It is important to recognise that there are a number of costs
involved in purchasing a property. The actual amounts can be
estimated by your lawyer but if you allow 9% of the declared
value this will give you an estimated cost and you should get
some “change” from this estimate.
Transmission
Tax – 7%
On
re-sale property and most new developments there is a
Government Transmission Tax of 7% of the value
payable by the purchaser. This is normally paid on the day of
completion at the Notary’s office.
Notary
and Land Registry
Also
payable when you complete are the Notary charges and other
costs concerning the purchase of the property including Land
Registry charges. The notary fees
and property registry fees for a conveyance transaction are
set on a scale fixed by the Government, and usually amount to
approximately 1% of the declared value
Lawyers
Fees
The
lawyers fees will be estimated by your lawyer but assume
approximately €2,200 including IVA.
Copies
of all these bills should be kept safely as they may be able
to be offset from taxes at a later date should you
subsequently sell the property.
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