Buyer s Guide This guide will help to familiarize you with the buying process here in Piemonte, Italy, and give you the confidence to get that dream home in this beautiful region
how to start Below is a procedure list: 1. get finances in place speak to a bank about mortgages 2. come view properties with us 3. make an offer & have the house checked 4. arrange money transfer through a specialist company 5. sign the compromesso and pay the deposit to the seller 6. suggest a date you wish to sign the deeds 7. get an Italian bank account 8. transfer the funds to pay for the house, tax, notary & commission 9. come sign the deeds 10. move into your new home in Italy!
where to start Finance To avoid disappointment and wasting time it may be worth getting finances in place before you visit, especially if you re going to finance with a mortgage. More about mortgages later. Viewing property We are a registered estate agent. We have a selection of great houses. New properties come in every week, so you wont be disappointed. We also love the area that we have chosen to live in. We are not cold, hard sales people. We are passionate about what we do. We can meet you at an agreed place in the place you are staying, or in our office in Montà d Alba (12km north of Alba) whatever is more convenient for you. We only want to show you properties YOU WANT TO SEE!
found that dream house! Found & Checked!! Now you ve found your dream house. It would be wise to have it checked. In Italy there are no such thing as surveyors, such as you find in the UK that check every detail. Here, you ll need the services of a local builder that understands local building methods and materials, such as Langhe stone, or you can employ the services of a local Geometra (architect). We can recommend or arrange this. If you prefer to choose your own we will be happy to arrange a meeting, translate or recommend an independent translator whatever you re more comfortable with. The Offer Once you ve found a house you like, you need to make an offer. We promise to always negotiable the best possible price for you. We can usually get an answer very quickly within 24 hours.
secure the purchase Okay, you ve put in an offer and the owner accepts. The sale starts with a preliminary contract the compromesso. This is a very straight-forward contract and is easily understood (we will provide an English translation). Once signed, the compromesso binds both you and the seller to the sale. At this stage you need to pay, within 10 days, a deposit (caparra) this is usually 10% of the value of the house. This you pay directly to the owner of the property. The compromesso isn t binding until the deposit is paid. If you pull out after signing the compromesso you lose your deposit. If the owner pulls out they have to pay you double the deposit. This system is to prevent gazumping, so very much works in your favour. The compromesso can be arranged within 7-14 days. You don t have to be present for the signing of the compromesso -it can be done by email and post. A local geometra (architect) can be assigned to check the land registry and the permissions the property has. At this point we can set a date for the deed signing. The time between the compromesso and the signing of the deeds can be decided by you and the owner - typically it is 8 weeks but can usually be set for a longer or shorter period.
time to celebrate The Final Contract The final deed is drawn up by the Notary (Notaio). The notary is a lawyer, a public official. Italian law states that a notary has to witness a deed of sale for it to be registered with the land registry. He or she will also make many checks: that the house is free of mortgages, that the property complies with planning rules (that nothing has been built illegally), that the due tax is paid, that the house is owned by the people that are selling it, etc. We always use the same notaries we trust and do not overcharge. These are trusted solicitors that are thorough in their work. The buyer, seller and estate agent need to be present for the signing at the notary s office. The process lasts around an hour (two hours if you have a mortgage). It is very boring! You can visit the bank just before to get cheques to pay for the property, the notary, our fee and the property tax. All these things will be paid at the same moment. You do not have to worry about paying a tax bill later on. Everything will be settled on the same day. Note: You must have an Italian bank account. The deposit can be paid from a bank outside of Italy but the balance must be paid from an Italian bank. You now own a house in Italy! The whole process from viewing to owning can take as little as 4 weeks. We will be working for you so will help you through the whole process. You can be assured of our full support.
what will it cost? Tax on the property (registry tax) This is calculated on the Land Registry value of the property which is usually half or less of the value you pay for the property. If it s going to be your only home in Italy and you have or will get Italian residency with 18 months (prima casa) - 1% If it s going to be your 2nd home in Italy or you wont get residency (seconda casa) - 7-10% We can get an estimate of costs way before the sale. Expect around 6-7% on top of the sale price to cover all fees. Notary s fee Varies: usually around 2,000. We can get a close estimate well before the sale. Estate Agent s fees The agent s fee is paid directly to the agent (us) at the same time the deposit is paid. This is 3,5% based on the sale price of the house. There are no taxes charged on this, such as VAT (IVA). Translation It s important to have an independant translator at the notary s office and to have a translation of the deed. Italian law requires that you understand what you are signing. We can recommend a good translator for this. In some cases we can do it for you.
