Buying A Property
Buying a property in Abruzzo – the legalities
In some ways, buying a house in Abruzzo is simpler than buying property in England. There is a two-stage legal process involved in the purchase: the first is the ‘compromesso’, which is a commitment on the part of the potential buyer to purchase the property, and, on the other hand, a commitment on the part of the seller to sell the property. The second stage is the ‘atto finale’, or completion.
Compromesso
The compromesso consists of a document that sets out what is being sold, the conditions on which it is being sold, the price being paid, and details of the buyer and seller. The compromesso is a private contract between the buyer and the seller, but it is a legally-binding contract.
When the compromesso is signed, a deposit (typically 10%), is paid by the buyer to the seller, and this fact is also recorded in the compromesso document. Once the compromesso is signed, both parties have made a commitment to the sale of the property. If the buyer pulls out of the purchase for reasons other than those stated in the compromesso, then they forfeit the deposit.
Similarly, if the seller changes their mind about the sale, then they have to return the deposit to the buyer, and, in addition, have to pay the buyer an additional amount of money equal to the deposit. This means, in practice, that once a compromesso is signed, there is a high probability that the purchase will go ahead (unlike the UK, where a purchaser or seller can change their mind right up to the time of exchange of contracts).
Atto finale
The final act is usually signed by the interested parties in the office of a public notary (‘notaio’). In Italy, as in many other continental countries, purchases and sales of property are recorded by means of notarial deeds.
The notary is responsible for checking that the purchase/sale documents are in order, checks the identity of those present against their identity documents, oversees the payment of the outstanding balance of the purchase price, and collects taxes due to the state on the purchase/sale of property. The notary makes a charge for this service.
Levels of taxes vary depending on the type of land/property involved, but, overall, the various taxes and charges typically amount to about 15% of the purchase price.
What to look out for
These are some things to look out for when buying a property in Abruzzo
- find out who owns the property; in most cases there is no problem with this, but, in some cases, especially with property in rural areas, there can be a number of owners, all related, and possibly living in different parts of Italy or the world, and, in such situations, getting the agreement and signatures of all those involved can be problematic and time-consuming;
- make sure the property and associated plots of land are correctly registered with the land register;
- make sure you are buying what you think you are buying – i.e. check the documents carefully, as mistakes can occur;
- neighbouring farmers can have the right to purchase agricultural land that is being sold (diritto di prelazione); it is worth checking if such a situation exists in your purchase, and, if it does, it can be worth asking them to provide a declaration waiving this right.
How we can help
We can help you right through the house purchasing process, from finding a suitable property, to arranging viewings, helping you obtain answers to your questions, negotiating prices, organising the paperwork, helping with the compromesso, right up to the ‘atto finale’.
Once you own your property we can help with registering services (water, gas, electricity, telephone) in your name, and, if you plan any renovation or refurbishment of your property, we can help with designs, planning permission, finding contractors and project management.