BOLOGNA INSIDE Second Edition - IWF Bologna

MAKING AN OFFER
If you use a real estate agency, your agent will help you make a formal offer on a
property, called a proposta d’acquisto. You usually leave a check with the real estate
agent at this time, to be returned to you in the event that your offer is not accepted. You
may be able to beat out other buyers by offering a more substantial down payment, so
strategize with your realtor before making the offer.
Once the offer has been accepted, you will sign a preliminary agreement called a
promessa di vendita or compromesso, usually accompanied by a substantial down
payment. The compromesso will indicate the parties, the price of the property and the
timeframe within which the final deal must be stipulated. This document may be signed
in front of a notary, but it may also be written as a scrittura privata (private agreement)
between the buyer and seller, usually prepared by your real estate agent.
FIRST HOME
Italian legislation provides a tax break for the purchase of your primary residence, or
prima casa (first home). To be eligible, you must be buying a non-luxury house or
apartment in the same municipality where you plan to reside within 18 months after
purchase. There are penalties if you sell a prima casa within five years as this is
considered property speculation. If you sell your prima casa after the five-year window,
you can benefit again from the tax break by buying a new primary residence within a
year. For more information, speak with your real estate agent or banker.
CLOSING
When it comes time for rogito (closing), you will need to make an appointment with a
notaio. Depending on the terms of payment, you may handle your closing in the notary’s
office, at the realtor’s, or in the bank issuing your mortgage. The notary will read aloud
the document in front of all parties, stopping to answer questions if necessary. In
addition to the stipulated price, be sure to calculate the other costs associated with
closing, including IVA and the notary fees. IVA is calculated as a percent of the valore
catastale, however the applicable rate depends on use, such as first home, vacation home
etc. Notary fees vary depending on the notaio, but you should expect to spend several
thousand euro for this obligatory legal service.
In the beginning, despite making great
strides learning the language and subtleties
of Italian culture, I still felt I was missing
something. I sensed a need to bridge the past
and present, to blend my Italian-speaking
self with my English-speaking self. I had
come across listings of ex-patriate groups in
Milan, Florence and Rome, but there was
no such group in Bologna. I began to think
maybe I could start one. Back then it was
hard to imagine the future of the IWF.
Associations take time to coalesce, discover
their identity and to mature. And while I
occasionally wondered whether the group
would survive, today I can’t imagine life
without it.
Julie Wade, IWF founder
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