In a recent survey, we asked clients what their top tips would be for ensuring that Italian property purchases run smoothly. Here is a selection of replies, which we hope might be helpful if you are planning to buy real estate in Italy. In Italy you exchange legally binding paperwork and money at a much […]
Estate agents are neither lawyers nor independent. We are both.
Don’t Leave Your Italian Property Transaction To Chance… Seek Independent Legal Advice!
When buying or selling a property at home, most people wouldn’t dream of entering into a transaction without the assistance of a qualified and independent lawyer. Yet in Italy, many buyers and sellers, particularly foreigners, decide not to instruct a lawyer and instead rely on an estate agent to handle the transaction on their behalf. Many foreign property buyers find their way to our law practice this way. They have encountered serious problems; some have lost everything. Read more
De Tullio Law Firm and the New York Times
De Tullio Law Firm’s second contribution for the New York Times
One year after our first contribution for the New York Times, De Tullio Law Firm was interviewed for the second time to provide, once again, potential investors in Italy with useful guidelines regarding the buying basics of the Italian conveyancing process.
This time, the article is focused on the Riviera Ligure, one of the most sought-after places of the Italian country, but the legal information provided herein are extended to the whole Italian territory.
The article includes critical information, such as Italian Notary’s fees (Italian Notaio’s fees), legal fees and Italian property taxes.
“Buying basics in the Italian Riviera
There are no restrictions on most foreigners buying real estate in Italy, said Giandomenico De Tullio, a managing partner at the De Tullio Law Firm, which has offices in Italy and Britain.
Transactions are handled by a notary, whose fee is negotiable, but typically starts at around 1,500 euros (or about $1,860) and varies depending on the price of the property and the complexity of the deal, said Gianluca Giovannini, a notary in Livorno. For complicated transactions and sales involving foreigners, it is a good idea to hire a bilingual lawyer as well, said Mr. De Tullio, who estimated that a lawyer’s fee would be about 1 percent of the sales price. In addition, there is a 22 percent value-added tax on both services.
The stamp duty is the buyer’s biggest closing cost, at 2 or 9 percent of the property’s assessed value, depending on whether it will be a primary residence or a second home, Mr. De Tullio said. (To get the primary-residence tax break, buyers must typically establish legal residence in the municipality within 18 months of buying the property, he said.)
Other closing costs include a building registry tax of 50 euros (about $62) and several other taxes and fees that add up to a few hundred euros. A rough estimate of closing costs on a 1 million euro property is around 30,000 euros (about $37,000), Mr. De Tullio said, but he added that it can vary greatly.” Read the full article here.
The Overseas Guides Company Ltd released a guide to buying abroad with family. As they said, “a holiday home is perhaps the most life-enhancing thing you will ever buy. It helps you get to know and love another culture. It can be more relaxing than a package holiday to the tourist sites – a holiday whenever you want it, for ever, and to pass on to your children. […]
A holiday home abroad has the power to keep families together. Siblings might fight like cats and dogs as children, but many find they appreciate each other’s company more as they get older. Every Christmas you promise to see each other more often, but by the summer you’ve drifted apart again. For older children who don’t want to go on the usual family holiday, for students who don’t come home as much anymore, a holiday home can be the glue that holds the family together. […]
We’ve all heard about families that fall out over money. How can you protect yourself, your investment and your closest relationships? You need legal protections that will endure down the generations. Read on for some great advice on this, from specialist lawyers. […] Read more