PROPERTY BUYING COSTS

As a guideline always set aside circa 10% of the purchase price to cover all other expenses.

These other costs are made up of the following:

Notary costs - The notary will charge a standard fee that varies dependent upon the size of the property, amount of land the property has if any and the actual purchase price.

Registry fee - This fee is for the property to be registered in the name/s of the purchasers on the official property registry.

Transfer tax - This tax is payable by the purchaser and is calculated at 7% of the purchase price.

Solicitor fee - Generally this fee is standard and equates to 1% ( plus IVA ) of the purchase price.

Mortgage fee - Charges vary from bank to bank for the arrangement of a mortgage. Make sure this is confirmed at the start of discussions regarding a mortgage. There will also be an additional Notary fee if a mortgage is required to purchase a property. Roughly as a guide the total cost is circa 3% of the purchase price.