What criteria is adopted when it comes to seizing a property, especially when there is more than one property?
When it comes to suffering a seizure is certainly not a nice and pleasant news and the doubts that can arise around this Institute can be really many. What happens for example when you have debts with the Revenue Agency collection and do you have multiple properties? What are the criteria adopted to choose in the What is the amount of assets to be seized?
The first home is always subject to seizure, any private individual can seize a first home. Why then is it said that the first house is not subject to seizure? This rule applies only to the Sector Collection Agent. Therefore, for debts that come from tax bills in particular, these are sums owed to the State. It is possible to seize instead for the amounts due to local authorities and collection as these are addressed to private entities with agreements and therefore they can proceed with the first house.
How to choose the property to seize among multiple properties
It can often happen that the debtor in question has to undergo a seizure, despite having more properties. The question in these cases is: Which property will be used to pay off the debts? In reality, every asset is essentially subject to seizure, but there are limits to proceeding with forced execution. In fact, seizure is permitted first of all based on the amount of debt. So if the value of the taxpayer’s real estate assets is over 120,000 euros and the tax collector registers the mortgage on the property to be seized, after six months have passed.
What does this mean? That if a person owns three properties and in this case there is a total debt of €50,000 no property can be mortgaged. However, it is possible to write a mortgage if the debt amounts to at least €20,000. Returning to the initial question, which house is taken if there are several, the law does not say anything on the point. It allows the creditor to choose, so the collector will evaluate a series of elements as the value of the asset.
The property to be seized must cover double the entire debt, to be sure that the costs of the procedure and the interests will also be covered. If a debt is 150,000 euros, the debt collector can write a mortgage and then seize a property worth 300,000 euros, preferring it to the property worth 250,000.
The other requirements
The other equally important requirements are market appeal, that is, the tax collector will clearly choose the property that is, at least on paper, the most saleable at auction. It is important to observe the condition of the property, therefore the maintenance but also the geographical location. Finally, the destination: it is easy to sell a apartment versus land as far as this may be extended.
