Our Glossary
Is the contract that follows the preliminary purchase agreement where the estate goes to the buyer. At this point the points of the preliminary purchase agreement are fulfilled.
The preliminary purchase agreement is the agreement where buyer and seller are committing to a transaction and agree to deadlines.
The notarial purchase agreement is the agreement of sale that the notary registers and allows the transfer to the land registry.
The land registry is an authorized register, in which every estate in Italy is summarized, sorted by municipalities. Every property possesses its own property number and is divided by building units, including other values which help to calculate the cadastral value. The cadastral value helps to calculate the property taxes.
The main function of the land registry is to calculate property taxes and does not serve as source for land-ownership, even though the owners can be found there.
The land registry tax is 1% of the purchase price. If there is a first buyer that buys directly from a project developer or any other business in the real estate sector, he/she pays a base price of Euro 168 instead of the 1%. This also applies to the first buy of a private person.
The cadastral value is the taxable value of a property.
The “KlimaHaus” certificate guarantees the client, that the building is isolated a certain way. The KlimaHaus B for example consumes annually less than 50 kWh of heating energy. A KlimaHaus A on the contrary consumes less than 30 kWh. In comparison, nationally the usage per square meter of living area is 20 liter heating oil.
The urban cubage is the building volume without ground floor and is calculated with external dimensions.
The real estate brings two or more parties together with the purpose to close an agreement (Art. 1754 ZGB)
Article 1755 ZGB declares that the real estate broker has the right to demand a commission from each party, if he can demonstrate that he advised the transaction. Article 6 39/1989 declares that the commission can only be claimed by certified real estate brokers.
The commission is the fee the real estate broker is able to charge for his advisory of a closed transaction.
This is the real living are and accessible space of a house or an apartment.
is the gross sales area including 50% of the area of balcony/terrace and 25% of the basement/cellar. Winter gardens with an area of at least 1,5 square meter are fully, garages and parking space are calculated separately. These regulations are defined by the real estate brokers association and building contractors association.
“Konventionierung” means that only people registered within the province are able to occupy an apartment. The purchase of such an apartment is free to everyon.
The IMPOSTA MUNICIBALE UNICA – short for IMU, replaces the communal property tax ICI. The municipal tax on real estate is paid by the owner of real estate; including buildings, building plots and agricultural plots. The tax is paid in the respective community where the real estate is located.
The IMU is part of the decree “Salva Italia” of the Monti regime. Since 2015, such taxes are also imposed for waste collection and income.