1655 'Declared' Property Price

I am sure that this question has been raised on the forum before but I can't find anything relating to it now I am in the position to ask the question.

We found a property we wanted to buy when we visited Italy last week and we put in an offer. However, the seller came back to the estate agent wanting the 'declared' amount for completion to be 27% of the purchase price! Apparently this is because the cadastral value of the property is this amount.

We knew that Italians usually 'declare' less then the agreed purchase price but this seems to be very low, well below what we expected, and it makes us very nervous. Is this just a British response or are we right to feel that this is just going too far?

Cath :confused:

Category
Property Sales/Rental Advice

Submitted by Anonymous (not verified) on Fri, 10/21/2005 - 06:51

This is a common thread; you might want to review the discussion that took place in this thread [url]http://www.italymag.co.uk/forums/showthread.php?t=579&highlight=cadastral[/url]

You should also consider the impact of the declared value when you re-sell..... it could catch you on Capital Gains Tax ;)

Submitted by Anonymous (not verified) on Sat, 10/22/2005 - 10:51

Thanks for the thread link - I knew I had read about this issue before but couldn't find it.

It appears to be a regular occurance in Italy and one which we probably shouldn't worry too much about, however there are elements that we should consider before making a final decision (like Capital Gains Tax).

Thanks again.

Cath :)