Buyers fee. - Page 3

Kimmy11 wrote on Sat Mar 11, 2023 9:10pm:

Hi Magicden,

As the buyer, you should NEVER pay any money to an estate agent.

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Another urban myth you should be aware of is the "reservation fee", usually in the amount of €3,000, but can be as much as €6,000.  Estate agents in Spain will tell you this is "normal", but it has no basis in Spanish law.  If an agent tries to insist that you pay a reservation deposit, tell them that you'll pay it to your lawyer, but NEVER pay any money to an agent.  You should also appoint an independent lawyer (abogado), not one tied to the agent - you want them to be working to protect your interests, not those of the buyer and estate agent.  Once your lawyer has checked that the property title is free of liens, debts, etc., a sale contract will be drawn up and you will be required to pay a deposit to the value of 10% of the property purchase.  This 10% deposit is required by law and is legally binding - once paid, should you pull out of the deal, you forfeit the deposit, and if the seller pulls out, the buyer is entitled to claim twice that amount (although, in reality, the amount paid to the buyer is usually negotiated between the respective lawyers).

Kind regards,

Kim

Flamencalady wrote on Wed Mar 15, 2023 9:34am:

Not quite the same thing but what did shock me as I had not been told about was I a (stamp Duty) so once I got my purchase money together 15000 I then had to find another 11000 on top. First I heard of it was on A PLACE IN THE SUN)

Sligogent wrote on Wed Mar 15, 2023 9:45am:

What  Estate agents   you  deal  with   should  have   informed  you  on  extras  costs. Indeed   you  should  have done  more  research   about  purchasing  in  Spain 🇪...

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...🇸   as  there  more  to Spain  than  Sun  and  Sandy  beaches 

Flamencalady wrote on Wed Mar 15, 2023 10:28am:

Thank you yes I do know I should have researched but my late husband dealt with our previous purchase 12 years ago, then it all got a but complicated as the seller in this case died just after I paid the 3% deposit which then took a year further o because of probate etc so I think it all just got...

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... muddy and the info was overlooked. Alls well that ends well just wanted to make others aware.

Flamencalady wrote on Wed Mar 15, 2023 9:34am:

Not quite the same thing but what did shock me as I had not been told about was I a (stamp Duty) so once I got my purchase money together 15000 I then had to find another 11000 on top. First I heard of it was on A PLACE IN THE SUN)

Kimmy11 wrote on Wed Mar 15, 2023 10:47am:

Hi Flamencalady,

That additional amount you paid was ITP, "Impuesto de Transmisiones Patrimoniales", i.e. property transfer tax - as you say, similar to what we know as Stamp Duty.  It varies between autonomous regions, but in Comunidad Valenciana region, it's 10% of the property purchase price.  Of cou...

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...rse, you also have to budget for around another 3-4% for fees, e.g. lawyer, notary and land registry.

Kind regards, 

Kim

WilfriedVos wrote on Wed Mar 15, 2023 2:01pm:

Depend on what you are asking. It is not strange to pay some fee.

Some people want there own supporting buying agencie, and then they go together for looking at an house with the other estate agencies  . The support agencie looks in the regio what kind of house there are and what is be asking by his client.
This typical agencie is impartial and is on th...

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...e buying side and not on the selling side.

This support agencie make all the work for searching at the perfect house for his client and make then the apointments with the other estate agencie. 

Then it is fair that the support agencie would be paid for his time and get some fee. Otherwise he or she do his work for notting. 

Magicden wrote on Fri Mar 10, 2023 10:40am:

Thanks for the advice. I have noticed a few of the same properties with different agents. We have just started looking again and it is a minefield. Hopefully arrange a trip out soon. Just looking for a wee bolthole to get away to whenever we can. Came out to view some last year that looked great ...

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...online but were terrible. I wasn't happy with the agents for letting us waste a trip. 

Den