1212 Bank Drafts

3 years ago, I tried to pay for my house with an HSBC Bankers Draft - but the vendor told us, [through the estate agent] that he would not accept it - he wanted Italian BDs.

I had to get 2 types of Italian BDs [the estate agent went with me to my bank and sorted it out for me] on a purchase price of Euros 70.000

Type One - non transferable [like UK BDs] Euros 44.000 [the declared value of the property

Type Two - [transferable] - 4 BDs covering the remaining Euros 26.000 - 2 each to the husband and wife owners. Using 2 each kept the value of each transferable BD below Euros 10.000, which is apparently the 'trigger level' for informing the Tax man in Italy [so I am told]

Great fun at the Notaio's when paying - BDs flying all over the place - but nobody [inc Notaio] found the process anything out of the ordinary.

[The Vendors could use the Transferable BDs to purchase items without them going through their bank account - like the old days over here when you could sign the back of a check and 'pass it on']

I'd suggest you talk to the Estate Agent, to sort things out.

Alan - thanks; this a helpful anecdote. We are declaring full price (to avoid future problems with coltivatore diretti pre-emption rights) so may not need to produce a multiplicity of bank drafts. I best check whether the vendor has a problem with the HSBC affiliate BD.

Do you recall the scale of charges; I have seen/read/heard that 1% has been charged, though much seems to depend on the discretionary powers of the local bank manager and his relationship with your agent.

paiment to italian's bank , to be done with a bank transert ,
(use swift code of italian bank) , directly from your bank , to
italian person bank - it's easy + low expenses - you can charge
the payment on your's private bank accont , at specified time .
(valuta di pagamento a data certa )

I cant remember about any charges for the BD - I think I would have rememberd a 1% [700 Euro] charge

[QUOTE=Ugo]paiment to italian's bank , to be done with a bank transert ,
(use swift code of italian bank) , directly from your bank , to
italian person bank - it's easy + low expenses - you can charge
the payment on your's private bank accont , at specified time .
(valuta di pagamento a data certa )[/QUOTE]

Apologies, Ugo, but are you suggesting an electronic transfer from buyers Italian account to sellers Italian account arranged so that the transfer goes through on the specified date? If so, how does the buyer prove to the Notaio that the money has been paid?

[QUOTE=brendangfc]Apologies, Ugo, but are you suggesting an electronic transfer from buyers Italian account to sellers Italian account arranged so that the transfer goes through on the specified date? If so, how does the buyer prove to the Notaio that the money has been paid?[/QUOTE]

you can also make transfer from not italian buyer banc account , in all cases , for prove have a

BANK RECEIPT !!

issued by buyer bank with banc transfer code called
" CRO " - More , the buyer bank can ask to sellers
bank account , the transfer reception confirmation !!

have a good day , Ugo
([url]www.lifeinitay.it[/url])

sorry , have also anoter manner .

The buyer bank can trasfer money on NOTAIO bank account .
The notai , at signature of public act (atto pubblico), give the
payment to seller's bank account . On this manner the buyer
can have bigger safety, that the seller do not
" take the maney and to fly " before act signature :)))

[QUOTE=Ugo]sorry , have also anoter manner .

The buyer bank can trasfer money on NOTAIO bank account .
The notai , at signature of public act (atto pubblico), give the
payment to seller's bank account . On this manner the buyer
can have bigger safety, that the seller do not
" take the maney and to fly " before act signature :)))[/QUOTE]

This is a good solution, I've done something similar with a swiss buyer on June.
Of course you need to declare the full price, otherwise you cant ask the notaio to help you to "avoid" taxes.

"Of course you need to declare the full price "

Sorry , but NOTAIO , has to declare ONLY money that fly
from his bank account to seller's bank account .
The money payed at compromesso signature ......
(shhhhhh )

Thank you for your reply I will keep you updated.
We intend to go to see the person in charge at the post office, but I do not hold out much hope. I have been told by my neighbours to be careful and not to " get on the wrong side" as she may throw away my post.
They are saying to be nice to the post woman and keep asking her to deliver.
In other words, go on my hands and knees to this person and beg her to deliver.

[QUOTE=Poetica]We are declaring full price (to avoid future problems with coltivatore diretti pre-emption rights)....[/QUOTE]

Sorry, I know this isn't directly related to the topic but I was reading last night about avoiding pre-emption rights if you declare the full price but I couldn't quite grasp it. Maybe I was too tired. Can anyone explain?

Thanks,

Derek

[QUOTE=derekL]Sorry, I know this isn't directly related to the topic but I was reading last night about avoiding pre-emption rights if you declare the full price but I couldn't quite grasp it. Maybe I was too tired. Can anyone explain?

Thanks,

Derek[/QUOTE]

You don't necessarily avoid pre-emption rights if you declare the full price - just makes it more unlikely that any neighbours would want to purchase the land at the full price. And, of course, you still have to make sure that there is a realistic division of the full price between the land and the property.

Hi Derek
There is a thread entitled 'pre-emption rights' started by 'JulieD' under 'legal'
may be of use.

Stribs

Oh yes, I see it... The thread entitled Pre-emption rights.
One of those days.

Thanks guys.