Buying a house
on Lake Garda

Buying a house in Italy involves a precise sequence of steps, and getting one wrong costs time and money: below are the steps, in the order they happen.

The Gardalive team goes through each of them with you, including the ones that take place in public offices.

This is the first thing you need to do, and it’s essential for buying a home in Italy. It uniquely identifies individuals residing in Italy (don’t worry, we’ll arrange the appointment and take you to the appropriate office).

Before completing the purchase contract we run a land registry check to verify that the property is correctly registered, that it belongs to the seller and that it carries no mortgages, seizures, attachments or other charges.

• The purchase offer must contain the essential elements of the contract, including the offered price, terms, and payment terms. It must also specify the validity period within which the seller’s acceptance must be received by the offeror.
• The purchase offer becomes binding on the seller when they provide their unequivocal, written signature for acceptance.
• Once the seller has provided their signature for acceptance and the buyer has been informed of the acceptance, the purchase offer is registered with the public authorities, which then constitutes a Preliminary Contract (or compromise).
  The purchase offer/preliminary contract must specify all the contract details and, once signed, binds the parties to the positions they have assumed.
• The purchase offer/preliminary contract requires the prospective buyer to pay a deposit; this amount will be deducted from the agreed-upon sale price upon signing the deed.
• If the seller wishes to cancel the contract, they will be required to return the buyer’s deposit plus an amount equivalent to the deposit itself.
• The buyer may also exercise the right of withdrawal, but will lose the entire deposit previously paid.

The transfer of ownership of real estate from seller to buyer occurs only with the execution of a notarial deed, a public document drawn up in writing by a notary (a public official who by law must be impartial and therefore protect all parties equally) with the formalities required by law; the choice of notary is generally up to the buyer. If the buyer does not speak Italian, the deed will be drawn up in both Italian and the buyer’s native language.

The costs of purchasing a property are paid directly to the notary, who is the person entrusted by the state with tax collection. The costs vary depending on the property’s price; once we’ve identified the property, we’ll provide you with a written, detailed estimate of the costs you’ll incur for the potential purchase (VAT/registration tax, notary fee, and real estate agency commission).

We transparently consider all incidental and recurring expenses related to property ownership:

• Opening a bank account: It’s useful to have a bank account in Italy both because it streamlines payment procedures and because it will be necessary for direct debiting of utilities (again, you don’t have to worry about anything; we’ll evaluate the best bank for your needs and open the account together).
• Condominium fees: If you purchase an apartment in a condominium, you’ll have to pay an amount that will vary depending on the apartment’s square footage and the amenities offered.
• IUC (Single Municipal Tax): This includes the property tax (IMU, based on cadastral income), waste tax (TARI, calculated on square meters and occupants), and services tax (TASI). Each municipality sets the amount within parameters dictated by the Italian government.
• Utilities: standard electricity, gas, and water supply.

Beyond the sale itself, we work with advisers and partners on what comes next:

• Mortgage brokering: finding finance with international banks (maximum age of the applicant at the end of the loan 75, funding up to 60% LTV, maximum term 20 years, instalment to income ratio at most 30%).
• International legal assistance and bilingual tax advice.
• Advice on insurance cover.
• Design, building and renovation with local technical practices and construction firms.
• Interior design for furnishing the house.