Purchasing a home in a city as enchanting as Verona can be a dream come true for many foreign citizens. However, before delving into the Italian real estate market, it’s essential to understand the necessary documents and key considerations to navigate the buying process securely. In this article, we will explore the steps to follow and aspects to be mindful of for a hassle-free real estate purchase in Verona. Helping us find this information Nicola Vinciguerra, real estate agent and Partner at Immobiliare Città Antica – Tecnocasa Affiliate.
Essential Documentation
Buying a house in Italy requires several essential documents. Foreign citizens should ensure they have:
- Italian Tax Code: First and foremost, obtaining an Italian tax code (Codice Fiscale) from the Italian Revenue Agency is necessary. This code is fundamental for any financial transaction in Italy and can also be obtained through the notary responsible for the deed, often without significant additional costs.
- Identification Document: Having a valid passport is essential for identification during the purchasing process.
- Residence Permits: Depending on one’s residency status in Italy, residence permits or visas may be required.
- Certificate of Residence: Some municipalities may require a certificate of residence to demonstrate that the buyer indeed lives in the area.
Pay Attention to Laws and Regulations
It’s crucial to understand Italian real estate laws and regulations. For example:
- Right of Preemption: In some circumstances, such as when purchasing a property within an ancient building subject to historical monument restrictions, the Ministry of Cultural Heritage has the right of first refusal on the purchase. The notarial deed will be conditionally suspended for 60 days pending the exercise of this right, after which a second confirmation deed is typically executed, transferring ownership of the property.
- Urban Planning Regulations: Urban planning laws can vary from one area to another. It’s essential to understand the restrictions and permissions required for any property renovations or modifications. Additionally, it’s crucial to verify the consistency between the actual state, cadastral mapping, and the latest approved state at the municipality to avoid costly regularization procedures.
- Taxes and Duties: Foreign citizens may enjoy “first home” tax benefits when buying a property in Italy, provided they meet the necessary statutory requirements, including having residency in the municipality where the property is located.
The Notary
In Italy, the sales deed must be authenticated by a notary. This impartial professional plays a crucial role in ensuring the validity of the purchase and compliance with Italian law, conducting all necessary checks to ensure that the property is free from mortgages or detrimental encumbrances at the time of the notarial deed.
Buying a house in Verona is an exciting step but requires attention to detail and a thorough understanding of property documentation. Collaborating with local experts and professionals can significantly simplify the process and ensure a smooth property transaction in our charming city.
