[BUYING AND SELLING REAL ESTATE IN ITALY] 142
On the other hand, the Notary has also a role of guaranteeing the regularity of the transfer of ownership. The Notary must verify the respect of all the compulsory provisions that regulate the legal transfer of real estate and the details of the sale. In order to validly stipulate the final deed of sale, under penalty of nullity of the deed itself - in the case of land: the seller shall produce the certificate of urban use certificato di destinazione - in case of properties: the deed must include the details of the license or building permits/concessions according to the age of construction; for works executed prior to September 1, 1967, the seller may render a declaration about the date of construction without need to report the details of license/concession/permit. It is also necessary that the conformity with urban-cadastral planning of the properties be documented or declared. The Notary is also in charge for:
purchaser with the Real Estate Registry and with the Real Estate Land Registry. These two last formalities conclude the process of ownership transfer. After the mentioned formalities are completed, the purchaser has in his/her hands the document that testifies the title of property and if all the steps are duly completed has all the rights for future disposal of the real estate. Although the role of the Notary is neutral with respect to both the parties, it is usual that the Notary is appointed and paid by the purchaser. 4. Tax duties The notary is also empowered to collect those amounts that are due from the purchaser under the tax system. In this regard, it is extremely important to point out that some tax benefits apply to the purchase of the so-called “first house”, that is, if some requirements are met, the first immovable property ever purchased or gained by that specific acquiring party, who is required to reside or work in the municipality where the immovable property is located. When the “first house” benefits apply, the public deed is subject to the following tax duties: - If the seller is an individual or a company whose sales are exempt from VAT: o Registration fee: 2% of the final purchase price; o Mortgage tax: fixed amount of € 50,00;
drafting the final deed of sale, based on the preliminary agreement; confirming in the deed of sale that the payment has been duly completed and the contract therefore constitutes an acknowledgment and evidence of the payment; registration of the deed and assessment and payment of stamp duties; registration of the transfer of the ownership on the name of the
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ILN Real Estate Group – Buying and Selling Real Estate Series
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