Buying a house is a very important decision, which involves a considerable investment. For this reason, from the moment of choice, it is advisable to be prepared for the purchase and sale process and the taxes to be paid. The largest number of sales is completed through real estate agencies, which have a large real estate portfolio, are in possession of the necessary documentation, provide for mortgage and land registry checks and assist the client up to the notarial deed.
Iter of the real estate sale
BUYING PROPOSAL The first step in buying a house is to formulate the purchase proposal, which is the binding declaration of the proponent of wanting to buy a certain property at a certain price for the established period. Upon expiry of the term of validity, the binding becomes ineffective. The proposal is usually accompanied by a non-interest-bearing deposit, in the form of a bank check made out to the seller, which will be returned if the seller does not accept, or will become a confirmatory deposit at the time of acceptance by the seller. From the moment in which the proposer (buyer) becomes aware of the acceptance of the irrevocable purchase offer by the seller, the contract is concluded.
PRELIMINARY BUYING The next phase consists in the stipulation of the preliminary purchase contract, where the parties define economic agreements by paying the buyer a deposit to the seller (usually 15% of the value of the property). The following elements must be specified in the preliminary contract:
- dati anagrafici delle parti
- indirizzo, composizione e dati catastali dell’immobile
- il prezzo concordato e le modalità di pagamento, con particolare riguardo alla rateazione
- la data entro cui le parti si accordano per stipulare il rogito notarile
- esistenza o meno di vincoli ipotecari
- l’accollo dell’eventuale mutuo residuo al compratore o la sua estinzione da parte del venditore
- la provenienza dell’immobile, cioè come l’immobile è venuto in proprietà del venditore
- la composizione dell’immobile e dei suoi accessori, e altri dati come proprietà comuni, pertinenze ecc.
It is also important to check the building regularity of the house, the possible presence of mortgages or easements or any prejudicial transcripts.
NOTARY AND TRANSFER DEED The contract to buy a house must be signed by the Notary, a public official who carry out a series of checks aimed at guaranteeing a valid and unassailable contract over time. When registering the deed, the Notary directly collects the taxes due from the buyer to the Revenue Agency.
FINANCIAL LOAN The loan is usually granted by a bank or a financial company and formalized by the Notary at the same time as the deed of sale, in the presence of the buyer, seller and bank official. The amount of the loan depends on the applicant’s income and does not normally exceed 80% of the value of the property, although some banks are able to provide mortgages up to 100% of the value, upon presentation of greater guarantees.
Taxes and fees to be paid
CATASTAL RETURNS The Italian finance company of 26-12-05 gives buyers the opportunity to buy a house with a fully reported price in progress, paying the taxes due solely on the cadastral income (value attributed by the state to a property) multiplied with the following multipliers: 115, 50% for the first home and 126% for the second home. Example: buying a house that has a value of € 200,000 and a cadastral income of € 51,000 x 115.50 = € 58,905 = amount that will be taxed
TAXES In case of purchase of a property, registration tax or VAT alternatively (depending on the seller) and mortgage and cadastral taxes are applied. When the seller is a private individual, the taxes to be paid are: – Register 9% (2% in the case of a first home) – Mortgage € 50 – Cadastral € 50.
Taxes are calculated on the cadastral income (with the multipliers as above) and paid by the Notary at the time of registration.
For the purchase and sale of building and agricultural land, the registration tax rates are respectively 9% and 15%. For land that cannot be built on, the cadastral value is determined by multiplying the cadastral income revalued by 25% by 75.
FIRST HOME FACILITY It is called buying a first home when you do not own any property in Italy for residential purposes and with the benefits due to the first home. To get the benefit, you must establish residence in the municipality where you buy or carry out your main activity in it. The purchase of a first home does not give the obligation to reside in the same but gives the obligation to transfer one’s residence to the municipality where it is bought within 18 months of purchase. In the case of the purchase of a first home, in addition to the benefit of the most favorable rate, there is the possibility of downloading part of the interest expense from the bank (17%) on one’s tax return.
Real Estate agents Mediator is the one who connects two or more parties for the conclusion of a deal without being linked to any of them by relationships of collaboration, dependence or representation. (art. 1754). Qualified brokers are registered in the Business Register. Anyone who operates real estate brokerage without regular qualification is not entitled to commissions, indeed he will be forced to pay a fine if he asks for undue payments.
If you want more information for the evaluation and sale of your property, contact us for a private consultation at 3474757276 or write to info@capriimmobiliare.it
