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How can I recognise a reliable and professional real estate agent?
In Italy the estate agent is truly 'the middle man', acting for both parties. For this reason he is
required to be impartial and consequently receives a commission from both parties, both buyer and seller.
This is regulated by the Italian Civil Code, art. 1754.
With the law that was passed on the 3rd February 1989, number 39, agents are further entrusted to carry
out all the related activities, either complementary or necessary to the conclusion of the transaction.
They are obliged to be registered with the local Chamber of Commerce (ask your estate agent for the
registration roll number and them professional ID card). This law also provided sections for the
registration of property valuers and for technical consultants for the Tribunals, giving them recognition
work for the Public Administration.
This law finally considered the mediator as a person providing a professional service, who now acquired
a major and respectable role in Italian society. With the publication of the Ministerial Decree
of February 12th 1994, number 589/93, law 39 finally became definitive. Furthermore, through the
educational efforts of the associations for the professional advancement of their members and
a sensitising towards the observation of a code of ethics, the consumer public was offered even
more guarantees on real estate matters.
The estate agent must therefore know the civil law regarding real estate, the relative fiscal
dispositions, the urbanization laws and regulations, valuations, understand the Cadaster and all those
norms directly or indirectly concerning real property.
The estate agent must keep up with the times and be continuously adjourned of new laws and regulations
to fulfill his role as a professional. The modem estate agent must be aware of current marketing methods
for promoting the properties entrusted to him and will find indispensable the use of computers and
Internet.
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Which rights and duties the estate agent has?
The Civil Code requires the mediator to communicate to the parties all those circumstances of which they
are aware that relate to the valuation, to the certainty of the transaction or that which can influence
its conclusion. However the professional will not limit himself to those facts, but will make searches
and investigations that will give a very clear and thorough picture of the situation.
There are many facets to estate agents work, based on examination of all the documentation, certificates,
licenses, floor plans, mortgages and servitudes.
The estate agent is legally entitled to receive a commission from both parties, both seller and buyer,
if they finalize a contract.
The mediator is:
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still allowed to claim them commission if one of the parties default on the contract;
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not allowed to claim them commission if they do not have their registration number.
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When should I pay the agency fees?
No sale, no fees! The right to the commission arises at the moment of the conclusion of the transaction,
from the proposal to buy, to the preliminary contract and to the final notary deed sale, it was important
to determine at which moment the agent effectively has a right to the commission. Several judicial
decisions have finally stated that the transaction is concluded at the moment of the signing of the
preliminary contract, because at that moment both buyer and seller acquire legal rights vis a vis one
another. Therefore the estate agent may ask for his fees to be paid at the signing of the preliminary
contract and not necessarily wait for the signing of the notary deed.
However the serious professional will not consider his work terminated at the signing of the preliminary
contract, but will follow his clients right up to the notary deed, when the transfer of property actually
takes place. He will wait until this moment to invoice, especially when only a small down payment has
been paid at the signing of the preliminary contract.
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How much should I pay for the agency fees?
The rate of commission varies according to the area and the price of the property and the specific terms
agreed, but is usually around 6%, although larger agencies can charge up to 10%. In most transactions,
this is usually paid in equal shares by the buyer and seller.
In holiday resorts, where agents keep their offices open all year round, but negotiate sales only during
short busy periods, the commission rates are generally a point or two higher.
In urban rentals of apartments and offices, one month's rent is paid to the agent by both parties for
their service. In holiday rentals, where a cost intensive service is given to clients, the estate agent's
commission varies from ten percent, up to 25 percent, depending on the number of services offered.
SIS Property and Tourism agrees with these rules and has fixed its commissions rates in:
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for selling/buying process
3% from the seller*
3% from the buyer*
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for holiday accommodation
10% from the owner**
10% from the tenant**
* of the final price as shown on the preliminary contract (Compromesso).
** of the final price of the accommodation.
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If i find my ideal property on your website what will be the next step?
First of all, ask further information and pictures. After that, if you are still interested, ask our
staff to arrange an appointment and visit it.
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Is it possible in Italy to rent out a house after buying it?
Yes, it is! There is not problem at all. Furthermore, if you need, we can manage your holiday property
in our area.
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Can you find me an accommodation for a viewing trip?
Yes, you can chooce either one of our low-cost self-catering accommodation or low-cost hotels and bed
and breakfast selected on our website. Your business trip could become a nice and relaxing break.
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If I book an holiday accommodation which costs £2.99pppn (per person per night)
per 3 persons and 7 nights, how much will be the final price?
Finding out the final amount due is very easy:
£2.99x3 (persons) x 7 (nights) = £62.79
After this simple moltiplication you should add booking charge and set up costs:
£62.79 + £8.99 (booking charge) + £14.99 (set up costs) = £86.77
And finally 10% agency fees:
£86.77 + £8.67 (10% agency fees) = £95.44 (total amount due)
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Could I pay the amounts due on-line?
Yes, but you need to have the access codes of your Internet Banking Account
and pay through your bank website. Otherwise you should go to the nearest
bank office.
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Will I find linen and towels in my holiday accommodation?
In the most of the properties linen and towels are not included. However, this service can be provided
on previous request. The prices will be as follows:
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Set of double bed (sheets and pillowcases) 12.00 euros;
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Set of single bed (sheets and pillowcase) 8.00 euros;
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Set of towels (1 towel, 1 tea towel and 1 shower towel) 12.00 euros.
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Is there any deposit to be paid before entering my holiday accommodation?
Yes, a security deposit is payable by you to the keyholder on arrival at any villa/apartment.
This must be paid in cash and you should collect it before you depart from the accommodation.
The amount of this deposit depends on the property, normally it would be about
£100 = 145euros.
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