How to Buy a Villa in Tuscany

So you just finished reading Frances Mayes's Under the Tuscan Sun: At Home in Italy, and now you want your own romantic villa in this charming region of Italy. Well, it's not that simple. Buying any home is a complicated process, but buying one in a foreign country is a recipe for disaster unless you do your homework. Here's the assignment.

Difficulty: Challenging

Instructions

1. Decide exactly where in Tuscany you want to buy your villa based on careful research over the course of many trips to the region. The most common complaint among foreign homeowners about buying a Tuscan villa is that they didn't do enough research and regret the location they chose. Where are the local airports and train stations? Is the area accessible in harsh winters? What are the locals like? Make sure that you love the locale and your neighbors just as much as the house.

2. Figure out the exact type of villa you want and how much property you're willing to take on. Consider how much land you want to maintain, who will maintain it while you're away, and how much living space you need to be comfortable.

3. If your real estate agent asks, sign the Proposta irrevocabile d'acquisto, once you've found your dream villa and you're ready to make an offer. Although this means irrevocable proposal of purchase, it's not a binding document and doesn't mean you've reserved the villa even though there's been an offer price and a written acceptance by the seller. This piece of paper is only enforceable between the seller and the real estate agent.

4. Sign the compremesso, the first of two binding contracts you enter with the seller once you've agreed on a price. The compremesso is basically a proof of intention to buy the villa and is binding in a court of law. It includes information such as the seller and the buyer, description of the property to be sold, the price, and the date of the final contract, or rogito. Once you and the seller have signed the compremesso, you are committed by law to the transfer of the property. You may still withdraw, but at the risk of losing your deposit.

5. Obtain a codice fiscale, or tax code, which you need in order to pay tax on the building. The codice fiscale works just like a tax identification number and is easy to apply for.

6. Autograph the rogito, pop the cork and let the vino flow! This final contract is a legally binding document that requires the presence of a notaio, or notary public, to oversee the signing of the rogito (describes the property and land) and collect tax on the property. The rogito also includes the date of the sale, name of the seller, the new buyer (that's you), and the declared value of the property.

Tips & Warnings

• If you don't speak Italian, you can have a scrittura privata, or simplified version of the contract, read aloud by the notary and directly interpreted by a representative.
• The cost of being a nonresident in Italy can be very high: Property tax as well as water, electricity and telephone bills are often as much as 50 percent more for nonresidents.
• Within the time limit stipulated in the proposta irrevocabile d'acquisto, if the real estate agent is approached by another buyer who makes a better offer for the same property, the agent can make another "irrevocable proposal to buy" for the same property without your knowledge, even though doing that isn't considered respectable.

on 11/22/2005 Tuscany and Umbria are considered hot spots and oversaturated regions of Italy. You'll be paying top dollar for those villa dreams.

Considered underdeveloped and unspoiled regions of southern Italy such as Calabria, Puglia and Sicily.

Here's why:
1) You'll be able to rent out the villa year round due to the relatively warmer climate.
2) The beaches are cleaner.
3) The market is still untapped.
4) Affordable villas and land are available.
5) There's good transportation (good roads, airports, train stations).

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