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Guides
Guide – Moving Money with WISE
Guide – Moving Money with WISE One of the most common questions I get asked as a licensed real estate agent in Italy is “How do I get my money to the notary, seller, or owner?” This question is especially frequent from American clients, who don’t know what an IBAN...
Guide – When is Commission Due on the Sale or Purchase of Property in Italy?
Most Americans are used to the idea that real estate commissions are only due upon the completion of the purchase or sale of property, also known as the closing. It’s worth noting that in other countries, customs and laws may be different, as is the case in Italy. I recently...
Guide – Renting Out Property in Italy
A Guide to Renting Out Residential Property – For Owners Jump To: A Guide to Residential Rentals – For Renters As with renting a property in Italy, renting out a property can also be a challenge. Most property owners choose to trust their property with an agency who can help...
Guide – Renting in Italy
A Guide to Residential Rentals – For Renters Jump To: A Guide to Renting Out Residential Property – For Owners Renting in Italy can be challenging, even for Italians. Between the myriad documents required, various fees, and long wait times between finding a property and actually moving in, it may...
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Jump To: Guides | Professionals | General Italian Real Estate FAQs | Buyer FAQs
General Italian Real Estate FAQs
What is a 'Codice Fiscale' and do I need one?
The Codice Fiscale (Italian Tax ID) is an alphanumeric number that serves to identify you as individual in all your dealings with the Italian bureaucracy. As such, it is absolutely required for real estate transactions, where contracts must be registered and taxes must be paid. Ideally, buyers and renters should have this number before making an offer on a property, however, a real estate agent can make the request on your behalf after the acceptance of your offer.
This is an essential service that I include for all of my clients at no extra cost.
What is a 'Notaio' and why do I need one?
The Notaio (notary at law) in Italy is a bit different than what you may consider a typical notary to be. These public officials are highly specialized attorneys and experts in civil law who ensure the validity of documents such as deeds, wills, and contracts. In a real estate transaction, their role also includes doing due diligence on the property, ensuring that the seller indeed has title to the property and that all encumbrances that may impede the sale have been resolved. As the buyer typically pays for the notaio, they also have the right to select them.
I’m happy to assist you in choosing a Notaio that works for you.
What's the deal with Italian real estate agents? I try to connect with them and they never respond. Don't they want to earn money?
Italian real estate agents are famous for being unreachable. In terms of foreign clients, this could be due to the fact that English is not widely spoken, especially in a professional setting, outside of the major cities like Milan and Rome and that transactions with non-Italian speaking clients involve a lot more work. I’ve even had agents tell me that they’re unwilling to accept FULL PRICE and OVER FULL PRICE offers from foreign clients due to how much more work is involved when transacting property with foreigners. Why work twice as hard when you can wait for an Italian client and earn nearly the same with less effort?
Another factor is simply that many real estate agents are small business owners who are playing the role of real estate agent, secretary, accountant, etc. There’s often simply not enough hours in the day to do everything, so why do anything that takes more time and energy (like dealing with foreign clients)?
I’m here to iron out all of these issues and ensure a smooth, professional real estate transaction.
How do real estate agents work in Italy? Is it the same as in the United States?
There are major differences between real estate agencies in the USA and Italy. One major difference is that Italy has no MLS (multiple listing service) database for sales. Because of this lack of centralization, most real estate agencies (even the large international chains – franchise agencies that operate like a fast food franchise) function like a conventional store. They sell their products to their buyers. If the agency has a property the buyer wants, they facilitate the sale. If not, the buyer has to continue searching for another real estate agency with a property they’d like to purchase.
As Your Realtor in Italy, I’m able to save you the headache. As a buyer’s agent, I’ll make sure you see the properties you want to see. As your listing agent, I work with every agency, allowing your property to have maximum visibility.
How do I find information about recent property sales?
Unfortunately, there isn’t a service that records the details of property sales and then publishes them for easy access. The only way to know the details of a sale is to individually research and identify the property that was sold and then request (for a fee) a copy of the deed of sale from the Agenzia delle Entrate. This is a costly and time-consuming.
A licensed agent should be able to provide you with basic information related to historical sale prices in the area.
I went on a visit with an agent and it seemed like they didn't know anything about the property and had to keep calling their boss. Why?
Sadly, many ‘agents’ are unlicensed and may not fully understand the sales process or care about being thorough with due diligence. They likely have never seen the property before and don’t know much (if anything) about it.
