Email the region with your CIR code to submit tourist flux numbers. As a general rule, the originator of the contamination is responsible for the clean-up; however, under given circumstances the owner of a contaminated site can also be responsible for the clean-up. However, provisions for subletting must be clearly stipulated and discussed between both parties. If any, when and how are they likely to affect the transfer of rights in real estate or development/change of use? The authority to expropriate land is attributed not only to the central Government, but also to Regions, Municipalities and other public agencies. 392/1978 does not apply and are regulated by the Civil Code. 152 of 3 April 2006 delegates the Regional Authorities to maintain a register of sites interested by an environmental clean-up procedure. Firenze (Firenze) - Via Trieste - Elegant apartment in a small building. What documents need to be provided to the land registry for the registration of ownership right? 13.1      Please briefly explain the nature and extent of any regulatory measures for reducing carbon dioxide emissions (including any mandatory emissions trading scheme). It is possible to defer transfer of a title: for a given term; by satisfaction of a condition precedent; or until the price is fully paid. Title insurance is not commonly used because the legal system fully protects any person acquiring title from the registered owner. ■     various forms of title comparable to leasehold, under: i)    usufruct (“usufrutto”), which grants rights comparable to those of the freehold owner for a limited period of time (up to 30 years or the entire life of the individual who is granted the right); ii)   right of use (“uso” and “abitazione”), which grants limited right to an individual to use or live in a property; iii)   right to build (“diritto di superficie”), which grants the right to build on or under a given area and acquire full ownership of the constructed building; iv)  public concession, which grants rights to use and benefit from a governmental owned asset for a limited period of time (up to 99 years); v)   lease (“locazione”), which may have a maximum term of 30 years; vi)  lease of a business (“affitto di azienda”) including real estate assets; vii)  bailment (“comodato”), which is a form of limited use normally without consideration; and. 152 of 3 April 2006) is also delegated to local agencies and legislation, organised at the Regional and Municipality level. Furthermore, if the seller caused any contamination of the property, it remains liable for any remedial actions prescribed by environmental laws and regulations and any damages caused by such contamination. 8.1        Please briefly describe any regulations concerning the lending of money to finance real estate. In case the seller omitted to pay any applicable property tax or transfer tax, the tax authorities may enforce a lien on the relevant property, which, in some cases, may prevail over a mortgage. It should be noted that, in response to the tragedies that occurred as a result of the earthquakes in central Italy, several Municipalities have decided to increase controls on buildings in order to protect the national building stock. The notary has to be remunerated by both parties based on a specific agreement (although making reference to a national tariff is common practice); it is a general principle of law and common practice that the cost of the notary is paid by the purchaser, who also selects him. The usufruct is recorded in the land registry and can be validly opposed by any third party. Share and protest to the Italian embassy in DC 131 of 26 April 1986) and to mortgage and cadastral taxes (“imposta ipotecaria e catastale”). In such cases where it is allowed, the tenant will be liable for any damages caused by other persons granted the use of property. In many cases a reverse charge mechanism applies, allowing the buyer not to disburse the VAT amount. As indicated in question 4.5 above, in some cases it is possible to anticipate the effects of registration. ■     Legislative Decree no. For this type of contract, landlords ask for a deposit which can be returned in full … 12.7      Are there any regulations on the protection of historic monuments in your jurisdiction? De Tullio Law Firm – Italian Inheritance and Real Estate Law Firm. The protection of the environment and the implementation and application of the national environmental law (Legislative Decree no. 392/1978 the tenant is entitled to receive compensation for loss of business continuance and has a right of first refusal on any new lease. 2153 of 8 December 1938 on Catasto Terreni, Presidential Decree no. On what grounds can I terminate the tenancy agreement and evict tenant from the property? On the basis of the general rules established by Articles 2796 et seq. The buyer is responsible for paying the purchase price and any applicable transfer taxes and paying its portion of the broker fees (if any). In leases regulated by Law no. A free market contract is for four years renewable for an additional four-year period, in which the tenant and landlord agree the conditions between … A legal restriction on ownership of real estate applies to foreign persons that are not resident in Italy, based on the “reciprocity” principle, i.e., the acquisition of real estate in Italy is not possible in principle for foreigners coming from countries where Italian citizens cannot own real estate and which have not signed reciprocal conventions with Italy. During this period the rent may not be raised more than 75% of the cost of living index. ICLG - Real Estate Laws and Regulations - A guide outlining the various types of Italian rental contracts, the legal rights of tenants, and the documents required to rent accommodation in Italy. d)    Covenants. Real Estate > 13.3      Are there any other regulatory measures (not already mentioned) which aim to improve the sustainability of both newly constructed and existing buildings? Spurred by complaints from neighboring residents and the traditional hotel industry, cities have enacted laws to regulate short-term rentals across … If this is the case, the creditor, in the insolvency process, will see his credit satisfied in a preferential manner compared to unsecured creditors. 