Real estate prices in Italy, stable in February 2022

Real estate prices in Italy vary greatly by region During the month of February 2022, the asking price for property for sale was highest in the Trentino Alto Adige region, at €2,892 per square meter. On the contrary, for a property for sale in the Calabria region, only €919 per square meter was asked, the lowest value in Italy. In the same month, the asking price for rental properties was highest in the Lombardy region, at €14.75 per square meter per month. On the other hand, the lowest average asking prices were in the Calabria region, with only €5.03 per square meter per month, the lowest value nationwide. In February 2022, an average of €1,922 per square meter was asked for residential property for sale, a decrease of 0.47% compared to February 2021 (€1,931 per square meter). Over the past two years, the average price in Italy peaked in March 2021 at €1,944 per square meter. The month in which the lowest price was asked was April 2020: an average of €1,883 per square meter was asked for a property for sale. Average rental price (€/m²) Rental prices In February 2022, an average of €11.37 per square meter per month was asked for residential rental properties, an increase of 0.62% compared to February 2021 (€11.30 per square meter per month). Over the past two years, the average price in Italy peaked in February 2022 at €11.37 per square meter. The month in which the lowest price was asked was April 2020: for a rental property, an average of €10.30 per square meter per month was asked. Italian regions – selling prices (€/m²) Basilicata 1.373  Calabria 919 Campania 1.849 Emilia Romagna 1.830 Friuli 1.447 Lazio 2.438 Liguria 2.522 Lombardy 2.147 Marche 1.550 Molise 1.011 Piedmont 1.334 Puglia 1.289 Sardinia 2.194 Sicily 1.1206 Tuscany 2.443 Trentino Alto Adige 2.892 Umbria 1.130 Valle d’Aosta 2.623 Veneto 1.753      

How inflation, war in Ukraine, affect the Italian real estate market

Inflation, war: the consequences for the Italian real estate market Inflation is never good for the real estate market. Sooner or later, it prompts the Central Bank to raise the prime rate, that is, the interest rate that they apply banks when they borrow money, the same money they borrow to issue mortgage loans. The latter become way more expensive which obviously affects the demand for real estate acquisitions. Inflation in Italy was limited to 1,7% for the whole of 2021. That was because at the beginning of last year inflation was even very slightly negative because of falling demand, for instance for oil and gasoline and for other goods due to the pandemic situation. Indeed, in the last few months inflation was well above 4% on average, compared to the same months of 2021. The problem is that in the medium-term, inflation seems bound to increase. Here are the main inflationary factors in the present and medium term economic landscape: Energy prices have increased by more than 40% compared to a year ago. Especially gaz, gasoline and diesel are way more expensive. The war in Ukraine can only worsen the situation. In order to fight back against European sanctions, Russia could even suspend gas deliveries to Europe. Italy alone imports 45% of its gas from Russia. Shutting down the gas tap, Russia could severely damage the Italian economy, since not only would gas prices skyrocket, but also some industries would be compelled to severely diminish or even alt their production. Diversification is possible, Qatar will enormously increase its production by 2024, renewable energies are now competitive and Italy could increase its gas production to cover 15% of its needs ( it was 17,000,000,000 m³ in 2000, it’s now only three billions cubic meters). Nevertheless these measures takes time. Wheat will only become more expensive because of the war. Italy imports 100 m of wheat from Russia every year, and a 120 million tons from Ukraine. Both countries are going to drastically reduce or stop their expectations to Italy, the former because of sanctions, the latter because of the war. Sanctions against Russia would prevent Russian companies and citizens to invest or spend money in Italy. In general, about 300 companies involved in exchanges with Russia are at risk for our country, which in 2021 alone exceeded 4 billion euros. Italy exports 7 billion a year of products to Russia and imports 12.6 billion of gas and raw materials, in particular steel. And let’s not forget that, indirectly, Ukraine will also stop exporting the raw material that is basic for Italy of pasta: wheat, of which we import at least 120 million kg per year (in addition to the 100 million imported from Russia). Nevertheless the war could have some positive effects on the real estate market Although these effects are unlikely to compensate the above-mentioned negative effects, they are: The European central banks, although inflation is high, could hesitate to drastically increase its interest rates, in order not to suffocate the economic recovery that was taking place after the pandemic Since other investments are risky, savers could choose real estate as a safe harbor In the end, war is never good for the economy. Therefore, cunningly analyzing the situation and anticipating the damaging effects of conflicts can avoid dramatic consequences.