what will it cost? Mortgage We can recommend an excellent English-speaking mortgage consultant here in Italy. He will help with the whole process of getting a mortgage. Currency Exchange You can save thousands on your new property by getting the best exchange rate. Codice Fiscale & Bank Accounts You will no doubt need to open a bank account and you will need your tax code (Codice Fiscale), We can help you with this. You have to be present or go to your local Italian consulate. Solicitors Italians do not use solicitors when buying homes, other than using a notary. The only time you may need a solicitor is for advising on tax implications. You really don t need to spend out on a lawyer that will give the same advice as the notary.
frequently asked questions Why should I use Langhe Property? We have considerable success and we know this is due to many things including efficient working, honesty (we wont lie or mislead to sell a house) and by giving genuine care to all of our clients. We ve been operating since 2006 and have lived in italy since 2002. We understand the market, property values and we listen to our clients. We re a licenced real estate agency. Don t trust your most important purchase to someone that is not licenced here and/or doesn t have proper registration or experience. It s really important you have someone on your side. You ll probably need some advice even a long time after buying, so don t go it alone. We will only assist our clients (people that have bought through us). Do you have more properties than on your Web site? Yes. We don t display everything we know about and new homes come in weekly and some owners will not allow their properties to be displayed on a Website. Please let us know what you are looking for and we will find it. How much real estate commission will I have to pay? 3,5% of the sale price of the house. This is paid on the first contract and is nonnegotiable. Prices on our Website do not include this commission but we can usually more than. Is buying a house difficult? No. Make a check-list of all you have to do and keep asking questions.
frequently asked questions Can I pay a deposit and put off buying the house a few months? Yes, but it really depends on the seller. We can always ask. 2-3 months is normal 6 months is sometimes possible if you need the extra time Do I have to be present for the signing of the property deeds? No, you don t have to be but you would have to go to the Italian Consult in your country to set up a Power of attornery. The notary here in Italy helps with this. Can you set up a bank account for me? You must be here in person to do that. If you re working with us we will be happy to assist. Can you get a codice fiscale for me? You must have your tax code (Codice Fiscale). You need to be here in person to get it or from your local Italian consulate. We can help if you re buying a property with us. Do I need a solicitor? Yes, you must have the notary - he or she does everything. Other than this you don t need a specialist solicitor. Can I get a mortgage in Italy? Yes, we can recommend an excellent English-speaking consultant here in Italy. If I buy a property with vineyards or hazelnut orchards, can you arrange for a farmer to take care of them? Yes. Can I get house insurance? Yes. We can recommend a company for this. If I buy a property as a holiday home can you arrange for someone to care for the garden, clean, etc? Yes, we know English speaking people in the area that can work for you.
frequently asked questions Do I have to worry about the house being broken into when I m not there? Crime is very low in the countryside areas, but a good level of security is normal here. Do the locals mind foreigners moving into their region? They love the idea of new blood and are always very helpful and welcoming. Is there good rental potential in the Langhe and Monferrato? Yes, the season is very long around May to November. There s a particular need for self-catering accommodation. A 6 bedroom house with pool will fetch 3,500 a week, from Easter until the end of November. What s the weather like? Excellent. The winters are real but not the same humidity as in north Europe which feels much colder. The warm weather starts around April (15C), May around 20C, June August 28-35C, September and October are very pleasant. Can I get English/American TV in the region? Yes, for about 120 euro you can buy a FreeView dish and receiver. That s all it costs no monthly charge. We get all the BBC channels ITV, Sky News, CNN, etc. With a larger dish you can get more channels or pay monthly SkyTV for sports and movie channels. What is the voltage of home electricity? 220 volts, as in the rest of Europe. All electrical appliances will work here that are from the rest of Europe and many things from the USA. Is there a form of property tax? Yes, it s called L IMU. It depends on the size of the house and land but expect to typically pay 500 euro a year. What other yearly costs are there? Apart for electricity and maybe gas there is the rubbish collection tax (garbage) this is calculated according to the size of your house expect around 150 euro a year. TV licence is 100 euro a year (you have to have one if you have a TV, even if you are not insane enough to watch Italian TV). Water is not expensive around 200 euro per year. When you first buy you need to get new contracts made (gas, electricity, water). There s typically a charge of around 40 80 euros from the service providers.
here to help! Langhe Property di Alexander Edwards Fraz. Saretto 5, 14010 - Cisterna d Asti, ITALIA Mobile: +39 346 1214 077 Email: info@langhe.property Website: www.langhe.property Partita IVA: 01565750054 This guide was written by Richard Edwards, Langhe Property - Rights reserved 2019 All photographs by Richard Edwards. Graphic design by Alexander Edwards. Rights reserved.