9.7        Are there any tax issues that a buyer of real estate should always take into consideration/conduct due diligence on? The Italian Civil Code allows a buyer to challenge the validity of the contract or to claim for a reduction of the price in case the seller has willfully omitted to disclose elements which may affect materially the value of the property. 7.6        What (if any) are the liabilities of the buyer (in addition to paying the sale price)? Different rules (in particular regarding information duties and enforcement in case of payment default) apply to loans to individual persons acting as ‘consumers’ and corporate entities. covers key topics relating to practical points and commercial terms in leasing, investment, development, and financing in 28 jurisdictions, ICLG.com > 7.4        Do sellers usually give any form of title “guarantee” or contractual warranties to the buyer? In Italy, the law requires that you must carry certain types of insurances: … However, a reduced rate of 10% applies to some residential and instrumental buildings; a further reduced 4% rate applies to the sale of residential properties which become the primary house of the buyer. However, these don’t need to be registered with the Revenue Agency, like transitory contracts ( contratto transitorio). 327 of 30 March 1942), which regulates title (in the form of public concession of use) on beaches, marinas, harbours, lagoons, basins, channels and any related assets. Graph of house price trends in Italy, Compare countries on 4 financial dimensions, Contributing is easy and it works for you, Duration until completion of service of process, In order to sell the property, provided the landlord has no other apartment except where he resides, For the landlord's personal use, or for the use of family members, To use the property for public, cultural, and religious purposes (provided that he offers the tenant another apartment), To renovate the property due to severe structural damages, If the tenant owns another apartment in the same municipal district, If the tenant has not been living in the apartment permanently. Search short term and month to month lease apartments, houses and rooms in Italy Loans for minor transactions often do not contain any provisions supplementing those provided by the law for mortgage loan, but often the lender seeks additional protection requesting a bank deposit, a personal guarantee by the borrower or any borrower related person and a life and disability insurance on the borrower. 42 of 22 January 2004) provides for limitations on the ownership, transfer and refurbishment of real estate assets having historical value and those characterising or having a significant impact on the landscape. However, in all cases where a permit or licence must be granted by the Municipality, no implied permissions are allowed. Stamp duty is applied on a fixed basis and depends on the number of standardised pages composing the contract. If you have experienced something similar share on social media, maybe we can shame them away from this practice. The registrars are legally liable for all damages and costs they might have caused. All Rights Reserved. non-resident persons)? 7.5        Does the seller retain any liabilities in respect of the property post sale? 392/1978; and. In particular, the Ministry of Culture and other local agencies have a right of first refusal in case of transfer of a property which was declared of historical, architectural or landscaping interest; accordingly, the deed of sale must be notified to the relevant authorities, which normally have 60 days to exercise the right of first refusal. A guide through the Italian property, probate and succession maze. In addition, execution in the presence of a notary is required to file the relevant contract in the land registries (and, for mortgages, for the validity of the title). As a general rule, upon expiry of the initial six-year (or nine-year) term only the tenant may avoid the automatic renewal of the lease. The Italian Civil Code provides that the seller is liable in case of lack of title (total or partial), third parties rights on the property, lack of conformity (“garanzia per vizi”) and lack of quality (“mancanza di qualità”) of the property. However, the tenant may stop proceedings (up to four times in a four-year period) by paying any amount due to the landlord before or during the proceedings. 12.6      What is the typical cost of building/use permits and the time involved in obtaining them? 4.3        What rights in land are compulsory registrable? Also, the Italian Civil Code allows a buyer to bring legal actions against a seller for title defects and lack of conformity and/or quality of the property. On the other hand the landlord may only serve a disdetta after four years (three for "special" contracts). History. f)    the tenant is responsible for ordinary maintenance, while the landlord is responsible for any extraordinary maintenance and repairs. Are any of them purely contractual between the parties? 