The Notary chosen and employed by the purchaser, will, within three weeks of signing the promise of sale agreement, register the said agreement with the Commissioner of Inland Revenue and pay 1% of the sale price on account of Duty due by the purchaser on the final deed of sale.

The Notary will also carry out researches on the property and verifies clear legal title, assuring that there are no outstanding debts, hypothecs or loans on the property.

The purchaser must honour all the conditions mentioned in the promise of sale agreement such as Bank application for loan in good time, and ascertain that the property being purchased is covered by a building permit.

The vendor in turn must honour all the conditions that are mentioned in the promise of sale.

Expenses

When the property being purchased is to be used as purchasers ordinary place of residence, Stamp Duty is charged at 3.5% on the first Euro 69,900 and 5% on any amount over Euro 69,900.

1% stamp duty must be paid on signing of the preliminary agreement and the balance on signing of the final contract, together with the Notary’s fees and cost of searches.

For any other property purchase, Stamp Duty is charged at 5% on the total value of the property.

No Stamp Duty is charged on the value of the movables (furniture and fittings) being transferred with immovable property.