Buy a house in Italy with residence abroad: what benefits can you get?

First home bonus for moving abroad Many speak of brain drain, describing this phenomenon as a all Italian “curse”. However, this is often accompanied by another equally frightening factor: bureaucracy. In fact, when young people emigrate for work, they have to face a thousand quibbles not only in their new country, but also in their own homeland. This is also the case of those who intend to buy a house, while maintaining their residence outside Italy. In this case, however, there are straightforward and easily implemented solutions. In fact, if this is the first property owned, it is possible to enjoy the same tax advantages that a citizen resident in our country would have. Let’s see what are the steps to follow. A clarification on AIRE registration Many people think that in order to buy your first home in Italy, you must be registered with AIRE (Anagrafe Italiani residenti all’estero). But this is a mistaken belief: in fact, seasonal workers, military personnel, diplomats and all those who have spent less than 12 months abroad are excluded. If you fall into these categories then you only need to fill in a self-certification when you draw up the deed of purchase. Residence abroad and home purchase In general, the buyer is required to transfer within 18 months the residence in the municipality of the property declared as “first home”. Alternatively, this can also be the place where the person regularly carries out his activity. If, however, we are talking about an individual who has moved permanently abroad, it is sufficient that the house purchased in his name is the first one he owns on Italian territory. In this case, the buyer can take advantage of the reduction of the VAT rate, which stands at 4%, as well as all the other benefits that we have discussed in this guide dedicated to the subject. The limits of the facilitation You can enjoy the benefits provided that the property purchased does not fall within the luxury real estate, indicated by the cadastral codes A1, A8 and A9. It is also not possible to claim rights on other homes, even if shared with other people. For example, it is not possible to own one in communion with a spouse or relative. Similarly, those who enjoy usufruct or bare ownership are also excluded. In order to complete the transaction, it is therefore necessary to present declarations of “non-possession” that can confirm that you do not fall into this category. However, it is acceptable if the old property is sold within one year of the deed. You still have to pay the property tax, IMU on average from three to five hundred € per year.  

Italy: on sale 1500 properties at auction under 50,000 €

Does buying a house at auction really save you money? The answer is affirmative! Indeed, that’s the only real reason why the auction market in Italy grows so fast. In addition, the auction market offers a great choice in terms of properties. Why do properties go to auction? There are 3 main reasons: The property is owned by a citizen who is unable to pay his debts. The property is owned by a company that has declared bankruptcy. The property is owned by a public body or by the Italian State which is obliged to sell the property through a public auction. In addition, contrary to some time ago, it must be known that now it is possible to visit, before the purchase, the property put up for auction. Of course, the procedure is different, as you have to make a request on the ministerial site deputy or ask directly to the delegate for custody. Properties at auction for less than 50,000 euros To help you in your search, we offer  1500 listings of properties at auction for less than 50,000. All properties have an elevator and are in good condition. Public houses on auction, how to participate – Invimit website Invimit Sgr, a company 100% owned by the Ministry of Economy and Finance, has put up for sale maisons publiquespublic houses at auction in 33 Italian cities including Milan, Venice, Palermo and Florence. There are about 474 properties in all, for a total value of over 155 million euros. Here’s what you need to know to make an offer The first step is to visit Invimit’s website and go to the section Real Estate Showcase, where it is possible to consult all the offers for the properties at auction. Here you can download technical documentation, prices and the rules for submitting bids. Then you can call the toll-free number 800 190 569, from abroad +39 0835700045 for information on the procedure and the forms necessary for the submission of the bid. Also at this number you can book an inspection: it is possible to visit the properties at auction up to 10 days before the deadline. Up to two people can participate in the inspections. Private citizens or investors can participate in the purchase by offering a price for the purchase equal to or greater than the sale price indicated in the auction notice. Once all the offers have arrived, a public auction will be held, the date of which will be communicated on the Invimit website. What are the public houses at auction There are various types of properties on auction: residential homes, former businesses and offices. As anticipated, 474 units for sale, for a total value of over 155 million euros, located in 33 Italian cities including Milan, Rome, Venice, Turin, Florence, Bologna, Trieste, Palermo and Sassari. Lombardy is the region with the most properties for sale: 53 in all, including homes, stores and offices for a total value of over 17 million euros.  

