When purchasing property in Ireland the main costs are 1) Stamp Duty, which is a tax paid to the Irish Government and 2) Legal
Costs which are payable to your solicitor who handles the property conveyance on your behalf. Stamp duty is charged on the instruments used in the transfer of property in other words, the conveyance documents that transfer ownership of the
property. The only factor affecting the amount of stamp duty is the value of
the property. It applies to residential property such as houses or apartments. It is also
payable on land or housing sites without residential buildings. If your
agreement to buy a site is linked to a construction contract, stamp duty may be
payable on the full amount of the site plus the construction contract. There was no change in Budget 2012 to the current rates of stamp duty on
residential property. The following rates of stamp duty apply to all
residential property: Budget 2012 announced the following changes to the stamp
duty system for non-residential property:Irish Property Purchasing Costs
Stamp Duty & Legal Costs
Stamp Duty
Stamp Duty Rates - Residential Property
Property value
Rate
Up to EUR 1,000,000
1%
Balance
2%
Non-residential property
Legal Costs
Your Solicitor will act on your behalf to ensure the correct and legal transfer of
the property from the seller to you. Normally you can expect to pay between 1% - 1.5%
of the purchase price in Legal Fees, and VAT at 21% is added to this amount. You
should shop around for the best deal when engaging a solicitor.
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