It’s generally advised that you add 7-8% on top of the purchase price of your property, in order to cover extra costs and expenses that are part of the purchase process. Moreover, you will need to pay a certain amount of taxes, which are explained in detail in the relevant chapter of this guide, under Taxes. Don’t forget that there will also be further costs associated with maintaining, renting or selling your property, if you choose to do so.
The Purchasing Process
Fees and costs associated with the purchase process are relatively straightforward. First off, you will need to pay 4.4% of the assessed purchase price as Title Deed Fee (See the Taxes section of this document for more detail). This assessed amount is generally calculated as 60% of the actual purchase price and borne equally between the seller and buyer. If the property is still in project phase, you will have to pay this amount only once it is completed. When you’re signing the sale contract, you will also need to pay solicitor/legal fees, which can generally amount to $1500. Further below in this guide, you can also find information on why it is a good idea to use a solicitor. In addition, if you have consulted the services of a real estate agency to find and buy your property, there will be a 3% agency fee that you will also be required to pay. This fee will also be paid at the time of signing the sale contract. It is also advised that you be prepared to pay approximately $750 to cover the costs that are derived from official stamps and validations, as well as the necessary paperwork.