The 5 FAQ of the week (3-7 August)

#1 Why is the 20-year notarial report important?

It is a document that contains the mortgage and cadastral history of a property over the last twenty years. It represents all transfers of ownership, cadastral changes, as well as encumbrances on the property and / or extinguished in the last twenty years.

This report, required in the context of executive procedures, certifies that the ownership of the real estate subject to executive procedure actually belongs to the debtor.

Law no. 302/1998 (Norms on the subject of enforced expropriation and acts that can be relied upon by Notaries), defining it as a “Substitutive Notarial Report”, provides that the presentation of this report takes place in place of the twenty-year mortgage and cadastral certification.

In the documentary evidence of a property, the twenty-year report is relevant because from it it is possible to verify (i) the continuity of transcriptions;

  1. ii) the official variations, cadastral changes and fractionations or suppressions of plots of land and/or subalterns;

iii) the mortgage registrations until the identification of the deed of origin;

  1. iv) the existence of encumbrances, easements and liens as well as prejudicial mortgages or judgments.

Always verify the existence of this report.

#2 How do I check to see if the property value is fair and not a premium?

Very interesting question!

It is not easy to determine the value of a property as there are many factors involved.

The value of the single square meter is a very important parameter of reference that can vary a lot, depending on several elements. Think, for example, of a new apartment located in the suburbs and an old one in the city center: the price will certainly be more convenient in the suburbs, but you will have to give up the position! In fact, the first of the elements that contribute to determine the price per square meter is precisely the location of the property: the city or even the neighborhood in which it is located. Clearly, an apartment in the center or in a well connected area, served by public transport and full of greenery or interesting opportunities for leisure, will have a much higher cost per square meter than an identical apartment located on the outskirts of the same city, or in an area poorly served by public transport. In addition to the location, the conditions of the building and the interiors contribute to determine the price per square meter of a property.

To estimate the value of your property, I recommend that you contact a consultant who deals with real estate estimates! The estimate of a property is not immediate: it is an elaborate and highly personalized calculation that requires a lot of work. You can search the web for experts who will know how to calculate the correct value of your property. Making an initial investment to avoid scams is always a good idea!

In any case, if you want to sketch an approximate calculation, I suggest you to visit the dedicated page of the Revenue Agency which is provided with a special Observatory (OMI) that becomes a database of real estate prices: the values are updated every six months and, of course, the consultation is free and free both for real estate agents and for private citizens.

The Borsino Immobiliare web page is also for you!

#3 How to check if the house I want to buy is a rental?

Very interesting question.

It is necessary, in any case, to distinguish between ordinary and non-ordinary lease contracts.

With reference to the former, unfortunately it is not possible to retrieve information from public registers because they are private agreements. It is true that they are contracts subject to registration, but it is not possible for third parties (without title) to access the acts at the Revenue Office.

On the other hand, in the case of non-ordinary contracts (for example, lease contracts with a duration of more than nine years), these, as well as having to be registered at the Revenue Office, must also be transcribed in the public real estate registers, i.e. notice must be given in the real estate registers held at the territorially competent conservatory (art. 2643 n. 8 c.c.). In this case, the contract will be visible from a hypocatastal view.

#4. How much do I have to pay for a cadastral survey?

To obtain a cadastral survey it is necessary to pay special cadastral taxes.

For each survey, the amount of the fees is calculated by applying the current rate decreased by 10%, because it refers to surveys provided electronically, and increased by 50%, since the surveys are not provided on a conventional basis.

For example, the cost is equal to € 1.35:

– for the view per subject, for every 10 real estate units, or fraction of 10 (e.g. if there are 20 units, you will pay € 2.70);

– for the view, current or historical, per property;

– for the map view;

Some rules, then, expressly provide for the exemption from the payment of taxes (for example, the owner can ask for free consultation, for the property of which it is the owner).

You can consult the site of the Inland Revenue by clicking here!

#5. What remedies do I have if I discover that the property is defective?

If you’re asking this question, you may have run into a nasty surprise. Let’s see if we can shed some light!

The defects of a property are distinguished in apparent and hidden.

Apparent defects are those that the buyer can recognize with normal diligence, through a quick check of the property (eg visible moisture stains on the walls).

They are hidden, however, the defects are not immediately recognizable, which emerge only after the use of the property (eg infiltration in the attics).

The distinction is not trivial!

In fact, art. 1490 c.c. imposes on the seller the obligation to guarantee the buyer from the defects of the property that make it unsuitable for the use for which it is intended or that significantly decrease its value.

From the moment of discovery, the purchaser has eight days, or the greater term eventually foreseen in the contract, to denounce the defects to the vendor, provided that there remains proof of the denunciation.

If you have just discovered a defect, I advise you to immediately forward a registered letter with acknowledgement of receipt to the seller!

Clearly, the warranty does not apply to defects which the buyer knew about at the time of the contract or which, because they were apparent, he could have identified at first glance.

This rule, however, does not apply if the seller has falsely declared that the property was free from defects: in this case only, the warranty applies even if these were easily recognizable.

For this reason, it is always a good idea to scrupulously observe the property you intend to buy!

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