When you buy a property, you can expect to spend up to 5% of the contract price on fees, duties and charges. Specifically, below there are the main costs:
This is paid by the buyer. From 1.1.2014 it has risen up to 3% of the total price of the property which is stated in the contract or 3% of the fair/objective value if the latter is higher.
Under certain circumstances a first residence exemption is stipulated by the law.
For properties whose building permit was issued after 1.1.2006 , VAT payment is required when sold. VAT is paid to the state by the seller and then it is collected by the seller along with the total price from the buyer.
The notary’s payment is determined depending on the fair value of the property if this is higher of the price or depending on the latter in any other case. It is usually about 1,2% of the total price/ fair value but beyond this(if the total price is higher) the amount gradually decreases.
The notary’s expenses are usually paid by the buyer . That is why the buyer usually chooses the notary that he prefers to draft the agreement. Of course it is possible that both sides agree on something different.
The transfer costs in the land registry office are about 0,475% in addition to some other expenses of the fair value or the total price( depending on which is higher)
From 1.1.2014 none of the people involved in a property dealing , buyer or seller, must be accompanied by a lawyer when they sign the contract. However, hiring a lawyer is really important and necessary especially for the buyer( check in the land registry, check the terms of the contract, ensure that everything is legally valid etc.)
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