The Buying Process
Once you have found the property you wish to purchase and we have negotiated a price, you would do a reservation contract depositing 5,000 Euros which will take the property off the market so nobody else can view. You would then instruct your lawyer and all documentation for the property will be sent to them so that searches can be carried out. If there is a legal reason that your lawyer advises you should not proceed with the purchase, your deposit will be repaid in full.
Within 3 weeks of signing the reservation contract you would enter into a purchase contract which will be drafted by your lawyer. You would then deposit 10% of the total purchase price less the 5,000 Euros you have already paid. The balance would then be paid on completion at the Notary. The completion date is agreed between you and the seller and will be entered in the contract.
We advise clients to allow an additional 12% on top of the purchase price of the property for property tax (stamp duty) at the current rate of 10%. The other costs would be for the notary, registry and your legal fees.