In reply to A newbie all over again! by Annec
Legal costs help
Submitted by Anonymous (not verified) on Tue, 08/08/2006 - 13:53In reply to A newbie all over again! by Annec
My mother who is non resident and neither we in Italy is gifting a holiday appartment to my brother sister and myself.
We have approached an avvocato to carry out sthis transaction for us. As no estate agent is involved would 3000 euros be arealistic price to pay? We are also non resident.
Norma
In reply to A newbie all over again! by Annec
[QUOTE=roveta]My mother who is non resident and neither we in Italy is gifting a holiday appartment to my brother sister and myself.
We have approached an avvocato to carry out sthis transaction for us. As no estate agent is involved would 3000 euros be arealistic price to pay? We are also non resident.
Norma[/QUOTE]
3000 euros for what ?
legal fee ? legal fee plus taxes ?
what do you mean with "gifting" ? do you mean "donazione" ?
If you're talking of a donazione, that is contract that must be done by a notary only, no avvocato is ever involved in a donazione in Italy: [B][U]never[/U][/B]
So be careful you're not paying twice for the same service.
BTW the notary's fee for a donazione (not considering taxes) is normally lower than €. 3.000 unless the donazione is about a very big estate
I think the figures you've been quoted are rather over the top, Marco.
The basic figures, provided you become resident, are 3% imposto di registro, 3.6% (including VAT) estate agent's commission and about 1.5% for the notaio. You may also pay some extra for things like a surveyor's (or geometra's) report, translation, legal costs for the mortgage, if you have one, etc. so say 9% in all.
If you are not going to adopt residency, the 3% figure will rise to 10% taking the total to 16%.
In either event, the 3% or 10% figure paid as imposto (like UK stamp duty) may be reduced by as much as half, by declaring a lower price to the authories than you actually paid; a concept that is pretty acceptable (welcome to Italy) Your Notiao will tell you how much (or little) you can get away with, based on the property's notional value in the Land Registry, which is often not based on a realistic valuation.