The first payment you will be expected to make will be a booking deposit once you go sale agreed on a property. This will be paid to the estate agent handling the sale of the property and is fully refundable.
The sum involved can range from €2,500 to €10,000 but would typically be €5,000 for a property in the price range €250,000 to €400,000.
The next payment you will need to make will be the contract deposit. This is 10% of the purchase price and will be payable when you are signing the contracts of sale. You will be given credit at this stage for the booking deposit so that sum will be deducted from the contract deposit.
Let’s take a look at an example. If the purchase price of the house, you are buying is €300,000 then the contract deposit will be €30,000 (10%). Assuming you have paid a booking deposit of €5,000 you will have to pay €25,000 when signing the contracts.
The next money you will have to pay out to complete the transaction will be the balance of the purchase price together with the other associated costs and outlays. These will include:
Solicitor’s professional legal fee
Stamp duty
Property registration authority fees
Commissioner for oaths fees
Legal searches costs
Miscellaneous outlays
The balance of the purchase price of the property
Any LPT and/or management company apportionment you will be liable for
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