The map of INPS real estate at auction in September 2021

The map of INPS (the Italian social security agency) properties at auction in September 2021 The real estate divestment plan for INPS assets continues. After the session last May, between 22 and 30 September other apartments and commercial premises will be auctioned in Lombardy, Veneto, Lazio, Tuscany and Marche. We prepared a map with some of the most interesting properties that will be offered for sale. Let’s see all the useful info to submit an offer. Among the properties owned by INPS that will be auctioned there are not only apartments but also several commercial premises and a real estate complex. The real estate offer in Rome is particularly large. The auctions will be carried out for single lots, each consisting of one or more units including any appliances and accessories. The properties will be put up for sale as a whole, in the state of fact, law, maintenance and consistency in which they are, with all pertinence of ownership, existing systems, active and passive easements where existing. Auctions via the web For each lot, the deadline for submitting the offer is specified in the specific property sheet. The properties in question will be sold through the Notarial Auctions Network (RAN), the computer system created by the National Council of Notaries for the management of telematic auctions. Through the connection from notary offices throughout the Italian territory, in fact, it is possible for interested parties to participate in auctions via the web, being able to make bids even hundreds of km from the property, breaking down territorial barriers with the guarantee and safety of the notary. The Notarial Auctions Network (RAN) is characterized by: Security by eliminating the risk of disturbances and cloning; traceability of the deeds and of the subjects participating in the procedure and application of the anti-money laundering legislation; Accessibility for citizens who can participate through notary offices located throughout the territory; Transparency as the actors of the system attend, in real time, all the events; Orientation of citizens who can request legal, fiscal or practical information from notaries. How can I participate in a notarial telematic auction? A person interested in buying a property will no longer have to go to the professional where the auction is held, but can go to any notary’s office that is a member of the RAN to deposit the deposit and make bids. Subsequently, on the day and at the time established by the notice, the citizen will go to the office of the notary where he has submitted the offer. During the auction session, which will take place via the web by connecting all the notaries together, the notary will take care to communicate to all the participants present, the offers from all over Italy, so that everyone is aware of how the auction is taking place, and make bids if you deem it.

Italy: how online real estate auctions work

What is an online real estate auction and what is the difference with a traditional auction? A real estate auction procedure is in general a method of sale that allows you to put more bidders in competition, to obtain a higher consideration and therefore greater satisfaction for the needs of the seller. Today, all auction procedures, both those relating to the disposal of assets of public bodies and the judicial ones, are instead carried out online. Why does a property come to a judicial auction? A property undergoes a judicial auction sale process if the owner has defaulted on a pecuniary obligation (debt) towards another person (private individual, company or bank). In this case, the creditor, who has not managed to have spontaneous satisfaction of his credit, can undertake a (coercive) sale of the asset that the debtor has offered as a guarantee (for example by registering a voluntary mortgage) and claim back on the price obtained from the sale at auction. How to participate in an online auction Anyone can participate in an online auction, given that the discipline is perfectly superimposable to that once set up for traditional auctions. There is no need for the technical representation of an Italian lawyer. For the hypothesis in which the subject who intends to participate in it (given the hypothesis of mixed sales) is not able to manage the thing from an IT point of view, he can make use of a facilitator subject who, in the language of the legislator is called “presenter”. The steps to follow are: The booking of the visit to the auction property through the caretaker; The submission of the offer, in one of the accepted methods, through the authorized Portal, also including an accountant that proves the payment of the deposit; Participation in the tender on the day and time indicated in the notice by connecting to the portal indicated in the same notice of sale. During the tender all events, higher offers, awarding, etc.  will be registered and uploaded to the portal by the auctioneer / delegate. Asynchronous telematic auction, how does it work? The auction methods currently admitted are: Synchronous auction: the offer and the request to participate are submitted exclusively electronically; the competition also takes place live and online. In this type of auction, the bids are carried out in a predetermined period of time and without the simultaneous connection of the judge or the referent / delegate of the procedure. The tender can last several days and will start on the date and time indicated in the notice of sale. The telematic sales manager communicates to the participants, using the auction notice methods, each raise. At the end of the time period set for the tender, the telematic sales manager communicates the highest offer formulated to all participants. Mixed synchronous auction: here, in addition to the above-mentioned electronic submission methods, also paper submission methods are permitted which will be uploaded to the web platform by the auctioneer / delegate; the tender may have remote participants and also in presence in the physical place where the auction takes place (the subjects who submitted the paper bids will certainly be present); Asynchronous auction has methods for submitting offers and requests only electronically; the competition also takes place live and online. In this type of auction, the bids are carried out in a predetermined period of time and without the simultaneous connection of the judge or the referent / delegate of the procedure. The tender can last several days and will start on the date and time indicated in the notice of sale. The telematic sales manager communicates to the participants, using the auction notice methods, each raise. At the end of the time period set for the tender, the telematic sales manager communicates the highest offer formulated to all participants. Is it possible to take out a mortgage for the purchase of a property by electronic auction? There is no difference in terms of the possibility of taking out a loan to pay the price of a property awarded at the auction, whether the auction was carried out electronically, or with analog or traditional methods. Once the auction has ended and the successful bidder has been identified in the person who made the highest bid, the timing for the deposit of the residual price (usually 90 days) is the same and it is in that period of time that an application must be submitted to a bank to obtain the loan. Is a security deposit required? The security deposit does not change: in the sense that the deposit must be paid both in the case of an electronic auction and a traditional auction. What happens if the successful bidder fails to make the payment in the time and manner provided? If in the time allotted for the deposit of the price the successful bidder does not pay it, he loses the right to award and suffers the loss of the deposit as a penalty. The asset is offered again at auction and if, from the new auction, the hammer price were to be lower than that of the first one, the expired successful bidder also suffers a sentence to pay the difference minus the deposit. What are the main existing portals for telematic auctions? The portals of the Telematic Sales Managers are published in a list kept by the Ministry of Justice and available at the following link. A tip for those who want to participate in an online auction The advice to be given is to carefully analyze the notice of sale, visit the property with the help of the caretaker and carefully evaluate the maximum price threshold that can be dealt with; as for the telematic aspect, it is advisable to prepare adequately (perhaps by asking the managers of the platforms used and / or the delegates and / or auctioneers for clarification and explanations), considering that the procedure is not that complicated. Alternatively, use a presenter, for example a

