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The steps you go through buying a property
Once you have decided on the property that you want to buy, you should first get the Nota Simple from the Registry Office with this document you'll find out if the property has any debts, and who the rightful owner is, also if the description of the property matches what you have been told by the seller
Pre - Contract
A contract must then be drawn up between the two parties to be in place until the public deed of purchase is ready. At this time, the buyer also gives to the seller a percentage of the agreed-upon price usually 10% of the total price. If the buyer backs out of the contract they would normally lose their deposit; if the seller backs out, they have to pay double the cost of the deposit. But the buyer and seller may choose another type of agreement if they prefer.
Signing at the Notary
The property transfer will be certified by a notary. The deed of purchase will be given to the buyer after the notary reads it and the two parties agree to the contents of the deed. The buyer and seller then sign the contract as does the notary and the deed is ready for taxes.
Taxes
The buyer pays the transfer tax. If the seller is an individual, the buyer pays a tax of 6% of the price specified in the deed.
The seller pays the Plusvalia.
The seller must go to the Town Hall with the deed and fill out the form, he will then receive a notice in the mail of how much he has to pay. This amount is calculated based on the number of years the property was held, and on the property's value.
Property Registry
If you want to be sure that your rights to the property are fully protected, you must register your title at the local office. You will be charged a standard fee (about .4% of the first 6010 euros, going down to .02% for over 6,010,121 euros).
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