8.2        What are the main methods by which a real estate lender seeks to protect itself from default by the borrower? Drivers with a licence issued by any EU country do not require an international driving permit or a legal translation of their own licence. Leases are subject to registration tax with a standard 2% rate (reduced to 1% in case the landlord is subject to VAT). Payment is usually made by the notary, which is jointly liable with the seller and the buyer for payment. VAT is compulsory in case the sale is executed within five years of the construction or refurbishment of a property. EU Directive no. A preliminary sale and purchase contract is usually executed once the parties agree the terms and conditions and satisfactory due diligence has taken place. According to Article 1490 of the Civil Code, the seller is obliged to ensure that the item sold is free from defects. Obtain your CIR code from the Latium region. Already registered? Transfer of title has to be formalised in a public deed before a notary public. In case bankruptcy of the borrower is declared within 10 days of the creation of the mortgage, the mortgage can be challenged by the bankruptcy officers. A security package for a real estate loan will usually comprise: (i) a mortgage over the asset; (ii) a charge over receivable rents; (iii) a charge over all bank accounts into which all rents must be paid; and (iv) a charge over all relevant contracts including leases, insurance policies and construction guarantees. The following mandatory provisions apply to residential leases: a)    the initial term cannot be less than four years, renewable for four-year periods (the initial term may reduce to three years, with a renewal of at least two years, for leases that comply with local agreements aimed at containing rent increases); b)    rent increases are ordinarily limited to 100% of the annual consumers’ inflation index; c)    at the end of the initial term the landlord may avoid the renewal only in limited circumstances: direct use of the premises for living purposes; refurbishment of the building; the tenant has another house available in the same Municipality; the landlord intends to sell the premises provided that he does not have other properties available; and provided that he grants the tenant a right of first refusal. There are no restrictions on public access to the land registry. The relevant energy performance certificate issued by authorised consultants must be disclosed to the purchaser and to the tenant of a property. Other securities can also be challenged in case of bankruptcy, if it appears that the lender was aware of the insolvency of the borrower. There is still a limited number of transactions where the parties agree to replace the seller warranties with Warranty & Indemnity Insurance. The seller is also liable to compensate the buyer for the damage suffered and the damage resulting from the defects of the sold property. 9.2        When is the transfer tax paid? There are mainly three types of business leases: ■     leases regulated by the mandatory rules contained in Law no. Title transfers on delivery of the real estate to the buyer, which normally occurs (unless agreed otherwise) when a notarial deed is signed. The development of a new building is always subject to a prior permit granted by the local Municipality, or to a previous special planning agreement with the Municipality which sets the framework for subsequent construction. Furnished Italy apartments for rent, sublets, temporary and corporate housing rentals. Recent leases of grade “A” properties often contain a best efforts provision by the tenant to maintain energy efficiency policies and to provide information to the landlord on its energy consumption levels. 12.2      Can the state force land owners to sell land to it? According to the Italian tax law, both Italian residents and non-resident individuals are subject to taxation in Italy, but on a different basis. Obtaining information on the actual status of a property and its environmental compliance is usually more complicated and collaboration by the owner is required. In particular, in 2014, the City of Milan introduced, with the local planning system, the obligation to obtain, for all buildings with more than 50 years, the certificate of static suitability (“CIS – Certificato di idoneità statica”), which is becoming mandatory in case of sale of the property. ■     The Italian Civil Code (Royal Decree no. 9.4        Are transfers of real estate subject to VAT? Italy’s Short-Term Rental Regulations in Rome. In principle, accommodations provided to an employee by an employer are a taxable benefit in Italy. Then the 1978 'Fair Rent' Law (No 392) fixed four years as the minimum tenure duration, and continued rent control. 8.4        What minimum formalities are required for real estate lending? Beginning in the 1920s, special statutes denied termination of contracts, and prevented rent increases. Finally, the Governmental Social Housing Plan, which regulates the development of government-supported houses for low-income families and individuals is particularly relevant for the residential real estate market. 10.1      Please briefly describe the main laws that regulate leases of business premises. 4.5        Where there are both unregistered and registered land or rights is there a probationary period following first registration or are there perhaps different classes or qualities of title on first registration? The law does not allow you to remove the tenant yourself. 8.3        What are the common proceedings for realisation of mortgaged properties? 5.3        Can any transaction relating to registered real estate be completed electronically? Legislative Decree no. 7.3        Can the seller be liable to the buyer for misrepresentation? 10.8      Are there any trends in your market towards more flexible space for occupiers, such as shared short-term working spaces (co-working) or shared residential spaces with greater levels of facilities/activities for residents (co-living)? Access to information on minor contamination is normally limited to the owner. 12.10                Please briefly outline any regulatory requirements for the assessment and management of the energy performance of buildings in your jurisdiction. What land (or rights) are unregistered? Each party bears the costs of its own transaction advisors. The tenant has also a right of first refusal in case the landlord intends to sell the leased property. In addition, local regulations adopted at Municipality levels may provide for the granting of benefits in terms of additional permitted surface or for discounts on construction costs for new or refurbished buildings that meet specific energy performance requirements. 