Buying a house at auction in Italy, a bargain

Buying a house at auction: everything you need to know Notary Valentina Rubertelli, president of the National Council of Notaries, provides with useful tips for buying a house at auction while saving costs. Why does a house go to auction? There are three different reasons why a property ends up at auction. The first concerns individual citizens: because when one or more creditors are not able to pay, the latter have the right to retrieve their property. The second case concerns companies that in the event of bankruptcy see their assets alienated. The third case concerns public bodies: when they decide to sell a property they must necessarily do so through the auction which guarantees maximum transparency. What are the three main tips to give to those who intend to buy the house at auction? The first is certainly to read the court-ordered appraisal very carefully, and it would be even better to have it read by a trusted technician to verify the sanability of any building abuses. The second concerns the certainty of having economic coverage or being able to access a mortgage. The third tip is to check who are the people who live in the house and make sure that the release of the property is foreseen in the notice of sale at the time of the award or, at the latest, the signature of the decree by the judge. The release will in any case be guaranteed, in case of non-spontaneous initiative of the occupier, through the intervention of the public force. How do I document and what is the best way to look for an auction house? Auction houses must be advertised both on the web and in printed newspapers; it is the judge who in the sales order indicates where. There are therefore specialized sites, the sites of the Courts, the site of the Notaries and, when it becomes mandatory, all the advertisements of the Italian Courts will be collected on a single Portal managed by the Ministry of Justice which, in turn, for the photos and the details of the case, will refer to the commercial sites enabled for legal advertising. One of these is the Notary Public Sales Portal. Once I have identified the house I like, which is the step to follow? Once the house has been identified, you must pay close attention to the notice of sale which contains an indication of the property offered for sale, the date, time and place of the auction, the base price, the measure of the minimum raise, the deadline. Submission of offers, the methods of sale (whether with or without enchantment, but now the latter method is the rule, the former the exception) and, finally, the website on which the appraisal report is published, which constitutes an integral part of the notice of sale and which describes in detail the factual and legal situation of the property. How is the basic auction price established? This is established by the expert appointed by the Judge and reported in the appraisal report which is published on the website indicated in the order of sale, in homage to maximum transparency towards the market and citizens. The minimum increase required in the tender is also established in the sale order. Do you need to make a bid equal to the basic auction price or can you offer less? The auction base is that set by the execution judge on the basis of the property appraisal and it is the same judge who determines the amount of possible discounts that the delegated professional can accept after the first deserted auction. But be careful if you want to be sure that your offer is accepted you will not have to go down – during the bidding phase in a sealed envelope – by more than 25% of the value of the auction base. In fact, after the 2015 reform, real estate auctions – launched from 27 June 2015 – take place almost exclusively with the “sale without enchantment” procedure under which the bidder submits his offer in a sealed envelope which will not be considered effective if more than 1/4 lower than the base price indicated in the notice of sale. An example: if the set price is 100, those who want to participate in the auction must submit a bid of at least 75. Anyone who submits a lower bid will see it declared ineffective. I decide to participate in an auction. What is the process I need to follow and what are the necessary documents? For each house that goes to auction there is a sale notice where we find all the information necessary to participate in the auction. Widespread throughout the country there are also numerous associations of delegated professionals (many are notaries) who since 1998 have been dealing with this type of activity by delegation of the judges: these associations are perfectly structured to provide all kinds of information in person or even through websites full of valuable information. But let’s try to summarize the most important things to know: 1) each participant must present, in the place and on the days indicated in the notice of sale (except for online auctions), an offer in a sealed envelope and without identification marks, containing an indication of the price offered and a deposit set in the notice of sale (normally 10% of the price based on auction) and a photocopy of your identity document and tax code, as well as the other documents required in the announcement, which must be read carefully; 2) it is not allowed to submit the offer anonymously, except by giving power of attorney to a lawyer. Can the executing debtor submit an offer? No, but his relatives and friends will be able to. How can I verify that this is the house I am really looking for? Can I visit it first? Surely. I can ask to visit the caretaker with a simple online question on the ministry website or by

