Buying and Selling in Florence

We put together frequently asked questions for our customers to better understand some issues

Can American citizens buy in Italy?
Yes.

Can Australians buy in Italy?
At the present moment not directly. Because of 1998 reciprocity laws, it is not possible for an individual to buy, though a company (with at least one Italian partner) can purchase property. This set-up is not particularly difficult to arrange.

Can I build a terrace or balcony?
Without permission from the municipal council it is prohibited to build and add anything to the exterior.

Can I get my money out of the country if I wish to sell the apartment?
Yes it is very easy to export funds through a bank.

Will I pay taxes?
Yes there are municipal taxes to pay on every property, and also owning a property in Italy it is necessary to fill in a personal tax return.

May I put in an elevator?
Yes if there is sufficient space to receive a permit for the job. You can share the cost between all the condominium members who agree to participate.

Is mine a safe neighbourhood?
We long time residents in the city of Florence feel the city is very safe. There seem to be no particularly BAD areas in the historical centre. This does not mean that out in the periphery there won't be some less attractive areas. Generally speaking, Italy is not a violent country. The one thing we all worry about in any neighbourhood, is getting our pocket picked.

How much money does one have to put down immediately?
As a rule, one third of the asking price.

Is the price negotiable?
On principal, yes

What is a notaio (notary official)?
Someone who represents the state.

What is the process in signing a contract?
In Italy only a notary (notaio) can officiate, create and validate a contract, whether it be for buying or selling a property, establishing a company or partnership etc.

Can I have a lawyer instead or a notary official?
No, but should you wish your lawyer be present at the contract signing, I'm sure that would be fine. Your lawyer can advise you re. the contract, but he cannot substitute the notary official.

How long have you been in business?
Suzanne Pitcher has been in the real estate business in Florence for 10 years. Her son Corso Flaccomio was recently made a partner after several years of active involvement during the summer months when we are particularly busy.

What sets you apart from others?
Our high level of personal involvement and attention to detail. We feel that our truly bi-cultural background gives us insight both into what the buyer's need are as well as the seller's. Since our experience lies not only in buying and selling property, but creating a valid rental situation as well, we feel we are especially well suited to helping non-Italians though the ins and outs of the local market.

I've never heard of anything like the Italian procedure for property sales; does it work?
This procedure involving the notaio (notary) has been in use for several centuries and seems to work perfectly. These individuals are highly respected members of their community and their professional reputation depends on their title research and on being responsible to all parties involved.

Do I need to speak Italian to buy property in Italy?
Eventually you will want to learn as much Italian as possible to fully enjoy all the country has to offer. But part of our job is to facilitate your purchase by translating and otherwise explaining the transfer procedures, taxes, and so forth.