The extras

Foreign clients often ask '...but how much are the extras?'. It is often difficult to be exact about this figure. However, the following should make it clearer and easier for the client to at least understand why.

All properties in Italy are registered at the local land-registry office (catasto) and as far as the Italian state is concerned are given a certain value depending on district, number of rooms, etc. This value can differ greatly from the property's commercial value, perhaps because the property has recently been restored, or it's in a wonderful position with a great view, etc.

When a house is sold it has to be registered. The registry tax (imposta di registro) is 3% on a first house and 7% on a second property. This applies for Italians too, not just foreigners. The registry tax is calculated on the value stated at the land-registry office which can be considerably less than the commercial value. Here is a simple chart:

* You will be liable for either VAT or registration tax. VAT is applicable on purchases from a company, whereas the registration tax applies to private purchases

The agency fee is usually 3% plus VAT (I.V.A.), and is payable at the signing of the preliminare contract.

All property transactions must go through a notary who is appointed by the buyer. There can be a slight variation in price between notaries, but not much. Notary fees on a property of €250,000 would be from €1,800 to €2,000. The higher the price of a property, the higher the notary fees are likely to be.

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