Frequently Asked Questions
- How can I recognise a professional and reliable estate agent?
- Which are the estate agent’s rights and duties?
- hen should I pay the agency fees?
- How much should I pay for the agency service?
- When I found my ideal property on your website what will e the next step?
- Is it possible to rent my italian house out after buying it?
- Will I find linen and towels in my holiday accommodation?
- Is there any deposit to be paid before entering my holiday accommodation?
[divider]1) How can I recognise a professional and reliable 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.
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 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.
[divider]2) Which are the estate agent’s rights and duties?
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:
- still allowed to claim them commission if one of the parties default on the contract;
- not allowed to claim them commission if they do not have their registration number.
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 10% up to 25%, depending on the number of services offered.
SIS Property and Tourism agrees with these rules and has fixed its commissions rates in:
- for selling/buying process
- 3% from the seller*
- 3% from the buyer*
- for holiday rentals
- 10% from the owner**
- 10% from the tenant**
** of the final price of the accommodation.
Yes, it is! If the property is located in local agency area our staff will suggest you the monthly/weekly house price list, once you accept, will market your home through local and international websites and portals, will take booking, receive and assist the tenants during their stay, will look after and manage your property in your absence.
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 200 euros for standard property.