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If you choose to formalize the contract in the Land Registry Office, in the so-called “Casa Pronta” Procedure, the cost will include the deed of acquisition (and if any) and the respective acquisition records (and mortgage if any). that the cost with cancellations of mortgages will be charged separately. If this is the solution adopted, it will leave the deed with the records already duly drawn up in your favor.

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If you prefer to perform the deed in the Notary Office in the procedure “Simple House, Safe House” the costs to be taken into account will be the fees that the notary will charge for the preparation and granting of the deed, various notarial acts and costs with the records. In the Notary’s Office, the Notary is responsible for the entry of the acquisition records (and mortgage if any). These records are made by mortgage loan companies in South Carolina as a rule online and may take up to 10 business days from the date of entry. If you do not perform the deed in the Procedure “Simple House, Safe House” is the buyer client who is responsible for registration (or the solicitor/solicitor).

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Except for several Variable Registry Fees (which may include, for example, the costs of the writing certificate), costs for online registrations and the Casa Pronto Procedure are tabulated.

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The Certificate of Land Registry with all registrations and descriptions in force can be obtained online or at a Counter of the Registry of Land Registry. In both cases its validity is 6 months, however, if you choose the online application of the certificate, its cost is lower, given the request made with a Conservatory.

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Our real estate charges deductible on bank details?

At headquarters, in the declaration referring to the year 2015, it is possible to deduct 15% of interest charges related to the Housing Credit contracts contracted for the acquisition of a permanent home, provided that they are concluded up to December 31, 2011.

In case of Sale of the Property, how is the gain taxed?

Best mortgage loan rates South Carolina: if the entire amount from the sale of a property is used to buy another property (for permanent home use, for building a house or buying land for construction), there is no taxation of capital gains. In this case, the investment of the capital gains must be made:

  • Within 36 months from the date of sale of the property.
  • In the 24 months before the date of sale of the property.

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If the capital gains are not applied in the purchase of another property, then they are subject to the current legal taxation. In this case, half of the surplus-value will be included in the other household income.

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In the calculation of capital gains from real estate sales, it is possible to deduct charges for property valuation works (realized in the last 5 years), purchase or sale expenses, expenses with Real Estate Services, Energy Certificate of the property, taxes with the property at the time of purchase, the records and deed of the property.

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In any case, irrespective of whether or not tax exemption is applicable, taxpayers will always have to declare the amounts earned by filling in their respective tax return statement, regarding capital gains and other equity increases.

What are the Tax Duties when acquiring a Property?

At the Finance Department of your Home area, the Property Owner must:

  • To declare to be the new owner of the dwelling that acquired to update the inscription in the matrix of the building or autonomous fraction.
  • Request exemption from Municipal Tax on Real Estate related to new permanent housing. If you have previously requested bank exemption for another property that has been sold in the past, you must also request the waiver of this exemption, otherwise, the exemption will not be granted for the new property.
  • Present the update form of the taxpayer’s tax number with the changes resulting from the new residence.