A Glossary of Terms for Buying and Selling Property in Trieste

I have been busy lately. Last week I sold my apartment, and am currently renovating a house that we bought in foreclosure late last year. I moved out of my apartment in the meantime, and am now living in another place temporarily until my new house is ready to move into. Welcome to Italy, people-- where Life Happens in sloooooooowwwwww moooootttttiiiiioooooonnnnn!

Since it is fresh in my mind, I thought I would put together a quick run-down of what selling your house (and thus buying) often looks like. First, I should warn you, if you are asking for a mortgage from a bank, it is going to take 2-3 months to get the okay (or the thumbs down). If you know you are looking for something, it makes sense to go to the Bank first and get an idea what you can afford and get a preliminary ok. It doesn't change things a whole lot, but at least it forces you to get your paperwork together ahead of time and that will save you headaches later.

Here are the people involved in the hullaballoo.

1. L'Aquirente: This is the Buyer
2. Il Proprietario: The Owner who is also...
3. Il Venditore, The Seller
4. The Perito: This is the person who comes to your house at the request of the Bank (it costs about 300 euros. Normally banks won't send this person unless they are pretty sure they will give you the money, although I may be wrong). They need to put a value on your house for that Lien (ipoteca), which is the guarantee for your mortgage. He or she will also check to make sure your place looks like the official drawings and that you haven't snuck in any extra rooms or bathrooms without going through the necessary paperwork (lavori abusivi). The values they come up with can vary greatly depending on who is asking them to do the work. For example, when I was buying our new house, the court gave the house a value of about 30.000 euros more than the Perito the bank hired to give us a mortgage on it. It is not an exact science.
4. The Geometra: they are often the same as the Perito. They deal with plans for your house, values, that kind of thing. They work along with architects and can be specialized in different aspects of building.
5. The Notaio: Not a notary public, but more like a lawyer who is in charge of overseeing the sale of the property. They are paid a percentage of selling price of the house. They oversee the Preliminario contract (an agency can also do this) where there is a downpayment (una caparra) and the definitivo (the closing).
6. The Banca: the Bank
7. The Catasto: The Land registry. This is where you can ask for the Visura Catastale that gives you more information on the property you are interested in buying or selling. Only the owner can ask for it (maybe a perito or a notary can do it too). You are expected to show it to anyone who may be interested in buying your place, and you can ask for it if you are buying). 
8. The Tavolare: This is like the Catasto but seems to only exist in Trieste, or perhaps also in other ex-Hapsburg areas. Everything that gets registered with the Catasto also needs to be registered here.
9. Agenzia Immobiliare. If there is an agency involved, get ready to pay an astonishing 4% more if you are buying and 1-2% if you are selling. 

You can also sell da PRIVATO (without an agency) by listing your place yourself on a site like subito.it. You will have to answer the calls and inquiries and show your place on your own, but you can save a nice chunk of change. Beware, most of the people who call you will actually be agencies trying to talk you into listing with them.

I have never used an agency, so I know the process can be done without one. Also, there are less people selling without agencies so you get more visibility when people google and add  VENDE DA PRIVATO.

When coming up with a price, check the real estate websites to see what the market looks like for a place like yours in a neighborhood like yours in YOUR CITY. We sold our place for less than what we paid at the height of the bubble 13 years ago, but that was fine, since we also bought super low. It all comes out in the wash! If you are not getting any bites, that is an indication that your price is too high. And why is that? Decide what is more important: getting a few euros more (wait and be patient), or getting the money in the bank (lower and get rid of it!)

People like to buy houses that don't need much work, so if you want to sell fast, I hope you have a decent kitchen and the bathroom has been updated in the last 20 years (most in Trieste haven't been). This is also true for rentals. Update that bathroom, people!

Another consideration is to make sure you do work on your place using the correct procedures. Anything you do that is not above board will come back to haunt you later. Make sure your heating and electrical systems are A NORMA (up to code).

If you are doing work on your house, remember to always ask your accountant what you can get tax write offs on (this goes for everyone, not just freelancers). In my experience, workers don't like to do invoices when they can work in nero (under the table) but the savings for you can add up so let them know from the moment you ask for an estimate that you would like an invoice (lavoro con fattura).

Right now, for example, you can get 65% back over ten years (which is a long time, but you will never get a 65% discount any other way) on anything you spend for increasing energy efficiency in your home, and 50% for most other renovations. If you do this, make sure you get detailed information on how to make the payments and what to write on the money transfers and invoices (no cash allowed in these cases).

People have been very helpful in making sure we get things done right. They will for you, too, but you have to ask.

Hope this helps. Happy Home Hunting!