- €6000 Reservation fee. This is paid along with the submission of an offer and reservation form, where the terms of payment and offer is made to the builder or developer. Once the offer has been accepted the property is taken off the market and the buyer has 10 days to pay a deposit.
- A 20-30% deposit is paid, minus the €6000 reservation fee. This is paid along with the signing of the promissory contract or CPCV.
- The buyer will then receive notice from the builder that the property is ready and the deed is ready to be signed.
- The remaining balance is then paid on completion of the property, along with the deed that will be signed at a Notarys office.
- An offer is made in writing by the potential buyer, whereby the buyer makes an offer on the property and outlines the terms of purchase, i.e. when payments will be made, when deeds can be signed and date of handover.
- Once the owner accepts the offer and the terms of purchase are agreed a date for deeds will be set.
- The deed is signed at a Notarys office and the transfer of money is then completed.
- Reservation fees and deposits may be used when purchasing used properties, especially in cases where mortgages are being arranged and to show good faith to the owner.
You should always work on a about 8% of the cost of the property.
This includes everything: notary fees, lawyer fees, stamp duty, official documents, energy certificates etc.