Title deeds and real estate transfer fees
There is a backlog of issuing of Title Deeds on the island, often taking four or five years to be produced, however, Transfer fees are not due to be paid until Title Deeds are made available( in every contract there is a clause termed ‘Specific Performance' which protects the purchasers' total rights to the land and property in the interim period).
When the fees are due, the following will apply:
Value of property up to 85,430 Euros @ 3%
85,431 Euros to 171,000 Euros @ 5%
171,001 Euros plus @8%
(If the property is in joint names, the value of the property can be split and considerable savings made).
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