should there be a failure to comply with the contract of the Caparra Confirmatoria, the regulations are as follows. Should it be the fault of the buyer, he loses his deposit. Should the seller withdraw from the contract, he is committed to refund the full amount of the deposit plus an equal amount to the buyer. This represents an equal security for both parties.
Taxes for the preliminary contract:
0.5% of the deposit (which will be reimbursed at the final contract)
Euro 200 (½ the buyer, ½ the seller)
Euro 16.00 for every 4 pages (½ the buyer, ½ the seller)

FINAL CONTRACT

In Italy the final contract of purchase can only be done by a public notary. Beforehand, the public notary investigates whether the legal and historical origins of the property are incontestable, and after the contract has been signed, he orders the transfer of title in the land registry. The final contract will be registered in the property registration office (Ufficio Catastale and the Conservatoria dei Registri Immobiliari). Now, the remainder, the notary’s fee and taxes are paid. To guarantee complete understanding of both parties, a certified interpreter will be present to translate the final contract.

On signing the final contract, taxes are to be paid, which the notary will retain. The calculation of the taxes is not based on the purchase price, but on the property’s value documented in the land registry (Reddito Catastale).

Primary Residence (when buying from a private individual):
2% Registration Tax (Imposta di Registro)
Euro 50 Land Registry Tax (Imposta Catastale)
Euro 50 Mortgage Tax (Imposta Ipotecaria)
Euro 2.5000-3.000 Notary fee

Primary Residence (when buying from a developer):
4% IVA (VAT) Registration Tax (Imposta di Registro)
Euro 50 Land Registry Tax (Imposta Catastale)
Euro 50 Mortgage Tax (Imposta Ipotecaria)
Euro 2.500-3.000 Notary fee

Second Home (when buying from a private individual):
9% Registration Tax (Imposta di Registro)
Euro 50 Land Registry Tax (Imposta Catastale)
Euro 50 Mortgage Tax (Imposta Ipotecaria)
Euro 2.500-3.000 Notary fee

Second Home (when buying from a developer):
10% IVA (VAT) Registration Tax (Imposta di Registro)
Euro 300 Land Registry Tax (Imposta Catastale)
Euro 300 Mortgage Tax (Imposta Ipotecaria)
Euro 2.500-3.000 Notary fee on the declared value in the final contract