Have you decided to sell your valuable properties and want to propose it on the foreign market?
Here is a series of tips and information that will help you take this path.
Who to contact?
For the management of luxury properties on the foreign market it is advisable to identify a niche agency that operates primary on the international market.
The management of important foreign properties requires a different organization from that of the normal agencies operating at local or national level, quality of service, starting with the construction of the property image, sales channels, the personnel capable of managing relationships with foreign-language international clients are some of the things to keep in mind.
Do I sign anything?
Yes. Pretend by the Agency a written Assignment in which clearly established the conditions of sale (price, terms and conditions for payment of the deposit and the balance, description of the property), and the operating space agency (services, conditions, provisions ...).
Exclusive or non-exclusive?
Mediation assignments may be given in exclusive or non-exclusive mode depending on if you have direct relationships 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).
Why to choose Casaitalia?
Casaitalia bases its strength in collaboration with agencies and especially Italian of high quality international level for which has the advantage of having a single point of contact and at the same time multiple agencies working on the property coordinates by Casaitalia no cost on your part. Casaitalia is exclusive representative for Italy's Luxury Real Estate, the world's leading network for the valuable buildings and is a member of the Prestige MLS born for collaboration between international agencies for the exchange of properties and clientele.
I can recommend to Casaitalia an agency to work with?
Of Course. If you know a valid agency although not organized to manage a complete and autonomous your property, you can report it to Casaitalia for collaboration. We will take care to provide to it all the material needed to work on your property and to define the commission sharing agreements without further costs for you.
That duration has an assignment?
Normally, the appointment shall be for one year, 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:
If you believe in your property there is possibility to build more, ask your technician to prepare a brief report stating the volume still available and the relative conditions
Why do I collect the documents if there isn’t still a buyer?
It is critical that your property is checked by the urbanistic 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.
One intended use different from that indicated to a potential client or a building permit violation that could have been settled without great difficulty, may be able to block a deal if not addressed early.
Casaitalia International will assist you in finding documentation and identifying what is missing.
The price of my property
Beyond the idea that already you have done 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 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 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 putting on-line the 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 foreign buyers during the visits.
Usually, especially with international customers, visits are fixed with several days in advance, this will give you time to prepare the House.
The proposal for a purchase / preliminary sale
If one of the potential buyers would likes 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 20% 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 usually valid for 10-15 days at which, if you have not signed, decays does not produce any obligation between the parties.
Casaitalia International 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:
The final act of sale
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, impartial 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 transcription of the Act of sale
The act of purchase required to be transcribed by the same notary, within 20 days of signing it at the Real Estate Registry of competence.
The cost of the transcript of the Act shall be exclusively borne by the buyer.
After transcription, can receive from the Notary a certified copy of the Sale deed
The costs of the final purchase
All costs of the final act of sale shall be exclusively borne by the buyer.
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:
A different taxation applies instead to the capital gain generated by the sale of buildings under construction, building plots, and land subject to housing development or manufactured therein constructed.
The logic behind these provisions is that the tax administration potentially operations "speculative", under which you purchase a property and then sell it after a short time at a higher price earning the difference.
Are without prejudice to the trading conducted on properties owned for many years, or used as a principal residence by the owner or his relatives
For further reading, reference is made to the Income Tax Code (Consolidated Income Tax Act).
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.