Guide to sellingShould i sign anything?
Of course. Pretend a written duty from the agency which clearly defines all the selling conditions (price, terms and conditions for the payment of the deposit and of the final payment, description of the property), and the services of the agency (selling condition and commission).
Exclusive or non-exclusive?
The assignments of mediation can be entrusted in exclusive or non-exclusive mode, depending on if you want to have direct dealing with one or more agencies simultaneously. If you are not sure that the agency you choose is able to fully manage the promotion of the property you can evaluate the possibility of entrusting the task to other agencies (preferably not more than one or two to avoid confusion and competition on the property itself).
What duration has an assignment?
Normally, the assignment shall be for six months, renewable.
What documentation will I need?
A brief description and some pictures are enough to submit your property to the agency, but if you decide to sell your property, it's good that you immediately active to collect all the necessary documentation:
- the titles of ownership (purchase acts, swaps, etc..);
- the cadastral plans updated: with the opportunity to verify that respond to the state of fact of the property and that the destinations of use indicated in the rooms are real. In the case that the site plans or destinations of use are different from reality, contact your trusted technician (surveyor or architect), to inform you about the possibility to regularize the situation indicating the costs and timing;
- the cadastral surveys;
- the energy performance certificate (ACE or EPA), whose index by law must be stated in any publication
- a copy of the latest project or renovation plans deposited in common.
Should I collect the documents if there isn’t a buyer yet?
It is critical that your property must be checked by the urban point of view, the land registry and mortgage industries, before being placed on the market, in order to provide correct information in publications and to arrive at the time of sale without outstanding issues. A different intended use from that indicated from the seller, or a building permit violation that could have been settled without great difficulty, may interrupt a deal if not addressed early. ATTICO IMMOBILIARE will assist you in finding documentation and identifying what is missing.
The price of my property
Beyond the idea that you have made up about the price, it is important that the agency you will delegate helps you figure out what is the real market value of your property. Finding the right value is an essential element that will allow you to get the maximum without wasting time and sales opportunities.
The publication of the property
Once signed the assignment to sale, the Agency will deal with the preparation of all materials required for advertising your property. The property will be promoted and advertised locally and internationally: If you have special needs, you can ask your agency with a separate publication or to study specific initiatives designed specifically for your property.
The visits of potential buyers
After advertising your property, will come the moment when a potential buyer will be interested to see it. Make sure that the Agency assists you through the presence of personnel capable of handling buyers during the visits. Usually visits are fixed with several days in advance, this will give you time to prepare the House at best.
The proposal for a purchase / preliminary sale
If one of the potential buyers should like your property, will formalize its interest through a purchase offer prepared by the Agency, which once you sign the acceptance, obliges the parties (seller and buyer) to conclude the deal, establishing time, mode, and penalties to guarantee both in case of withdrawal. In this contract, will be indicated, as well as all data relating to the parties, the date by which the buyer and seller shall draw up the final deed of sale, the price and payment methods.
The confirmatory deposit
To strengthen the obligation and the guarantee between the parties, the buyer will pay directly to your bank account an amount equal to about 10% of the purchase price proposed, as a confirmatory deposit.
If the buyer does not fulfill its obligations under the preliminary sales and recede from the contract, you can deduct this sum. But if you have to be the one to cancel the contract, the purchaser shall be entitled to twice the amount that paid. The confirmatory deposit will be paid only after you have signed acceptance for the proposed purchase, which is usually kept valid for 5 days, after this period, if you have not signed, the proposed purchase decays and does not produce any obligation between the parties.
ATTICO IMMOBILIARE prepares a purchase proposal which, upon acceptance, becomes the preliminary sale automatically. In this way, once encased the sum by way of deposit, the next step will be the notary Act.
The registration of the purchase / preliminary sale proposal
The real estate agency will deal with the mandatory registration at the tax office, to be carried out within 20 days from the signature for acceptance.
The costs of the purchase / preliminary sale proposal
The costs you will incur after accepted the proposal of buying/ preliminary selling are:
- registration duty at a fixed rate of 200,00 € in half with the purchaser (100,00 € each);
- the stamps, always in half with the purchaser: 16 Euro stamp each 4 pages (25 lines to front) for each registered copy of contract. Must then apply to each graphic attachment (such as floor plans, for example) a stamp of € 1,00;
- the commission of the real estate agency.
The actual transfer of ownership takes place at the moment of final act of sale. This must be stipulated by a notary public necessarily, which is a public official, normally chosen by the buyer. After performing a general inspection of the property, the notary will draft the final contract, as well as names, dates and places of birth, social security numbers of the parties, will be required to indicate the following elements:
- the detailed description of the property and any appliances, address and number, parcel details;
- the agreed price of sale and payment;
- all building regulations and any variants, legal status, etc., relating to the property and its appliances;
- its compliance on urban planning;
- compliance by installations;
- Accessibility certification;
- the statement that the property is free of people, mortgages, easements, rights of third parties, etc., or specification of any easements, etc., imposed on the same.
No fee for the seller ... and gains?
In most cases, the seller does not pay any fee, even if he gets a gain thanks to the possible increase in value between the purchase and sale, called capital gain.
In fact not all capital gains are subject to taxation:
- do not pay tax if the capital gain derived from the sale of properties purchased or built by the owner seller for more than five years;
- are exempted from the levy the properties received by inheritance; those received in donation when compared to the person who donated the property, five years have elapsed from the purchase or construction of the same;
- are exempted the properties that for most of the period between the purchase (or construction) and the sale have been used as a principal residence of the seller, or family members (who have taken up residence).
How is capital gain taxed?
Any capital gain should be included in the vendor's income tax return, and is taxed according to the progressive rates applicable to the aggregate income or (but only in the event of sale of property purchased or built within the last five years or of agricultural land and with the characteristics specified above) with a most advantageous substitute tax of ordinary income tax. The substitute tax is still being applied at the rate of 20% and is therefore cheaper than ordinary taxation, because the rates of income tax are higher, even for the lowest graduated (23%). The tax is collected by the notary at the time of the Act and immediately paid to the IRS electronically.
What to do after the purchase
Immediately after the purchase of the property, the purchaser will be required to perform (usually within one week after the final act) the transfer of utilities (electricity, water, gas, telephone and internet). For this purpose it is useful that the seller provide copy of the latest invoice received.