Glossary
Traditionally, a glossary appears at the end of a book, in my case at the end of website, and includes terms that are either newly introduced, uncommon, or specialized. The terms related to the Italian real estate market are very numerous. If there are terms you want to know the meaning, please write to me. With pleasure I will add new terms to my glossary with your suggestions or your questions.
Agent's fees
These are normally charged at 3% or more to the buyer and 3% to the seller.
Codice Fiscale
Codice fiscale or “tax registration number” is essential to have a to purchase real estate in Italy. This number allows public administrations to identify citizens, Italians or foreigners. It has sixteen (16) digits and is delivered by “Agenzia delle Entrate”.
Compromesso
his document is the most important document of the real estate purchasing process in Italy, as it provides a detailed identification of the property which is the subject matter of the contract, and binds the parties to complete the transaction by a given date. This is a highly technical document. At this stage, a deposit equivalent to 20-30% of the purchase price shall be paid to the seller. These moneys are normally paid by the purchaser as earnest.
Notaio
A notary represents the public authority. His role is to draw up all legal documents pertaining to the purchase of a property: for example carry out legal searches to verify the identities of both parties, make sure the property is correctly registered at the cadaster before sale, collect purchase taxes on behalf to Italian Government and recover notary fees before the signing of the Rogito, update Land Registry entries (at Conservatoria dei Registri Immobiliari) after completion.
Professional rates were repealed by the regulations on liberalization (decreto-legge 24 gennaio 2012, n. Convertito nella legge 24 marzo 2012, n. 27). For this raison notary fees are no longer subject to scales defined by minimums and maximums.
The client is entitled to request and obtain from the notary, a quote that duly details the complexity of the services to be provided, as justification for the fees’ potential amount. In any case, the amount featured on the quote is not final, since the case’s complexity will be verified only at the end of the legal process.
The tax on services (IVA 22%) must be added to notary fees.
Rogito
The “Rogito Notarile” is the final stage of deed of sale / purchase and takes place before a notary with both parties present. The notary ensures all the necessary documentation is complete and accurate. By signing this document, the buyer become the legal owner of the property.
