Everyone knows Juliet's famous line, “parting is such sweet sorrow
,” right? Well, it certainly makes a lot of sense when you need to sell your own property. Especially if that said property is in Juliet's home country, Italy. The many beautiful homes here are out of this world! Think chic apartments in Rome, villas in Tuscany, vacation homes in Puglia, and more! As much as you want to keep them all your life, there comes a time when you have to let them go and find new owners that will take good care of them. But how do you do that? Well, this guide on selling property in Italy
can help you.
What Are The Costs of Selling Your Property in Italy?
Here in Italy, buying a new property comes with a few costs. Of course, there's the property value, in which you first pay a 10% deposit when you sign the pre-sales agreement and the rest of it when you complete the sale. After that, you also have to pay the capital gainst tax. If you choose to hire a real estate agent
, you'll have to pay them their commission too. The standard is around 4% to 6% of the total property value. And while the buyer commonly pays for the notary fees here in Italy, at times, the seller has to pitch in as well.
Should You Sell Your Property Privately in Italy?
There's always the option of selling your property in Italy on your own. It's not exactly common, but it is possible and, as with any other part of the real estate game, it has its own pros and cons
. One of the main pros is that you don't have to pay any commission to a real estate agent. This lets you keep and save more money from the sale. But on the flip side, one of the main cons of not hiring a real estate agent is that you'll have a harder time finding a buyer. This is because most real estate agents would prefer to work with each other rather than with independent sellers.
How Do You Make a Property Valuation in Italy?
Before you put your property in Italy for sale, you must first know what it's worth. And you can only do that by doing a property valuation. If you hire a real estate agent
, they often come with such services already. Either it's part of their package or they collaborate with third-party companies to do the job. And speaking of third-party companies, many Italian banks would hire them to also do the property valuation. This is mostly for the buyer—to see if the place is worth lending them the mortgage loan
that will help fund their purchase.
How Do You Survey Your Property for Selling?
The property valuation is all about surveying your place to see how much it should be worth once you put it on the market. But before an official company does it, you ought to do your own surveys yourself first. It can really help if you spot something that needs fixing or any necessary renovation so you can get them done before the actual property valuation. This, in turn, might make the property value go higher. And when you do it, make sure to focus on what most buyers will look into
, such as the overall layout and structure, the windows, and more.
How Do You Market Your Property in Italy?
When your property in Italy is in tip-top shape, it's time to put it up for sale. This means you have to market it properly. And the best way to go about it is to submit your place to any of Italy's top property listing websites
. Since practically everything is online nowadays, most buyers find properties on such portals. In fact, even when their real estate agents would commonly find properties through these websites too. Two that you can really rely on are Immobiliare
. Not only are they well-known in real estate in Italy, but they also cater to international buyers.
What is The Process of Notarizing Your Property in Italy?
In the process of notarizing your property in Italy to make it ready for the sale, the notary will check on a few things first. One is if you are, in fact, the owner named on the deed of the property. Another is to check whether there are still existing mortgages and foreclosures on the property. And they'll also check if the correct taxes
are already applied for the sale. Once the notary has ticked all of these boxes and more, then you and the buyer are good to go with the purchase.
What Documents Do You Need To Sell Your Property?
As with any other process, you'll need to submit a ton of documents before you can sell your property in Italy. They include your codice fiscale
(tax code), valid ID, deed of origin, proof of residence (if applicable), Cadastral study and plan, and the certificates for the urban destination, energy performance, and viability or habitability. Do note that how long the entire sales process takes will depend on whether you can already get these documents ready or not. This is often the most arduous part of selling real estate in Italy.
How Do You Set Up the Sale & Purchase Contract?
Once your property is ready and the buyer is already sold on your place, it's time to sign the contratto preliminare
, or the pre-sales contract. This is the legal document that will bind both you, as the seller, and the buyer to the transaction. It's also what many consider the first actual step into the purchasing process. Upon signing—and after the grace period right after—the buyer will have no choice but to purchase your property. They'll pay a 10% deposit as solid proof of their intention to buy the place.
What are The Legal Issues in Selling Your Property in Italy?
It should come as no surprise that selling your property in Italy will have you facing a few legal issues
. One thing is the payment of taxes. In order to put your property in Italy for sale, you have to pay property taxes and the capital gains tax. Failure to do so can result in dire consequences, possibly even some jail time. Also, when you sign the contratto preliminare
(pre-sales contract), the document legally binds you as much as it does the buyer to the contract. If you choose to violate the terms within the contract after signing, you'll be required to pay the buyer twice the amount of the deposit they paid you.
How Long is The Process of Selling Your Property?
The length of time it will take for you to sell your property in Italy depends on you. As already mentioned, the most time-consuming part of this whole sales process is preparing the necessary documents. And more often than not, just preparing these documents will already take up a lot of time. That's why you'd do well to accomplish all of that before you put your property in Italy for sale. This way, it can only take around 140 days (approximately four months) for the entire process. This starts from when you and the buyer sign the pre-sales contract to when you hand over the keys to the new owners.
What are The Best Tips for Selling Property in Italy?
When you sell your property in Italy, there are a few tips
you ought to remember. One of them is to do your diligence checks before you put the place up for sale. This, in turn, will guarantee that the process will go smoothly. Make sure to check if your mortgage on this property is already paid up. This will also make it easier for you to sell the place. And finally, you should also meet the buyer in person as often as possible. Remember that you'll be giving your property to this person. Don't you think you ought to make sure that you're putting it in the right hands?
The most difficult part of selling your property in Italy is letting it go. However, this doesn't mean that the process of how to go about it is a walk in the park. This real estate guide alone should tell you that there's a lot you need to know and do!