The phenomenon of unlicensed agents in Italy is rampant, and it’s always recommended to ask for your agent’s license, which should be in their name – not the name of the agency, boss, colleague, cousin, etc. The same goes for ‘property finders,’ ‘house hunters,’ ‘real estate lawyers,’ and social media influencers. Always ask to see their license.
I’d recommend reading Italy magazine’s 2019 article on a purchaser’s real experience buying in Italy.
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FAQs for Buyers
Can you tell me where to buy?
No. It’s important that you have a clear idea of where you’d like to buy before beginning your property search. Italy is a large country with different regions and areas that have vastly different characteristics. Starting the property search without a clearly defined area can be like a kid walking into a candy store – the choice can become overwhelming. The clearer you are, the more success we’ll have.
Someone told me that foreigners can't get mortgages to buy property in Italy. Is that true?
That’s absolutely FALSE. Foreigners do have access to mortgages in Italy and are generally able to get a mortgage for up 50% of the purchase price of the property depending on a variety of factors. Of course, access to mortgages depends on your individual financial situation, so it’s best to consult with banks or other experts before proceeding with a purchase to ensure that obtaining a mortgage is a possibility for you.
If you are interested in using a mortgage to purchase property in Italy, I can put you in contact with licensed, professional, English speaking brokers who will guide you through the process.
Should I use a real estate lawyer?
While the answer may seem obvious, it’s not so clear cut. As the Notaio (notary at law) is already a highly specialized attorney who handles all of the contractual documents, involving a lawyer who may or may not be an expert in real estate law can complicate matters. Only the Notaio can provide escrow services to a buyer, and only the notaio and a licensed real estate agent have access to the level of documentation needed to complete due diligence on a property. Additionally, lawyers are prohibited by law from acting as real estate agents, and it is illegal for them to collect a commission on the sale of a property.
In the majority of real estate transactions where the buyer is making a simple purchase of property from a seller, there’s therefore little need for a lawyer who will likely do nothing more than check over the contractual documents and be an extra expense. That being said, in complex transactions where different types of assets are being transferred along with property, bankruptcy sales, purchases including property together with a business, or in other unique situations, a lawyer may play a crucial role.
What is a 'Procura' and when might I need one?
The Procura (Power of Attorney) is a special document giving someone else the right to act on your behalf. The Procura can be Generale, giving someone blanket authority over a certain task, or Speciale, giving someone specific authority. The Procura Speciale is frequently used in cases where the buyer is unable to be present in cases where a physical signature is needed, for example at the Rogito (Closing). This document may also be needed in cases where the buyer or seller is not fluent in the Italian language. Some notaries will require either a licensed interpreter and/or a Procura Speciale so that someone fluent in the language can sign the legal documents.
The use of the Procura can be a great time and money saver for clients as well, eliminating the need for multiple travels to Italy in a short period.
I heard on social media about someone who bought property in Italy and then discovered major problems with the property only after purchasing. How can I avoid this?
This is one of the main reasons why working with a licensed real estate agent in Italy is so crucial. Buying a property in Italy is a lot like buying a used car – buyer beware – and sellers are not obligated to declare known or hidden defects in the property. These can include, for example, additions or changes that were done without proper permits, original construction that varied significantly from the plans, drawing water from untested sources, setback violations, and many other issues.
A licensed real estate agent knows what questions to ask and what the indicators are for potential issues. In some regions of Italy, including Emilia-Romagna and Tuscany, an on site inspection of the property along with an inspection of the documents related to the property is mandatory. This document goes by different names ‘Relazione Tecnica (RT),’ ‘Relazione di Regolarità Edilizia (RRE),’ among others. In these regions, the cost and burden of producing this document is on the seller. In other regions the buyer will likely wind up paying for this ‘inspection,’ but whoever pays, the seller is obligated to rectify the evidenced property issues before proceeding with the sale. Some agents may advise that you ‘ignore’ small issues and sign a document saying that you accept the property as is, but beware: ignoring the outcome of this report and accepting known defects can have significant negative impacts on the potential for the buyer to have any legal recourse against the seller after the closing of the sale.
My recommendation to all of my clients: always ask for this report and be willing to pay for it in regions where it is not the responsibility of the seller.
Additionally, buyers only have legal recourse against the agent in the case of defects previously known to said agent when the agent is licensed and carrying malpractice insurance (mandatory under law). Unlicensed agents such as ‘property finders,’ ‘house hunters,’ ‘real estate lawyers,’ among others cannot be sued for malpractice, leaving you with little recourse in case of malfeasance.
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