Buying property in Italy differs from the purchase procedure in many other countries. The property market may seem difficult to overview. It has a limited internet visibility and cohesion, along with somewhat bureaucratic and costly transaction procedures. Cultural barriers may stand in your way as well. We can say that luckily it often seems more complicated than it actually is. And the market is changing. The purchase procedure may be complex, but with preparation and professional assistance from trusted companies a purchase can be straight forward, safe and fun.

What we do

SteiVell’s mission is to help fulfill your Italian dream. We are truly looking forward to find that unique property you are looking for. We strive to structure and simplify your search and purchase. We support you from idea to purchase. We focus on You.

How it works

We start by getting to know you. Your preferences and desires will help us define what areas are most suitable for you. We research the areas of your interest to find a handful of interesting objects. We scan the market and locate properties that matches your preferences. We arrange the meetings you need to make and provide you with the experts you want. We prepare you for the purchase procedure. We help negotiate if you like.

The process is thorough and our job is to simplify. Our clients have often been searching for several years on their own when we come in to the picture. We strive to find love at first sight.

5 recommended steps before buying property in Italy

The Italian property market doesn’t offer the same cohesion or one synchronized platform on the internet as other markets do. The procedure in Italy is not easily overlooked, and you may find it hard to know where and how to start. But as long as you start in the right end and know what you want, it can be very smooth and secure. Following we will give you our best advices about what to think of when buying Italy.

1. Write down your needs and desires

The need’s analysis may seem obvious to you, but reviewing it several times makes you more clear on what you want and helps you and your broker to eventually find that. Take your time to brainstorm and analyze, write down all that is important to you. Decide what type of surroundings you prefer, which interests you like to pursue, when and how you will like to enjoy and use the property. What are your reasons for buying in Italy; what’s the purpose? Make sure to be able to explain to your agent so that they can makes sure to fulfill your needs. Decide your budget and what you’re prepared to pay for a home that perfectly matches your desires. Once you have a ”wish list” it is easier to start researching for what areas in Italy may match your preferences.
Download your Need’s Analysis here to get started!

2. Locate your area

Italy is full of wonders, and fantastic property can be found in many places. Anyhow, location is, and always will be the most important factor when buying property. The location needs to fit your personal needs and budget, as well as any buyer’s, if you plan to sell. What is important for you in terms of availibilty/flights from your country, surroundings, nature, views, activities? Try to be as specific as possible. Welcome to use SteiVell’s support for finding the right area just for you. It doesn’t cost you anything but helps you narrow down your search.

3. Go visit

The area(s) that you consider. It doesn’t matter how strategic or smart a location seems to be; most important is that you love the spot in real life. Go see it, feel, experience it! SteiVell   will do personalized area researches on your request, ask us for more information.

4. Research

When you have located your area in Italy, research the market of the area. Double check and confirm that it’s a good area for you, and make sure you may find s suitable property in that area. SteiVell shares our knowledge of that market with you, and will do personalized area researches and property finding finding for you.

5. Get an overview of the procedure

Before you start a purchase, get a brief overview of the steps a purchase implies. Once you have the overview, you can prepare yourself for future steps and that way save time and money, and you will avoid getting stuck along the way. Steivell will keep you prepared in each step of the purchase.

The purchase procedure in Italy

Offer

Once you have found a property that you like to buy, you lay an official offer in writing on the property, together with a symbolic payment which signifies your serious interest. The bid can be accepted or negotiated by the seller and may take up to a few weeks to settle.

Reservation and deposit

The buyer pays a small (symbolic) deposit, usually held by the estate agent, or a solicitor. When receiving the seller’s formal acceptance of the offer in written notice, the property is reserved by you (and not available for other buyers) for a certain amount of time. If you finalize the purchase, the deposit will be considered as partial payment of the purchase price. If your offer isn’t accepted, the deposit will be returned to you.

Codice Fiscale 

This is your Italian birth certificate that you need in order to sign the preliminary contract and for many other things, like paying taxes, electricity, and water bills or even purchasing a fixed mobile phone number. SteiVell or the local broker helps you arrange it for you.

Inspection of the property 

An inspection may be recommended to verify its current state and in order to draft the specification of work that the seller shall undertake before finalizing the sale.

Due Diligence

Before going ahead you ned to check that the title of the property at the Land registry is correct; that it belongs to the person who is undertaking to sell it, and to make sure it’s without any debts, mortgages or claims.

Fiddeiussione

The insurance bond or bank guarantee secures the money paid for a property not yet completed or built. The seller of such property is by law bound to provide, at his own cost, a suitable bond to to protect the money paid in advance. The buyer will in case of the building company’s bankruptcy and failure to deliver the property, be covered by this bank/insurance bond and its insurance company, who will cover all the payments.

Preliminary Contract – Compromesso

The Compromesso is a legally binding agreement to sell/buy the property. It is a complex legal document which should contain all premises of the purchase. It defines the property in detail, including registry numbers from the Local Land Registry (Catasto) and blue prints. It states conditions such as agreed price and payment stages, deals with any existing mortgages or third parties’ rights and all other agreed conditions regarding the property purchase. When signing Compromesso, a deposit will be payable, ranging between normally 10% and 30% of the total price. The contract should be submitted to a specialized Italian lawyer for advice before signing. In some cases, you may choose to go directly to Rogito, the final contract and skip the procedure of Compromesso. In that case you are subjected to the same procedure but you will close the deal at once and will be entitled the direct access to the property.

First stage payment

is due at the time of signing the Compromesso. If you’re buying a property under construction, you shall receive the bank guarantee /Fiddeiussione before the money is sent to the seller. At this stage also the payment/commission to the broker, who receives a commission both from the seller and the buyer, is to be paid in full, or in part, as previously agreed.

Opening a bank account

A bank account will be needed for check payment at Rogito, the final contract, and for running costs such as water, electricity etc.

Inspection

After completion of agreed works listed in Compromesso, it is recommended to verify the work through an inspection. If the state of the property complies with the premises of the Compromesso all should be in order for moving on to final contract. If not, a list of remaining work shall be communicated to the seller with a deadline, and preferably a specified penalty for time delay.

Final Contract, Rogito

This is the last step which finalizes the purchase. The Rogito is signed at the Notary selected by you, who has controlled and prepared all documents in advance. Contracts are read out load and if you don’t speak Italian you should have a trusted Italian-speaking person present during the meeting to represent you. You pay the remaining amount of the agreed property purchase price, either with a bank check of your Italian bank or with a bank transaction with immediate effect. Immediately after signatures has been exchanged and the money is available on the sellers account transferred, you are the owner with immediate access to your property.