Fees on buying or selling a house

granca

Bronze
Aug 20, 2007
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What are the fees and costs on buying and selling a house. Is there a fixed % or is it all negotiable?
 

LTSteve

Gold
Jul 9, 2010
5,449
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Selling a house, you will pay a percentage to the realtor. That is negotiable but many realtors have a fixed number in their minds and are not willing to bend very far. I would say anywhere from 6-8% of purchase price. Take into consideration of how aggressive the realtor is in advertising your property. You will also have closing costs to get all necessary documents together. There is a tax you will have to pay, to clear the title, depending on the worth of the property. A lawyer is not necessary but is recommended to protect your interests. When you buy property again you will need an attorney. Their is a tax on the purchase of approximately 4% of the price depending on how expensive the home is. I believe it is a graduated scale and not 4% of the total. If you are buying in a condo complex you will also have your monthly maintenance fees to consider and also the cost of setting up an account with the local electric supplier. You will have to put down a deposit to establish an account. This could be a few hundred usds. When you hire an attorney for your purchase he will walk you through all of the closing costs. Make sure you have a reputable attorney. Usually your real estate agent is familiar with those in the area. Good luck and remember if you buy a property keep security at the top of your mind. This is very important to you enjoying your new home.

LTSteve
 

sayanora

Silver
Feb 22, 2012
1,621
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Realtor typically charges 5% of the sale price.

Attorney charges 5-10k pesos depending on complexity of the sale and how many times they have to go to II. This is just for the actos de ventas, title research, traspaso etc. If you have a good attorney, the tax is where you will save money. The tax charged is 3% of the total value of the land/home, PLUS 12% of the 3% , it's an odd scale but that's how it works.

Ok, the way you save money is 2 acto de ventas are done, one is done with the real selling price, let's say 5,000,000 for example, and the other is done using the valuation that impuestos internos has on the property. Many times with the right attorney the valuation can be a fraction of the value. One example is I bought a plot of land for 1.23 million pesos and was charged tax on 223,000 since that was 10% above what impuestos internos had the land valued at.

With all that said, never trust attorneys.. they are always looking for ways to squeeze a little more, even when they are your loving aunt.. lol hi maria
 

LTSteve

Gold
Jul 9, 2010
5,449
23
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You may pay 5% in Santo Domingo but in tourist driven areas I don't think you will find it that cheap.

LTSTeve
 

sayanora

Silver
Feb 22, 2012
1,621
36
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You may pay 5% in Santo Domingo but in tourist driven areas I don't think you will find it that cheap.

LTSTeve

Ah, Santiago here, also it's only my experience on two recent purchases. I'm sure the seller has a lot of bargaining room with the realtor though.