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Navigating the Real Estate Transaction Process in Italy: A Step-by-Step Guide

Considering buying a property in Italy? Follow this step-by-step guide to navigate the intricacies of the real estate transaction process in the country:


1. Obtain an Identification Code (Codice Fiscale): Similar to the Russian TIN, this code is necessary and can be acquired in Italy or at the consulate in your country.


2. Open a Bank Account: Except for Russians and Belarusians who need to open an account in a third country, having an Italian bank account is essential.


3. Prepare a Purchase Offer: Negotiations are conducted in writing, so the buyer submits a detailed offer to the seller, registered with the tax office.


4. Pay a Deposit: Typically 10% of the property price, the deposit comes with financial responsibilities if either party backs out.


5. Conclude a Preliminary Agreement: The notary checks transaction details, ownership rights, and the buyer covers the agent's services.


6. Sign the Bill of Sale: This notarized step involves a translator and witnesses. Payments are made through covered checks or bank transfers.


7. Register Property Rights: Handled by a notary, this step takes a few days to three months, transferring ownership rights on the day of signing.


Is a remote transaction possible? Yes, even for Russian and Belarusian citizens. For a smoother process, consider reaching out to a licensed agency. Keep in mind the associated taxes, and at Veles Club, we can assist you throughout the transaction.


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