HOMES AND LAND SALES
MANAGING REAL ESTATE PROPERTIES
A foreign citizen or Italian resident who has inherited property (houses, land, etc.) in Italy, have the right/duty to manage the property to maintain its value and enjoy its fruits.
At times, especially if the owner does not have the opportunity to directly monitor the inherited property, it can be useful to have an administrator to take care of it, to maintain the property rights, increase its value, obtain some profits and not risk losing the property.
RETAINING PROPERTY RIGHTS
If a property or a part of it is not cared for or managed by the owner for more than 20 years, and someone claims possession of it because he has used it or has gained profit from it, he may be awarded the property by judgment of the Court.
Ownership of a property also involves the obligation on the part of the owner to maintain it in good condition. In special situations, the property may also be expropriated in the public interest.
All owners of homes and land in Italy are obligated to pay taxes even if they are not Italian citizens. There are two types of tax: local taxes and national taxes.
Failure to pay taxes eventually poses the risk of seizure of the property.
When heirs of Italian descent residing in a foreign country own real estate in Italy, they often hold shares of the property in co-ownership with other heirs. Our services consist of evaluating the co-ownership, and whether it generates profits (rentals, etc.), and we can represent you in the management of the share or proceed with the sale of said share (or of the property, if it is all yours), taking care of the legal and fiscal obligations.
If the property is in a foreign country and the heirs are in Italy, we can have the matter handled by our foreign associates and collaborators, and can also take care of the legal and fiscal obligations.