Nancy, very fascinating process. Very different from our system which has better checks and balances safeguarding both the buyer & seller. Can you give an estimate on what a lawyer charges to create the docs needed for purchase? Is it 1,000 euros, 5,000 euros?
It is my understanding that it costs you between 6-8% on top of the home value in taxes. So if you think you are buying a 500,000 euro home, it actually costs you 530,000-540,000 euros. True?
You just hope you can recoup that 7-9% when you sell. The more I learn the more I think in long run for us Nancy it will be better to rent long term if you can find something in the town you like. That also may not be as easy as it appears. Are you getting closer on buying your property now that everyone is back to work?
Well, the lawyer certainly earns her pay. I think it makes more sense to rent long term. The point is, if the lawyer does not do all of the due diligence, there could be a sizable undiscovered lien on the property. Title insurance makes so much sense. Too bad they haven’t discovered it. I imagine that typically property is inherited and passed down through families. We don’t do that in the US. When the folks die, the kids sell the property and divide the proceeds. So long, ancestral home.
Nancy, very fascinating process. Very different from our system which has better checks and balances safeguarding both the buyer & seller. Can you give an estimate on what a lawyer charges to create the docs needed for purchase? Is it 1,000 euros, 5,000 euros?
It is my understanding that it costs you between 6-8% on top of the home value in taxes. So if you think you are buying a 500,000 euro home, it actually costs you 530,000-540,000 euros. True?
You are correct with the 6-8% estimate. Lawyers either charge a flat rate or a percentage of the sale price (1-1.5% is pretty typical).
You just hope you can recoup that 7-9% when you sell. The more I learn the more I think in long run for us Nancy it will be better to rent long term if you can find something in the town you like. That also may not be as easy as it appears. Are you getting closer on buying your property now that everyone is back to work?
When we expected we would return to the US we thought we would rent. But now that we plan to stay (forever) we decided to buy.
Did you end up buying a property yet?
Yes, keep reading!
Well, the lawyer certainly earns her pay. I think it makes more sense to rent long term. The point is, if the lawyer does not do all of the due diligence, there could be a sizable undiscovered lien on the property. Title insurance makes so much sense. Too bad they haven’t discovered it. I imagine that typically property is inherited and passed down through families. We don’t do that in the US. When the folks die, the kids sell the property and divide the proceeds. So long, ancestral home.