The procedure for the purchase of a property on paper (off plan) or under construction is different from the ordinary procedure concerning the guarantees provided by the building firm. The Italian law provides for specific guarantees to protect the buyer and on charge on the seller of the real estate property to be built, if the latter is an entrepreneur …
The taxes on the purchase of the property provided by the Italian legislation can be: 1. VAT It applies when the seller is a building firm that sells the property within 4 years from the time of the completion of the building or the complete renovation. The VAT is calculated on the compensation agreed between seller and buyer and the …
There are four mandatory requirements by law to take advantage of tax relief for the purchase of a first home which we mentioned earlier: a) the purchase must relate to an abode which cannot be considered a “luxury home” according to a series of particular criteria (set by the Ministerial Decree of August, 2nd 1969), among which there is mainly …
When one proceeds to buy a house that has been already built, it is essential to check its regularity from the urban planning/zoning point of view, that is that the status of the property is not substantially different from the plans filed at the provincial offices of the Cadastral Agency at the Agenzia del Territorio and at the technical department …
Surplus The private individual that sells a home can realize a taxable surplus. The surplus is realized when the real estate property is sold at a sum which is higher than the price of purchase all costs included. The surplus is not taxable when: 1) five years passed after purchase; 2) the house was a principal abode for most part …
The first and most important check to carry out, before signing the preliminary contract to the deed which, as we shall see later on, is binding for the purchase of the property, is to ascertain that the seller is the true owner. For this purpose, first we must check if the person making the sale has a valid purchase deed. …
