The Purchase Process
When purchasing a property at Lake Como or any other part of Italy, the purchase process is made up of three stages - The Purchase Proposal, The Exchange of Contracts and The Completion
The Purchase Proposal also know as The Preliminary Contract is a contract that contains details of the property to be purchased, dates of subsequent contract stages method of payments. At this stage 10% of the purchase price is paid, if for any non valid reason the purchaser decides not to proceed with the purchase then the 10% deposit will be kept by the owner of the property. Likewise, if for any non valid reason the property owner decides not to proceed with the sale of the property then double the 10% deposit, (20% of the purchase price) will be paid to the purchaser
The Exchange of Contracts will contain more detailed information about the property to be purchased including any building permissions. The date of completion is fixed at this stage and the contract is registered at the local Registry Office. At this stage 20%-30% of the purchase price is paid.
The Completion Stage is where the Deed of Purchase, is undertaken with a Notary (legal professional similar to a Solicitor) and the purchaser becomes the new owner. At this stage the remaining balance 60%-70% of the purchase price is paid
When purchasing a property it is worth noting that if the property is a new build then the property is subject to VAT which is paid by the purchaser and equates to 10% of the purchase price. However, if purchasing a resale property then a Purchase Tax which equates to 9% of the Cadastral Value of the property, which is usually considerable less than the purchase price
For more detailed information about purchasing a Lake Como property, just ask one of our team
Did you know, that property values at Lake Como vary upon geographic location?
Author: Gemma Immobiliare - The number one specialist site for finding Lake Como properties for sale.