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What to know before buying a house in Abruzzo | Print |
old notary.jpgBUYING A HOUSE IN ABRUZZO?
KNOW THIS !
Before you buy a house in Abruzzo or Molise, there are a few things that you need to be aware of. Here are some suggestion.   We can speak from our own experience. We were very undecided, we were looking for a good deal, and all the good deals have traps or things that are not clear.
Buying a house is a simple procedure, but for a first timer and especially a foreigner, it’s a special trip, full of pitfalls.

Graziano Casavecchia, owner of the Real Estate Agency “Valentine Investimenti” gave us some pointers.
Read carefully the information below. It's short and concise.


How do you buy a house in Italy and especially in Abruzzo?
keys house project.jpg1.    Choose a house from the selection of your real estate agent or private seller.
2.    If you like it, proceed.
3.    Sign a purchasing proposal  with a 5,000 euros deposit (approximately). The deposit will be refundable in case the seller will refuse to buy, doubling the amount given. Therefore 10,000 euros return. In case the buyer pulls out, they loose the deposit.
4.    All the deposits need to be registered at the local IRS, through a contract. The contract costs 168 euros + 0.5% of the deposit given (a minimum of 168 euros)+ 5.16 euros special taxes + 2 “marca da bollo “ of 14.62. Grand total of 370.40 euros.
5.    In case of an extended time period between the purchasing proposal and the final sales contract, there can be introduced a preliminary contract that needs to be deposited at the IRS (with the same costs).
6.    Final sales contract.


The buyer selects the notary and the notary will check if everything is legal.
Please note that the notary is not your attorney, he just checks if everything is legit.

What are the expenses that I need to encounter?
-    3% of real estate (buyer and seller on both sides) + iva (sales tax at 20%)
-    Registering fees for contracts (approx. starting at 370 euros)
-    Final sales contract if it is a old house : 3% tax on the value of the house (catastale) + 716 euros extra taxes
-    Final sales contract if it is a new house : 4% tax on the value of the house + 884 euros of extra taxes.
-    Notary fees starting from 1,000 euros to 3,000 euros approximately based on the value of the house and the if it is new or not.

What are the mandatory things to do ?
notary.jpg-    Final sales contract
-    Notary
-    Taxes
And they all need to be paid to the notary (with regular bank checks).



Beware of….?
-    Make sure you investigate the property during day light.
-    Always register the preliminary contract (buyer pays) in case you pay a deposit, within 20 days.
Big fines if you don’t register
-    If you don’t use an agency, make sure you get the certification that the real estate is owned by the person that you are dealing with. Or a power of attorney.
-    Always get a receipt from the real estate agency because they will be always responsible for any inoccurance.
-    Make sure the owner of the house does not owe money to the condominium. Ask the building manager about it or make sure it is listed in the contract.
-    Make sure that there are no works to be done in the building right before you buy, already established in the condos meetings.
-    Check the ownership of the real estate. Make sure the real estate has not been donated because that will open “a can of worms”. If the house has been donated and then sold, others can claim some of the earnings through the buyer. NEVER, ever buy a donated house.

keys.jpgDo I need to be a citizen to buy a house?
No, but if you become an Italian resident within 18 months, you will take advantage of the no property tax for the first house and only 4% sales tax.








We want to thank Graziano Casavecchia of the Real Estate Agency “Valentine Investimenti” for the professionalism and sincerity. Real Estate agents, usually don’t tell you everything upfront like Graziano did for us. It was very useful for all the users that want to learn all the tricks and laws about buying a house. Of course, this is just the essence, there are a lot more issues out there. Also, select carefully your real estate agent. Many of them don't really know what they are doing or they have very bad ethics. You will realize after their first lie.
foto.jpgGraziano has a unique ethical way of doing things that is not common in the business. If you are interested in his services, we can guarantee that you will not regret it and can trust him 100%.
 
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