All fees and outlays required to complete a property purchase are payable in advance of closing, therefore it is essential that you would include them in your property purchase budget.
Typical fees and outlays that arise in addition to a solicitor’s fees on a purchase include
- Stamp Duty – the value up to €1,000,000 is chargeable at 1% with any excess above €1,000,000 chargeable at 2%. See some sample calculations from the Revenue Commissioners here http://www.revenue.ie/en/tax/stamp-duty/residential-rates.html
- Registration fees – if the property is registered in the Land Registry then the value of the property determines the registration fees due.
If the property is registered in the Registry of Deeds it is now compulsory to make an application for First Registration in the Land Registry, as well as registering it in the Registry of Deeds.
See a schedule of Land Registry fees here http://www.prai.ie/eng/Legal_Professional_Customers/Fees/Land_Registry/Summary_of_Land_Registry_Fees_Order_20121.html.
See Registry of Deeds fees here http://www.irishstatutebook.ie/2008/en/si/0051.html
- Local Property Tax – on the closing of a purchase the LPT for the calendar year is apportioned between the vendor and the purchaser – this means that the vendor must pay it in advance and the purchaser must provide the amount of LPT due from the purchase date to the end of the calendar year to the vendor. Get more information from the Revenue Commissioners about LPT here http://www.revenue.ie/en/tax/lpt/
- Apartment / Managed Estate Service fee – if your purchase property is in a managed estate the Service Fee for the accounting year is apportioned between the vendor and the purchaser – this means that the vendor must pay it in advance and the purchaser must provide the amount of Service Fee due from the purchase date to the end of the Management Company accounting year to the vendor.
- Search fees – for legal searches on the day of closing.
- Declaration fees – for family law declarations required on closing.
- Miscellaneous outlays – e.g. registered post, couriers banking fees.