Italy, many 1 euro houses at the seaside

In Italy, there are 1 euro houses by the sea €1 houses in Italy, what you should know: I don’t sell €1 houses, so please avoid asking me questions in the comments below they are all abandoned houses, which need restructuring, that can be often times costly the owners sell then them because they don’t want to pay neither the restructuring nor the taxes buying a house in Italy doesn’t give you the right to live nor work there, unless you’re a citizen of the European Union you can get a good deal, but you must invest to renew the house. More and more Italian municipalities are joining the initiative for the sale of properties at symbolic prices. Among these, several places that have published the tenders are located near seaside resorts, from Sicily to Sardinia, passing through Puglia, Calabria and Lazio. Here is the list of 1 euro houses on the sea. The formula of the calls with which Italian municipalities sell houses for 1 euro is more or less the same at all latitudes. The administration makes a screening of the abandoned houses and contacts the owners, offering them the sale at a symbolic price rather than incurring the expenses for the renovation of the same. The buyer, then, must guarantee the safety works within a set period of time. 1 euro houses in Sardinia In Italy, there are 1 euro houses by the sea even on the splendid northern coast of Sardinia. The announcement is also being considered for the historic center of Sassari, which has been experiencing continuous depopulation for thirty years now. There are many dilapidated and abandoned houses, which with the passing of the years also begin to become a danger. Also in the province of Sassari is Romana, a village of about 500 inhabitants which is 40 km from Alghero and 35 from Sassari. It is located 267 meters above sea level in the Meilogu region, but the sea of the neighboring towns is easily accessible. The town is located on a plateau formed by volcanic and limestone rocks, and in the surroundings there are karst landscapes, such as the Inghiltidolzu cave in the nearby Santu Giagu valley. While in Puglia the municipality of Taranto has also renewed the initiative to sell houses for 1 euro for 2021. This is an initiative created for the repopulation and revitalization of the socio-economic system of the old city, through the recovery and enhancement of abandoned properties. The goal is to create a housing network, but not only. The ideal would be to see the emergence of a widespread tourist-accommodation network. 1 euro houses at the seaside, the map of the municipalities near seaside resorts in Italy,  and that of all Italy 1 euro houses in the most beautiful village in Italy In 2014 the small town of Gangi, in the province of Palermo, was elected the most beautiful village in Italy. Yet the historic center of this charming Sicilian village, with the passage of time, has experienced a sort of abandonment and many of its houses have ended up in ruins. With the aim of recovering and enhancing the heart of this town, which today has about 7,000 inhabitants, the mayor Giuseppe Ferrarello has thought of a very special initiative: to assign old buildings for tourism-accommodation or housing purposes free of charge. There is only one condition: to restore them within three years. 1 euro houses in Calabria Also in Calabria, in the municipality of Cinquefrondi, the 1 euro houses project was renewed for 2021, which provides for the sale at a symbolic price of old and abandoned buildings located in the historic center. As with the other calls for tenders, the purchases are bound to the renovation and safety measures. 1 euro houses in Lazio Among the municipalities that have joined the 1 euro houses initiative, in Lazio, there is also the medieval village of Maenza, which rises in a privileged position to reach the Pontine seaside resorts at the foot of the Circeo, including Sabaudia, Gaeta and Terracina, just to give a few examples. 1 euro houses in Sicily In Sambuca di Sicilia, however, after the success of the 1 euro houses, the municipality is ready to enter a later phase with the 2 euro houses initiative. The first experience of the 1 euro houses was very positive for Sambuca di Sicilia. For 15 available properties, 110 thousand requests were received. Houses for 1 euro also in Castiglione di Sicilia, a village on the slopes of Etna and overlooking the beautiful Alcantara valley. The municipality, last year, had started a census work which showed that, of the 1777 housing units in the historic center, 937 were abandoned.After Gangi, Sambuca di Sicilia, Delia, the 1 euro 2021 homes project won another Sicilian village: the town of Troina. List of Houses at 1 euro in Italy If the map gives you difficulty, we include a complete list of municipalities where the 1 euro Case project was undertaken. Northern Italy Albugnano (Piedmont) Borgomezzavalle (Piedmont) Carrega Ligure (Piedmont) Oyace (Aosta Valley) Milan (Lombardy) Pignone (Liguria) Triora (Liguria) Center of Italy Vergemoli factories (Tuscany) Montieri (Tuscany) Cantiano (Marches) Maenza (Lazio) Patrica (Lazio) Saints Cosma and Damiano (Lazio) Casoli (Abruzzo) Lecce in the Marsi (Abruzzo) Pratola Peligna (Abruzzo) Santo Stefano di Sassanio (Abruzzo) Southern Italy Castropignano (Molise) Candela (Apulia) Biccari (Apulia) Caprarica of Lecce (Apulia) Taranto (Apulia) Laurenzana (Basilicata) Acerenza (Basilicata) Altavilla Salentina (Campania) Bisaccia (Campania) Pietramelara (Campania) Teora (Campania) Zungoli (Campania) Albidona (Calabria) Belcastro (Calabria) Cinquefrondi (Calabria) Maida (Calabria) Rose (Calabria)

