BUYING PROCESS

 

Once we have an interested party for buying a property and we have a preliminary agreement of the terms and price, the next step is for the seller and the prospective buyer to enter in to an ‘option-to-buy’ contract. The terms of this contract will vary according to the individual circumstances but it basically commits both parties to the sale and specifies the agreed deposit to be paid by the buyer (usually 10%) and the final date by which the sale must be finalized at a public notary. As the intermediator of the transaction we will always strive to keep both parties informed and protected throughout with regular communication and near constant availability to ensure a smooth and prompt transaction from start to finish.

 

BUYING COSTS

 

As the buyer, there are certain costs that you must account for in addition to the agreed purchase price of your ed property, the most common of these costs are the following...

 

Transfer Tax - This is applied to the declared purchase price of the property at the following rates…

 

The first €400,000 of the purchase price is taxed at 8%.

• Between €400,000 and €600,000 is taxed at 9%.

• From €600,000 and beyond is taxed at 10%.

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Notary Fee - The notary is an impartial government representative whom ensures that each property transaction is conveyed properly and legally. The notary costs are fixed by law and vary according to the value of the transaction, however, this cost is usually just a few hundred euros, rarely exceeding €1000.

 

Lawyer Fee - Although by no means a requirement, many people choose to employ the service of a lawyer to oversee their purchase. Lawyer fees will vary depending on which firm you use. The cost can be negotiated but you should expect to pay around 1% of the purchase price. If you wish to consult a tax advisor/accountant or a solicitor but are unsure of whom you should turn to, we will happily refer you to a known and reputable professional.