Splitting Costs when Purchasing Condo

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snowqueen

Member
Dec 15, 2004
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I am in the process of purchasing a condo. I thought that the vendor and purchaser are responsible for some closing costs. As purchaser, I know I have to pay the 3% tax. I am also being asked to pay the lawyers fees of 1.5%. Is there another cost that the vendor is supposed to pay?
 
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judypdr

Active member
Jul 23, 2011
558
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Costambar
Everything is negotiable except the tax to transfer the title into your name. But you may want to pay for your own attorney. That way you can be sure of his or her loyalties. Is the condo built? Does the current owner have clear title? Are you paying cash? PM me if you are concerned...
 
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snowqueen

Member
Dec 15, 2004
232
8
18
Thanks for responding.

Yes, the condo is built and they have clear title. I am paying cash. The sale is being facilitated by the complex manager that has performed this type of sale for several friends of mine. I received notice from the manager about the funds I am to provide.

The vendor, who I know, originally told me that they pay some costs. I'm trying to figure out just what the vendor will be paying. I am hoping to speak to them today, but was hoping to get some info ahead of the call.
 
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Matilda

RIP Lindsay
Sep 13, 2006
5,485
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Usually the purchaser pays the attorney costs. The vendor needs to pay nothing, unless there are any taxes or liens outstanding on the property and then he/she pays those.

Matilda
 
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Expat13

Silver
Jun 7, 2008
3,255
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If its not new, you should make sure there are no outstanding maintenance fees or assessments accrued, as well unpaid annual property taxes.
 
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snowqueen

Member
Dec 15, 2004
232
8
18
I know that everything is paid up. I've been renting here for years and friends manage the building.

Thanks everyone for your responses!
 
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LTSteve

Gold
Jul 9, 2010
5,449
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snowqueen said:
Thanks for responding.

Yes, the condo is built and they have clear title. I am paying cash. The sale is being facilitated by the complex manager that has performed this type of sale for several friends of mine. I received notice from the manager about the funds I am to provide.

The vendor, who I know, originally told me that they pay some costs. I'm trying to figure out just what the vendor will be paying. I am hoping to speak to them today, but was hoping to get some info ahead of the call.
Click to expand...

Let me put it to you in a way you will understand!!!!!! You are stupid if you don't hire an attorney to assure that the sale is done legally and the title ends up in your name. There are so many people trying to scam "gringos". Don't be penny wise and pound foolish. This is the DR. Buyer beware. DO NOT trust the vendor. He is not looking out for your best interest. I can't say it any plainer. Seek an attorney immediately.
 
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