Legal requirements for selling property in Italy
- Sales mandate - If you hire a licensed estate agent (recommended) to assist you with selling your Italian property, you will need to sign the mandate composed by the agent.
- Formal written offer (Proposta) - The proposta is sent to you once a buyer shows interest in purchasing your property. Signing this indicates your acceptance of the buyer’s offer.
- Preliminary purchase contract (Compromesso) - The solicitor draws up this document and you and the buyer need to sign this.
- Deed of sale (Rogito) - Prepared by the notary, the deed of sale needs to be signed by you and the buyer in the presence of the notary. The notary then registers the signed deed at the appropriate land registry office.
Costs of selling property in Italy
You will need to consider the following costs when selling an Italian property:
- Estate agent’s fees - 3% of the sale price.
Note: Check if you can split the fee with the buyer.
- Legal fees - Includes conveyancing fees (transfer of title deed) and is subject to Value Added Tax (VAT).
- Capital gains tax - Levied on properties sold within five years or, if the property is your secondary residence.
Tips for selling property in Italy
If you are selling real estate in Italy, the best ways to ensure you receive an excellent offer and complete the sale quickly are to:
- Present your property well.
- Ensure all property papers are in order.
- List a fair price for your property, keeping in mind the current market prices. If you need help pricing your property, contact a locally-based estate agent.
Property selling process in Italy
Before fixing a price to sell your property in Italy, view it with a critical eye and make all needed repairs. Also look through your property papers and research current market prices.
Market your property through advertisements, arrange viewings and engage in price negotiations with your buyer prior to signing the Proposto (formal written offer). It is often best to hire a locally based estate agent, who in exchange for 3% of the sale price will do the above on your behalf; they have a wealth of experience in the area to ensure the process go smoothly.
Once you have signed the Proposto, you and the buyer can proceed to the next stage of the sale, which is to sign the Compromesso (preliminary purchase contract) drawn up by a solicitor. At this stage, you will receive from the buyer 10% to 20% of the sale price.
The solicitor hands the signed Compromesso to your notary who conducts searches on the property and prepares all required papers.
Following satisfactory completion of property-related checks, the notary draws up the deed of sale (Rogito) which you and the buyer need to sign in the presence of the notary.
At this point, you will receive the balance of the property price from the buyer. Once you hand over the keys, the sale of your property is complete and the notary initiates the processes of transferring the title of the property to your buyer and registering the deed in the land registry office.
Winkworth International with its global marketing experience and in-depth knowledge of the process of selling Italian property is a trusted leader in the Italian property market.
Contact Italy Office for assistance with legal and other practicalities (such as advising on the asking price for your property, helping with property viewings, price negotiations and offer acceptance) of selling your Italian property.
This information is for guidance purposes only and is subject to change. Winkworth recommend that prospective buyers or sellers of foreign property obtain professional legal advice.