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mnoone
New Member
looking at buying small resale house value approx euro35,000 have been quoated Euro 7630 in closing costs. Is this normal.
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Elite
New Member
that's double the norm - are you paying agents commission as well as legal fees and taxes? Ask the agent or your lawyer (I hope you are using an independent lawyer) to give you a breakdown of costs to see why the figure quoted is so high.
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mnoone
New Member
Thanks for reply, these are the costs as provided by financial guy. E 2450 IVA, 1500 Solicitor,
600 Notary fees purchase, 1,100 Notary costs, mortgage, 490 Bank fees 2%, 1000 broker fee, 490 Mortgage tax up to 25. Total 7.630 All in Euro. any comments
600 Notary fees purchase, 1,100 Notary costs, mortgage, 490 Bank fees 2%, 1000 broker fee, 490 Mortgage tax up to 25. Total 7.630 All in Euro. any comments
Carolina Garcia Chagrin
New Member
Hi, you can say 10% is a norm for an average priced property. But legal fees (Notary, solicitors etc.) are not only proportional, there is a minimum base so if the property is very cheap they mean a higher percentage of the price. On the opposite, with expensive properties these legal fees do not increase proportionally that much, so the buying cost of expensive properties is ofter lower than 10%.
In general I find the breakdown of the expenses quite correct, supposing that “broker” is a mortgage broker. By the way I see no mention to “Land registry’s fees” which should also be included in the breakdown.
In general I find the breakdown of the expenses quite correct, supposing that “broker” is a mortgage broker. By the way I see no mention to “Land registry’s fees” which should also be included in the breakdown.
jaldridge
New Member
You should always allow around 12 - 13% in overall costs when buying a Spanish property as a good rule of thumb.
