What is a Codice Fiscale or a Caparra ? Read the glossary !
Jul 12th, 2008 by riviera
GLOSSARY
| Assegno Circolare | Banker’s draft. This is the preferred means of payment at completion (i.e. at signing of the title deed = Rogito or Atto Notarile) |
| Caparra | This is a deposit paid by the buyer at the moment that the Compromesso is signed. Its value is decided by mutual agreement, but is generally 10% to 30% of the agreed purchase price. If the buyer pulls out of the purchase after signing of the Compromesso, he loses this deposit. If the seller pulls out, he pays twice the value of this deposit to the buyer. |
| Catasto | The regional land registry offices. This is the public office where all cartographic and tax data for property and land is kept, including specific information relevant to each property. |
| Certificato di Abitabilità | A document confirming that a property is suitable for habitation, registered at the local council offices (Comune) |
| Codice Fiscale | Tax Code. Anybody who buys a property in Italy is obliged to obtain this code (issued in the form of a card), which is obtainable from the local tax office (EU nationals) or an Italian Consulate in the buyer’s home country (non EU nationals) |
| Compromesso | Preliminary contract to buy/sell the property. This is a binding commitment by both parties to carry out the transaction at an agreed forthcoming date. It involves payment of the Caparra on the part of the buyer (see above). |
| Comune | The local council offices. This is where documents are kept relating to a property’s status in terms of compliance with building regulations, planning permission and ‘habitability’. |
| Condominio | Residents in blocks of apartments are organized into condominiums, which hold regular meetings to make decisions regarding the joint running of the property. The condominium is under the overall direction of an administrator (Amministratore di Condominio), who is responsible for putting decisions into effect and for collection of charges for the services carried out (cleaning/maintenance of common areas, lift, heating if centrally controlled, etc.). |
| Geometra | Surveyor. Responsible for searches for necessary documentation at the Catasto and Comune, and for any specific surveys requested on the property. |
| ICI | Property tax, paid yearly and based on the rateable value of the property and any land attached. |
| Imposta di Registro | Registration tax. This is payable by the buyer of a property at the moment of completion (signing of the Rogito/Atto Notarile), together with two minor taxes (Imposta Ipotecaria and Imposta Catastale). |
| Imposta sui Redditi | Income tax. |
| Notaio | The Notary, responsible for the drawing up and correct execution of the Rogito/Atto Notarile. He/she is a public legal official who is expected to act with complete impartiality, although he/she is usually nominated by the buyer. |
| Permesso di Soggiorno Stay Permit | A document that all non Italian nationals are obliged to obtain after spending more than 6 months in Italy. It also applies to EU citizens, although in this case it is usually granted automatically. |
| Proposta di Acquisto | Preliminary purchase proposal. This step is usually taken when negotiation takes place via an estate agency. It is a binding offer for the buyer up until a date fixed by himself, by which date the vendor must indicate whether he accepts it (by signing it) or not; it contains the offer price and any other conditions attached to the offer. The buyer making the offer pays a deposit of approximately 1% - 5% of the proposed purchase price, refunded if the offer is not accepted, or counted as part of the Caparra if accepted. |
| Certificato di Residenza | All people choosing to live permanently in Italy (including Italian nationals) have to declare residence, specifying the Comune (local authority) of residence. Obtaining residence has the advantage of halving the amount of Imposta di Registro (Registration Tax) to be paid if the property is the first purchased by the buyer in Italy. |
| Rogito/Atto Notarile | This is the final Deed of Purchase legally confirming completion of the purchase. It takes place in the presence of a Notaio, who is also responsible for the correct drawing up of the Deed. |
| Valore Catastale | The rateable value of a property, i.e. the official value of the property as registered at the land registry offices (Catasto). In the majority of cases, this tends to be appreciably below the actual purchase price. It is the value upon which the Imposta di Registro, the Notary’s fee, and ICI are based. |
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