8.7        What actions, if any, can a borrower take to frustrate enforcement action by a lender? The important thing to know though, is that the law for American tourists driving in Italy DOES require that you have an IDL. What (if any) is the consequence of non-registration? Please briefly describe their roles and/or duties. What matters must be disclosed? The preliminary contract contains the transaction’s terms and conditions, including: (i) the object of the sale; (ii) the purchase price; (iii) any conditions precedent; (iv) the timing for closing; (v) the payment of a security deposit (“caparra confirmatoria”); and (vi) the seller representations, warranties and indemnities. Would any such guarantee or warranties act as a substitute for the buyer carrying out his own diligence? Mortgage tax has a standard rate varying from 2% to 3% and cadastral tax standard rate is 1%. High street retail also attracts interest in a few main cities. The laws concerning vacation rentals differ from state to state. But it also allowed landlords to dislodge tenants in order to sell their properties after four years, which has led to a strong shift away from the rental sector (no longer seen as profitable) towards owner-occupation. 22 Nov, 2017. For major sale transactions, property companies and institutional investors usually engage a consultancy investment firm to make a pre-assessment of the value of the property, organise marketing materials and conduct the sale process. 1.3        Are international laws relevant to real estate in your jurisdiction? Insurance and other related documents must be kept in your rental car at all times. Are there any proposals to change this? Lenders will require the borrowers to take out appropriate building insurance. Rents: Rents can initially be freely negotiated, but increases are restricted. Transfer taxes have to be paid within 30 days of the transfer. The Italian Civil Code provides general regulation of loans, while the Unified Banking Act (Legislative Decree no. If not, what additional information/process is required? Are there any options for a mortgagee to realise a mortgaged property without involving court proceedings or the contribution of the mortgagor? All such contracts, however, must be recorded in writing and filed with the local tax office (Agenzia delle Entrate) for registration tax purposes. Login or Register to submit a comment! A credit facilities contract may provide for the right of the lender to take possession of the mortgaged asset or any other assets in case of payment default and sell it on the market: in case the market value or the sale price exceeds the residual debt, the lender must transfer the excess to the borrower; on the contrary, in case the sale price is less than the residual debt, the borrower is released from any residual obligation. Italy. 27/2020), introducing urgent measures to limit the spread of Covid-19.The “Liquidity Decree” (released 8 April 2020 and converted into Law No. Registration tax applies on a fixed nominal basis in case the transaction is subject to VAT. The fees for obtaining the relevant permits are defined locally by municipal authorities and normally include: (a) a contribution for urbanisation works strictly related to the project; (b) a contribution for more general urbanisation works; and (c) a fee remunerating the allowed surface of the building. 392/1978; ■     major leases (i.e., where the annual rent exceeds Euro 250,000), for which the parties may freely negotiate departing from the mandatory rules of Law no. Once the eviction of the tenant is confirmed by the court, if the tenant does not release the premises, the landlord may need to commence an enforcement procedure to obtain vacant possession, which may stay for a number of months. National agreements between owners’ and tenants’ associations provide criteria for the allocation of operating costs to the tenant and landlord. The Cultural Heritage and Landscape Act (“Codice dei beni culturali e del paesaggio” – Legislative Decree no. There are not different provisions regarding lending to non-resident persons, but different formalities may apply (e.g., a non-resident person shall obtain, in most cases, an Italian tax ID code, the notarial security documents to be filed in Italy must be executed in Italian or translated into Italian by a certified translator). 208 of 28 December 2015, which regulates financial leasing of residential properties; and. If this is not the case, the creditor must compete with the other unsecured creditors in the distribution of the proceeds originated by the sale of the assets. 10.6      Does the landlord and/or the tenant of a business lease cease to be liable for their respective obligations under the lease once they have sold their interest? If more than one please specify their differing rules and requirements. The landlord-tenant relationship is defined by existence of a leasehold estate. Any buyer or other interested person may obtain – by a search of the registry online, subject to payment of a consultation fee – any information on title and any registered encumbrances and also copies of the relevant notarial deed. @ 2004-2020 Global Property Guide. Also, in this case, constraints in the applicable legislation create some limitations in the implementation of new models. eval(ez_write_tag([[300,250],'globalpropertyguide_com-medrectangle-3','ezslot_1',126,'0','0'])); Landlords are forbidden to request payment in advance amounting to more than three months' rent, and the same applies to security deposits. Phonograph producers have the exclusive right for 50 years from fixation (and without prejudice to the author's rights) to authorize reproduction, distribution, rental, lending, and Internet availability of … International law is not relevant since real estate in Italy is regulated by local law. However, in some cases the broker can be unrelated to either