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Who pays Agency fees when buying a house?

Posted: Tue Sep 8, 2020 1:15pm
6 replies253 views3 members subscribed
KarenJ

Posts: 32

4 helpful points

Location: Camposol

Joined: 19 Aug 2019

Hi Everyone

I have a quick (hopefully) question.  

I am thinging of buying a property in Spain very soon and I have received conflicting information about estate agents fees.

I have budgeted 13-15% on top of house price to cover legal, notary fees etc but now I have been given conflicting information

1) It is the seller that pays the estate agents fees?  Is this true?

2) I must provision 3-7% to cover Estate agents fees.  If so this adds a considerable amount to my budget on top of the 13-15% 

Could any body share with me their experience?

Much appreciated

Karen

RichT

Posted: Tue Sep 8, 2020 1:25pm

RichT

Super helpful member

Posts: 1150

1276 helpful points

Location: Lorca

Joined: 13 Sep 2019

Posted: Tue Sep 8, 2020 1:25pm

The seller pays the agency fees (which tend to be around 3% - higher then in the UK).

As a purchaser, you should allow approx. 12%-13% for your purchase tax, legal fees, notary fees, etc. - possibly a little more if you will have a mortgage.

Hope this helps!

KarenJ

Posted: Tue Sep 8, 2020 3:24pm

KarenJ

Original Poster

Posts: 32

4 helpful points

Location: Camposol

Joined: 19 Aug 2019

Posted: Tue Sep 8, 2020 3:24pm

RichT wrote on Tue Sep 8, 2020 1:25pm:

The seller pays the agency fees (which tend to be around 3% - higher then in the UK).

As a purchaser, you should allow approx. 12%-13% for your purchase tax, legal fees, notary fees, etc. - possibly a little more if you will have a mortgage.

Hope this helps!

Thank you for getting back to me so quickly.   That's a relief that I dont need to come up with another 3-7% for agency fees.

Much appreciated

Karen

PhilTox

Posted: Tue Sep 8, 2020 4:25pm

PhilTox

Helpful member

Posts: 544

489 helpful points

Location: Camposol

Joined: 1 Oct 2018

Posted: Tue Sep 8, 2020 4:25pm

KarenJ wrote on Tue Sep 8, 2020 3:24pm:

Thank you for getting back to me so quickly.   That's a relief that I dont need to come up with another 3-7% for agency fees.

Much appreciated

Karen

Don't  pay anything at all to the estate agent. 

ALL monies should be handled by your appointed solicitor. Ours took one amount from us to pay the 10% deposit  and then the remainder to pay rest of purchase and other costs, all sorts of small payments here and there for various bits of required paperwork and their fees of course😖

Our solicitor organised our NIEs, set up DDs for water and electric payment. Also the house insurance, maybe not the cheapest but for the first year it was one less thing for  us to worry about. They also helped us getting our residencies and driving licences sorted.

Good luck.

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KarenJ

Posted: Tue Sep 8, 2020 4:50pm

KarenJ

Original Poster

Posts: 32

4 helpful points

Location: Camposol

Joined: 19 Aug 2019

Posted: Tue Sep 8, 2020 4:50pm

PhilTox wrote on Tue Sep 8, 2020 4:25pm:

Don't  pay anything at all to the estate agent. 

ALL monies should be handled by your appointed solicitor. Ours took one amount from us to pay the 10% deposit  and then the remainder to pay rest of purchase and other costs, all sorts of small payments here and there for various bits of required paperwork and their fees of course😖...

...

Our solicitor organised our NIEs, set up DDs for water and electric payment. Also the house insurance, maybe not the cheapest but for the first year it was one less thing for  us to worry about. They also helped us getting our residencies and driving licences sorted.

Good luck.

Thank you much appreciated.  

Our solicitor has also agreed to organise our Direct Debits, NIEs and help us open a bank account.  Its exciting but stressful at times.  It takes years to save the money and no time at all to spend it.

Stay safe!!

oink

Posted: Wed Sep 9, 2020 4:41pm

oink

Helpful member

Posts: 150

83 helpful points

Location: Camposol

Joined: 20 Jun 2018

Posted: Wed Sep 9, 2020 4:41pm

it depends on agent, this was an issue on condado,one agent charged buyer fees, its legal, they said to budget 15%, but lots didnt know its was buyer fees incl , they also charged the seller too,i would ask upfront before parting with money, 

the agent has now dropped their policy ,due to bad publicity.

oink

Posted: Wed Sep 9, 2020 4:49pm

oink

Helpful member

Posts: 150

83 helpful points

Location: Camposol

Joined: 20 Jun 2018

Posted: Wed Sep 9, 2020 4:49pm

sols fees should be 1% of purchase price,plus leccy connection,  tax 8%, notary etc 1%

 use a gestor for the rest, much cheaper,or  debbie shaw ,fiona harvey on fb .

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