The majority of houses & homes in
Sicily are owned outright, that is to say that no mortgage
usually exists on them. Chains such as in England do not
normally exist either, therefore exchanges of contract can
be made within a little as three days of agreement being
reached (including land searches). In most circumstances
though we are able to arrange for the initial contract to
be signed the same day as viewing. Obviously though it can
depend on individual circumstances but, completions are rapid
and far speedier than in the UK.
Whilst outright sale is preferred, It is quite normal also
for the buyer to put down a sizeable part of the sale price
(around half) and to pay the balance a month or two later,
whatever is agreed with the owner at the time. The new
owner may move in, connect all services and live there
during the half-payment period. Should either party wish
to drop out of the agreement they have then to pay to the
injured party plus compensation for costs incurred. That
is to say that if, for example, you purchased a property
and paid half deposit, if the owner pulls out, he has to
pay you twice the amount of the deposit you have given
plus, the costs of any improvements/works you have carried
out. Likewise though, should you be unable to complete,
you will loose your deposit.
Legal fees
Legal fees are not combined with the property taxes below and
those taxes collected by the solicitor on behalf of the Italian
government. It is difficult to quote accurately as each case
is different, several factors affect the calculation such
as; location of property, government valuation of it and
of course, the amount of work the solicitor has to do on
the transfer of the ownership to insure that all is in order
for you to proceed.
As a rough guide though, property taxes are normally around
4% of the purchase price paid of the property if you have
residency status, or around 11% if non-resident. You
may though opt to pay the lower residency rate and then have 18 months in which
to apply for and gain residency or pay back the difference.
Our commission fees
Sicily Property Brokers commission charges (5% of the purchase
price of the property up to 50,000 euros and 2.5% thereafter)
are payable by the purchaser. This includes all negotiations
with owners, initial dealings with solicitor up to first-part
contract signing, opening bank accounts and gaining for you
an Italian National Insurance number(required to buy and
to open bank accounts)
Ownership
To be able to purchase a property
here you will need, initially, a national insurance number.
This we can arrange through the solicitor prior to signing
and is included in the legal fees.
Later, and to get services connected, and whilst not essential,
it is preferable to apply for residency. (Doesn't affect
your British citizenship in any way) This we can assist with
and is recommended as it eases the passage of so many things,
registering with a doctor being just one of those. We can
assist you on dealing with all necessary requirements.
USA and other non-European Economic Community residents (EEC) when purchasing
Our solicitor informs us that all ex-community citizens worlldwide
may purchase property in Sicily without hinderance.
That the buyer does not have to be present, Sicily Property
Brokers, agents, may act on their behalf and complete the
first part contract in the buyer's abscence. For the second
part contract, Sicily Property Brokers may continue to act
on the buyer's behalf but is necessary to post to the client
a pro-claimer form to sign and return. This certifies Sicily
Property Brokers to act for the buyer and to complete the
sale fully.
Questions
contact us here
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