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| Costs of buying https://mail.paphospeople.com/ppforum/viewtopic.php?f=45&t=16204 |
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| Author: | tanny [ Fri Mar 25, 2011 12:00 am ] |
| Post subject: | Costs of buying |
Haris, please can you outline the approximate costs of buying a property for an EU citizen, including the legal fees, stamps, searches, registrations title transfers etc. Thanks in advance |
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| Author: | Haris Kalogirou [ Mon Mar 28, 2011 4:02 pm ] |
| Post subject: | Re: Costs of buying |
The legal fees depend on the work involved, i.e. is the property being purchased a resale or off-plan property. Does the property being purchased have a separate title deed or not, do the purchasers require a mortgage etc. The stamp duty is calculated on the contract price and the stamp duty is 1,5 per thousand for the first € 170.860,14 of the purchase price and 2 per thousand for the balance of the purchase price. The stamp duty should be paid within 30 days of signing of the contract. The transfer fees to transfer the title deed into the name of the purchaser(s) is usually calculated on the contract price, and also the number of purchasers on the contract of sale has an effect as is shown below. Value of Property (Euro) Transfer fees up to 85.430,07 3% between 85.430,08 – 170.860,14 5% over 170.860,15 8% For example, if the value of the property is Euro 205.00 On the first 85.430,07 3% = 2.562,90 Next 85.430,07 5% = 4.271,50 next balance 8% = 2.731,1 Total = 9.565,58 However, if the purchase is made in joint names the effective value for the calculation is halved. For example if the value of the property is Euro 205.000 then the amount is Euro 102.500 for each person. On the first 85.430,07 3% = 2.562,90 Next 17.069,93 5% = 853,49 Total = 3.416,39 So a couple such as this would pay to the Land Registry office the amount of Euro 6.832,78 transfer fees, i.e. Euro 2.732,80 less than a purchaser buying alone. I usually meet with the clients and once I have a full understanding of what is involved I work out what amounts the clients will need to pay and also give my legal fees. This is before any work is done on their behalf. I do not charge for the initial meeting. |
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