In addition to the agreed purchase price of the property you as the buyer will need to budget for the following expenses:
Resale Properties: ITP (Property Transfer Tax)
8% on property up to 400.000€.
9% 400.000€ – 700.000€
10% from 700.000€
New Build Properties : IVA ( VAT) – @ 10% on all properties
Notary Fees: These will vary according to the price of the property
but will normally be between 450€ – 900€
Land Registry Fees : Again variable but allow 50% of notary fees.
Independent Lawyer’s Fees : Allow 1% – 1.5% of property price.
In addition to the Cash Buyers’ expenses you will need to allow for:
Loan appraisal/valuation fees : Approx 350€
Mortgage fee/lender’s commission : 1% – 1.5% of loan value.
Stamp duty : 1.5% of the mortgage.