Italy
is a land of rolling hills that are covered with alluring vineyards and
sprinkled with picturesque stone villages situated on adjoining ridges,
with solitary houses amongst the fertile fields, a unique vision that everyone
with a love of Italy has neatly implanted in their mind. It is also a land
where the “old boys” network continues unabated. In other
words, a lot of transactions –including real estate – depend upon who you
might know.
So, just who
is involved in Italian real estate transactions, anyway? The
process of searching for, inspecting, financing, restoring and completing
the purchase of your property can be a bit confusing even in your home
country. It can be even more so in a country with an unfamiliar language,
customs and laws governing the purchase process. The parties involved in
a similar transaction in your home country may not apply in the “bel paese”.
The old adage, buyers beware, is still good advice.
If you’re searching
for a vacation apartment, a country villa, or a rustico to restore, it’s
important to become familiar with the parties involved in this transaction
before you make the leap.
Here’s a run-down
of some of the key players…a who’s who of an Italian real estate transaction.
Agente Immobilare:
This is the real estate agent who may be working for you or solely for
the seller of the property. There are numerous agente in all regions of
Italy and many have websites which provide information in English (which
can be a good starting point in your property search). Agents usually
work on a 3-6% commission of the sale price. You should verify that the
agente is a member of the Federazione Italiana Agenti Immobiliari Professionali
(FIAIP) and registered with the local Camera di Commercio or Chamber of
Commerce.
Acquirente:
That would be you…the buyer, the one acquiring the property. Many words
in Italian are similar to English, whether in spelling or actual pronunciation,
so do not be afraid to try pronouncing words that you see.
Venditore:
The seller of the property. Naturally, as in any country, they want to
make money in this transaction. The venditore may have their property listed
with more than one Agente Immobilare, sometimes at different prices.
Geometra:
A combined architect, general contractor, “gopher” and problem solver all
rolled into one job description. This term is usually translated
as ‘surveyor,’ but the duties they perform go beyond that. They are not
builders and they are not architects, but have background knowledge in
these fields and they work with both if you are doing a restoration project.
If you are rebuilding a rustico you are wise to hire a geometra, who works
for a fee. When you pick a good geometra, you’ve found the person who knows
the right people to make the project progress, whether that is dealing
with subcontractors or officials at the comune office.
In the United
States, when you purchase a house a detailed home inspection is always
a part of the process; often, a seller will have this done before the house
is offered for sale. In Italy an independent home inspection is not a part
of the process. If you want this important information, you must
locate and hire the person to do this for you.
Notaio:
This is the Italian government’s representative attorney and the person
responsible for making sure all of the documents are correct for the sale
transaction. He will perform the necessary searches to insure that the
property has the correct right of ways and to verify that the home and
land are free of restrictions relating to title and claims by family members.
He collects the required taxes and registers the transfer of the property.
The notaio must pass a grueling testing process that can span a period
of years to acquire this designation and many smaller cities may have only
one notaio. The notaio does not work specifically on behalf of either the
buyer or seller but you can not complete a home purchase without them.
Impresa
Edile: If you are rebuilding a property you will need a building contractor
to price the project and carry out the work.
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| As with any
location, you would be wise to obtain more than one bid for your project
and, in working with your geometra, insure that the bids are reviewed to
verify that they include everything required. The lowest bid may not always
be the best if it is not comprehensive. Your geometra will work with the
impresa edile throughout the course of your project.
Some other
potential participants in your real estate transactions that you may require
depending on your particular circumstances.
Geometra:
A combined architect, general contractor, “gopher” and problem solver all
rolled into one job description. This term is usually translated
as ‘surveyor,’ but the duties they perform go beyond that.
They are not
builders and they are not architects, but have background knowledge in
these fields and they work with both if you are doing a restoration project.
If you are rebuilding a rustico you are wise to hire a geometra, who works
for a fee. When you pick a good geometra, you’ve found the person who knows
the right people to make the project progress, whether that is dealing
with subcontractors or officials at the comune office.
Architetto:
An architect, who might be required if you are undertaking a rustico project
or doing some major addition work.
Ingegnere:
An engineer may be useful if you have a renovation project with parts of
the structure that are questionable as to their soundness.
Avvocato:
A lawyer - who would be a different person than the notaio - someone you
might hire to assist you in the process to represent your interests. There
are avvocati in most regions that speak English as well as Italian.
Banca:
A bank where you may need to obtain un mutuo, which is a mortgage, to finance
your home purchase. The offering of mortgages in Italy has been historically
limited, but this has changed in recent years as banks become even more
international, and those operating in Italy see the financial rewards of
offering a wider range of mortgages. At a minimum, you will likely need
a bank account for transferring funds from your home accounts to make down
payments and to complete the sale.
Commercialista:
An accountant who may be able to help you in financing you purchase project
and making sure you are paying the correct fees. They may also be able
to assist you in setting up your bank account if necessary.
Comune:
The governmental body for the town or city where your property is located,
there will be various departments in the comune that will have a bearing
on your real estate purchase that your geometra will work with during the
course of your project.
Success in
doing business in Italy can often depend on who you know, so it is always
a good idea to ask around for referrals from other people in the area where
you are buying. Friends or family, or friends and acquaintances of friends
and family are often the key to opening doors and finding the right source
of information. |
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