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How much does it cost to complete the deed? What procedures need to be followed?
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How much does it cost to complete the deed? What procedures need to be followed?
Buying a home is a significant event in anyone's life, but it's more than just finding the perfect home; it's essential to understand the legal and financial aspects involved. In this article, we will guide you by detailing the specifics so that you are well-prepared.
- Notary fees are one of the most significant aspects of the deed process; these costs cover the services provided by the notary public, who is responsible for validating and certifying the legal transfer of property. Fees can be calculated as a percentage of the total property value and typically range from 0.1% to 0.5% of the total property value. Various taxes should also be considered; these may include the Property Transfer Tax (P.T.T) or the Value Added Tax (V.A.T). P.T.T can vary between 6% and 10% of the sale price.
- Administrative expenses include the cadastral certificate and the energy efficiency certificate. These expenses are added to the total cost of the deed, and it's important to take them into account when calculating your budget.
The process for completing the deed is as follows:
- It is necessary to obtain information related to the property and updated certificates that demonstrate its legal and encumbrance status.
- After agreeing on the price and conditions, the earnest money contract is signed; this contract formalizes the mutual commitment between the buyer and the seller.
- The deed is signed in front of a notary, and at that moment, the property transfer is formalized. After the signing, the remaining payment is made to the seller.
- Finally, the Property Transfer Tax (P.T.T) must be settled, and the property should be registered in your name at the Property Registry.
It is essential to be informed about the costs associated with buying a property; remember to seek tax advice to obtain personalized guidance during this exciting process.
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