At the point a contract is fully executed, both parties agreeing to price and terms, a deposit of 5% of the purchase price is typically put in escrow by the buyer. The deposit is forfeited by the buyer if the buyer decides to back out of the transaction.
All real estate titles are recorded in the Registry of Property.
Expenses for the seller include:
- Notary’s fees. (.5% to 1%)
- Real estate broker’s commission (up to 6%)
Expenses for the buyer include:
- Title insurance
- Documentary stamps on the deed. (.55% to 1%)
- Appraisal and inspection fees.
- Filing Fees (.1% to .5%)
Property taxes are due and paid at the end of the year. This expense is shared by the buyer and the seller through a proration based on time of ownership within the transaction year.
All transactions and documents use the Spanish language, so a local attorney is recommended for non Spanish speaking buyers. These fees would average .5% to 1%.
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