the purchaser or the seller. s/he has to move to another country or city for employment), but a disdetta - a registered letter with at least six months notice - must be provided. (+44) 203 102 9650 DR CLAUDIO DEL GIUDICE - Italian lawyer (Avvocato) - in London since 1992. Italian law is strongly pro-tenant Because of strongly pro-tenant landlord & tenant laws, the rental market is shrinking. In transactions between professional operators, it is not common that representations and warranties replace any due diligence by the buyer. According to Italian Law, when a party of a contract with corresponding obligations does not fulfill its obligations, the other party may, at its discretion, ask the fulfillment or termination of the contract, saving, in both cases, the right to seek the damages. Technical advisors for due diligence are also commonly used. If so please briefly describe including price/compensation mechanism. In case the tenant assigns the lease, it remains jointly liable with the assignee for any unpaid costs related to the period before the assignment. The general principle is that real estate is indivisible and comprises: (i) land; (ii) buildings; and (iii) everything attached to land or buildings. b)    Corporate guarantees. Keep right and overtake on the left. As indicated in question 12.1, land and building use and occupation is controlled by the local Municipalities and local police. 6.2        How and on what basis are these persons remunerated? Municipalities are the most important authorities concerning town planning and are responsible for the following: ■     determining the local planning system (“PRG – Piano Regolatore Generale” or “PGT – Piano di Governo del Territorio”), which provides for the permitted use of land; ■     approving the local building regulation (“Regolamento Edilizio”), which sets the standard to be met in constructions (in compliance with national guidelines and legislation and the general provisions of the Civil Code); ■     granting authorisations for special local planning, new constructions, refurbishment of existing buildings and change of the permitted use of land and buildings; and. Italy Common law has no impact on Italian real estate. In share deals, it is common to grant a pledge over the shares of the SPV acquired by the buyer; this must be granted before a notary. To drive in Italy, you must be over 18. Therefore, the systems have common institutions and regulations. The main “green obligation” lies with the landlord, since he is obliged to provide an energy performance certificate to the tenant before signing the lease contract. 9.5        What other tax or taxes (if any) are payable by the seller on the disposal of a property? Also mortgages are compulsorily registrable and registration is required for the validity and existence of the mortgage. Rents may initially be freely negotiated, but may not be increased after the initial 4-year contract by more than 75% of the cost of living. The deposit is given back with interest (currently at 3%) at the termination of the contract. 7.2        Is the seller under a duty of disclosure? However, the term can be delayed considerably in case the opinion of different commissions, agencies or entities is required (e.g., opinion on the landscaping impact of the project, opinion of the local agency of the Ministry of Culture in case of historical buildings, opinion of the Fire Brigade, etc.). Additional steps of a sale process may include: Arrangements are usually related to: (i) confidentiality and non-disclosure; (ii) temporary exclusivity for due diligence and negotiation purposes; and (iii) making offers (initial offers and subsequent binding offers). 10.7      Green leases seek to impose obligations on landlords and tenants designed to promote greater sustainable use of buildings and in the reduction of the “environmental footprint” of a building. 1.2        What is the impact (if any) on real estate of local common law in your jurisdiction? And the rental car company will likely add a fee for their troubles, too. 4.4        What rights in land are not required to be registered? viii) rent-to-buy contracts, which allow a person to use a property while paying price instalments to buy the property. In addition to that, there are regional protocols in place for which we recommend you consult the Region official website of reference. The competent land registry issues an online excerpt with all relevant facts of the property (titleholder and any registered third-party rights). In some circumstances, negotiations are directly executed between the parties’ lawyers and advisors. 431 of 9 December 1998, which regulates leases of residential properties; ■     Law Decree no. Restrictions imposed on movement in Northern Italy as a result of the coronavirus outbreak have put strain on rental companies in the region. 392 of 27 July 1978, which regulates leases of urban properties. As a general rule, the lender with a secured loan needs to start a foreclosure proceeding, where the main step is the public auction of the asset. Marco Prosperi, Director of Italian rental association Assodimi-Assonolo, told IRN, “Rental companies across the country, including in the north, are still open.However, orders appear to have been lower in the north.” Finally, foreign trusts can be recognised in Italy. 6.1        Which parties (in addition to the buyer and seller and the buyer’s finance provider) would normally be involved in a real estate transaction in your jurisdiction? Permits required for building works differentiate considerably depending on the relevance of works and their impact on the building/land. And a pretty sizable fine due diligence are also commonly used ( Testo Unico dell ’ Edilizia Presidential! Make it enforceable against bona fide third parties in the applicable legislation create some limitations in the region three. In any way ( e.g the sold property to premises for single and. 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