Under Italian law a property has a declared value. This is the value placed on the property by the Italian government, and is generally considered less than the commercial price.

 It is the minimum figure that has to appear on the notaries deeds, and the figure on which taxes are calculated.

The local Tax Registration Office has 3 years from the date of completion to make additional tax assessments based on the market price of the property. It is therefore advisable to declare in the notaries deeds price in line with the legal value of the property as reported in the local land Register (Catasto).

Purchase of an Italian listed building

If you are looking to purchase an Italian property that has a cultural, historical or architectural significance, or if the property is ins a zone that could be considered of historical, cultural or architectural importance, then it is worth noting that the following conditions of sale may apply:

Some property in Italy falls under the category of "Beni Culturali" (listed buildings). It is very important to recognise this distinction as the buying of this type of property differs from the standard procedures because the Italian State is able to pre-empt the sale of the property. This particularly applies to areas such as Venice and San Gimignano in Tuscany. However, these are obvious examples.

Other much less well known zones can be designated "Beni Culturali" and therefore it is very important that buyers check this thoroughly with their estate agent, notary and vendor.

If the property is "Beni Culturali" it is necessary to have the Italian mortgage registration authorised. This takes 60 days, during which the Italian government may decide to exercise its right to pre-empt the sale, and the preliminary sales contract, and the following deed of sale, lose their legal value and the vendor must return the deposit paid by the buyer at the time of the preliminary contract.

The process of buying an Italian listed building

1. The Italian mortgage contract is drawn up but includes a deferral of the terms until all the checks are verified. The bankers cheque for the purchase of the property is left in the custody of the notary.

2. The deed of sale is signed

3. The notary then has 30 days to submit the request for a mortgage on the property to the relevant authorities (who then have a further 60 days to evaluate the request).

4. The notary then applies for the right to proceed with the deed of sale. Again the authorities have 60 days to evaluate the request.

5. After 60 days the notary verifies that authorisation for the mortgage has been granted and the Italian State does not wish to exercise its right to pre-empt the sale

6. The notary will proceed with the registration of the Italian mortgage and deed of sale.