Drinking water bonus 2021: a 50% tax credit

  With the provision of June 16, 2021, the ItaliaIn nland Revenue set the operating rules for obtaining the 2021 drinking water bonus. Drinking water bonus 2021 in Italy : what it is To rationalize the use of water and reduce the consumption of plastic containers, there is a tax credit of 50% of the expenses incurred between 1 January 2021 and 31 December 2022 for the purchase and installation of systems of filtration, mineralization and cooling and / or addition of food carbon dioxide aimed at improving the quality of water for human consumption supplied by aqueducts. The maximum amount of expenses on which to calculate the subsidy is set at 1,000 euros for each property, for individuals and 5,000 euros for each property used for commercial or institutional activity, for businesses, arts and professions. and non-commercial entities. The information on the interventions will be transmitted electronically to Enea. How to apply for the 2021 drinking water bonus The amount of the eligible expenses must be communicated to the Revenue Agency between 1 February and 28 February of the year following the one in which the cost was incurred by sending the form via the web service available in the reserved area or the telematic channels of the Agency of Revenue (Agenzia delle Entrate). Download form and notice here. After that, the bonus can be used in compensation through F24, or, for natural persons not carrying out business activities or self-employment, also in the tax return referring to the year of expenditure and in those of subsequent years until the full use of the bonus.

