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Buying information
Is the buying process secure and straightforward?
It
could not be easier or more secure. The purchasing system and process in Italy
ensures your agreed price is fixed at an early stage and cannot be increased at
any time.
The first thing most people want to know is about additional costs, we
advise allowing approximately 12.5%
to 15% of the purchase price for the taxes and closing costs.
The
payment structure is:
 | Reservation fee of Euro 3,000
(This will be adjusted for at
completion, please note if payment made on a credit or debit card your card
provider may make an overseas currency exchange charge). |
| 50% deposit around 4-6 weeks
(Normally payable at the time of
signing the Purchase Agreement/Contract).
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| Final 50% is due on completion (less the original reservation fee).
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| Purchase tax VAT/Equivalent tax - currently 10% is payable on the
total, allow approximately
2.5% to 5% for other miscellaneous and legal costs, including notary (the rate of tax is
payable to the Italian Government and is non-negotiable, some legal costs will become due for payment at the
contract stage 4-6 weeks).
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| Euro mortgages are
be available on these properties according to
individual circumstances. (Please note additional charges are made by the issuing bank these
will vary).
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| Exchanging your US
Dollars to Euro
can be done with the services of
Global Currency Exchange Network, who are available to you to ensure you
receive some of the best exchange rates without transfer costs.
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Recent changes in the Italian Contract Laws have tightened up the system
even more securely to the advantage of purchasers, particularly for new/off-plan
construction. The Preliminary Purchase Contract drawn up
by the solicitor, has by law to include a bank guarantee for your protection,
this will secure your initial 50% deposit.
| A firm of bi-lingual Italian attorneys, based in
London, will be available to
our clients if needed. They are independent and work only for the client.
They will deal with the contract and all legal aspects of the purchase on
your behalf, they also assist with opening a bank account in Italy,
arranging mortgages and if required power of attorney to act on your behalf.
At the completion stage and finalization of the deeds, they will also
appoint a notary in Italy to act on your behalf (You can of course appoint any
Italian lawyer
of your choice, either in the UK or Italy should you
wish to do so, please advise us at an early stage of their details if this
is the case).
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Advance Reservation of Property
It
is possible to reserve a specific property in advance of an inspection visit for
Euro 3,000 per property, this takes the selected property off the market until
you can either:
| Travel on an inspection visit to view and
sign the contract for your purchase (travel
should be within a reasonable amount of time).
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OR
| Until the purchase agreement/contract has
been signed and the full 50% deposit payment is transferred 4 – 6 weeks
later (if you decide not to actually
visit to view).
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There
are a number of reasons why you might decide you wish to “advance reserve a
property”, a few are given below:
| To avoid disappointment, if the particular
project you are interested in is selling out quickly, or has so few models
available that they could have already been sold by the time you arrive for
your inspection visit. |
| If you want to guarantee a particular
property, for instance; you might only want a penthouse apartment or perhaps
you want a corner one near the beach, maybe it is essential to you to
ensure you have a ocean view, maybe you don’t like stairs and must have a
ground floor home. |
| If perhaps you want to purchase more than
one property but might want to ensure that you have them all adjoining, for
example 3 apartments all next to each other on one floor. (You
would be required to pay a reservation fee for each property)
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| You are an investor, purchasing purely for
investment or rental potential, and do not feel the need to visit the area
or the development sites at the initial purchase stage.
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Please only consider advance reservation with caution,
it is not suitable for all prospective
purchasers.
If you do decide upon advance reservation, but then on
your inspection visit decide not to purchase that reserved property it
is important to note that the reservation fee is non refundable, but it
is transferable to another property in the Italian Connection Portfolio should
you find an alternative one you prefer on your trip.
Please
ask for more details regarding advance reservation and to find out if it would
be appropriate for your circumstances.
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