Inherited property and restrictions on sale thereof

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Inherited property and restrictions on sale thereof

Post by Neil D on Thu Jun 19, 2014 1:07 pm

I've been told that there is a law in Italy which restricts the sale of an inherited property i.e. it cannot be sold within 10 years of the date of inheritance if the would-be purchaser requires a mortgage. Can this be true and, if so, what purpose does it serve?
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Re: Inherited property and restrictions on sale thereof

Post by Admin on Thu Jun 19, 2014 2:48 pm

Hmmm. I'm sure Modi will know more than me but it sounds unlikely. I do know in certain circumstances the vendor (who inherited) may have to pay plus valenza (Capital Gains Tax) on the inheritence if it is sold. Maybe that is where this originates.
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Re: Inherited property and restrictions on sale thereof

Post by Gala Placidia on Thu Jun 19, 2014 4:48 pm

I tend to agree with Admin. Perhaps Charlotte Oliver could also help with this.
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Re: Inherited property and restrictions on sale thereof

Post by modicasa on Fri Jun 20, 2014 5:04 am

Typically under Italian law its a matter of interpretation.  Basically if you inherit something adn the will can be contested, they give a 10 year period to see whether someone will come out of the woodowork.  This isnt the law, its a ruse the banks have come up with 'to protect themselves'.  The saem is true of donations - If I dontate my stuff to you and then promptly die - any notaio will not want to sell the property until they know that the donation wont be opposed by a cheated sibling.  HOwever, its more a matter of getting the bank etc to see sense and proving that the will wont be opposed, than a matter of it being illegal or not.

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Re: Inherited property and restrictions on sale thereof

Post by Neil D on Fri Jun 20, 2014 4:41 pm

modicasa wrote:Typically under Italian law its a matter of interpretation.  Basically if you inherit something adn the will can be contested, they give a 10 year period to see whether someone will come out of the woodowork.  This isnt the law, its a ruse the banks have come up with 'to protect themselves'.  The saem is true of donations - If I dontate my stuff to you and then promptly die - any notaio will not want to sell the property until they know that the donation wont be opposed by a cheated sibling.  HOwever, its more a matter of getting the bank etc to see sense and proving that the will wont be opposed, than a matter of it being illegal or not.

Thank you, Modicasa. That makes more sense than the notion that this is a formal legal requirement.
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Re: Inherited property and restrictions on sale thereof

Post by Charlotte Oliver on Sat Jul 19, 2014 7:07 am

Hello, Im a bit late in answering here, but agree with Modicasa. Its mainly in the case of donated property that banks are reluctant to give mortgages so it can be hard to sell, as a donation is subject to the clawback rule, or in other words an azione di riduzione by an heir.

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