Example of a preliminary Italian real estate sale contract

Here is an example of a preliminary contract for the sale of a house or flat. The seller is obliged to sell the property to him under the conditions stipulated in this contract. Here is an example of a preliminary contract for the sale of an Italian building. The seller is obliged to sell the property to him under the conditions stipulated in this contract. If the buyer has paid a small advance, even one or two thousand euros, in the event of the seller’s refusal to sell the property, the latter will have to return double the advance (“caparra confirmatoria”, it is better to specify). If, on the other hand, it is the buyer who retracts, he will lose his advance. You will find the translation below. Obviously, for the sale to be effective, it will be necessary to go to a notary, to whom we will have communicated this preliminary contract beforehand. FAC SIMILAR PRIVATE WRITING REAL ESTATE PURCHASE With this private agreement, to be valid for all legal purposes between: Mr / Mrs ……………… ……. .. … .. … .., born in …………… .. ……. ……… .. on …………… . …………., Resident in ……………. ………………… in the province of ……………………………… Via / Viale / Piazza… .. …………… ………………… .. ……, cod. tax ……………………. ………; “Promissory seller” is Mr./Mrs. ……………… ……………………………. … .. ………, born in …………………… ……… .. on … ………………., Resident in ……………. ………………… in the province of ……………………. …………………………. Street / Avenue / Square …… .. ………, cod. tax ……………………… .. ………; “Promissory buyer” THE FOLLOWING IS AGREED AND AGREED: 1) The promissory seller promises and undertakes to sell to the promissory buyer, who in turn promises and undertakes to purchase for herself and / or for third parties or entities that reserves the right to appoint at the signing of the notarial deed, the unit real estate located in …………………………………… via ……………………………. Floor ……… staircase …… .. …… .. composed of n. ………… .. ……… .. rooms, registered at N.C.E.U. to match no. ………..…………………………….………….….. as follows: – sheet ……………………; map ……………………………; sub …………………. …… .. floor …………… .. ………… area …………………… cat. ……………. No. ………. …… ..vani as well as the pertinence consisting of …………………………………………. registered at N.C.E.U. to the lot as follows: sheet ………… .. ………… maps ……………………. Sub cat. …………… ..… ..; all as highlighted in the cadastral plan which, countersigned by the parties, must be considered an integral part of this sales promise. 2) The promissory seller guarantees the ownership of the property described and guarantees its full availability and delivery to the promissory buyer a copy of the deed of provenance. 3) The promising seller declares that the real estate unit is sold free of any lease or other contract (eg: free loan for use of the property) as well as free from burdens, constraints, mortgages, transcripts and charges that may be prejudicial to the right of ownership and that it is transferred in the state of fact and law in which it is located, with all active and passive easements (subject to any exceptions to be indicated). 4) The promising seller also declares: – to be up to date with the payment of condominium expenses according to the quantities set by the thousandth tables, which are produced in the annex together with the relative condominium regulations and which the promissory buyer undertakes to respect from now on; – that as regards the real estate unit covered by this contract, there are no arrears relating to non-payment of taxes, fees and contributions of any kind, no foreclosures, seizures or other civil, criminal or administrative procedures are pending; – that the income of the promised real estate unit for sale was declared in the last tax return; – that the real estate unit complies with the provisions of urban planning and building regulations and regulations; – that the property is not subject to the provisions of law no. 1089 of 1/6/1939 which protects historic buildings and which has no transfers for donations in the history of ownership, such as to make the rule of art. 563 of the Civil Code which provides for the reinstatement of the quota in favor of the legitimate holders; – that the systems present in the real estate unit comply with current safety regulations. 5) The sale will take place on a lump-sum basis and at the price that is established by mutual agreement in € ……………… ………………… ..…. (in numbers) ….………………………….…………..………. (in letters), which the promissory buyer undertakes to pay to the promissory seller in the following ways and terms: – € …………… .. …………. (in numbers) …………………..……. (in letters) are paid by the promissory purchaser by ……………… .. (indicate the number of the check (s) or details of the bank transfer), at the same time as the signing of this deed and which the promising seller withdraws as a confirmatory deposit issuing a receipt; – € ……………………….…. (in numbers) ……………..………. (in letters) by ……………… .. (indicate the number of the check (s) or details of the bank transfer) as a down payment by the date of …………………………………; – € ……………….…. (in numbers) …………….……. (in letters) will be paid in cash by the promissory purchaser at the same time as the signing of the notarial deed relating to the definitive transfer and which the promising seller will withdraw as the balance of the price. 6) The parties mutually acknowledge and declare that this promise of sale, of exclusively mandatory value between the parties, does not determine the transfer of ownership of the property in question, which will only occur, as well as any other real effect, with the public notarial deed, which must be stipulated no later than … .. / … .. / ……… at the Notary chosen by the promissory purchaser, who undertakes to communicate his name 7 days before the fixed date. Italian original: FAC SIMILE SCRITTURA PRIVATA COMPRAVENDITA IMMOBILIARE Con la presente scrittura privata, da valere a tutti gli effetti