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Hi all: Please, I’ve read most everything r/t this topic in this forum but most info dates back to 2018, if not mistaking. I have also researched online.
Question: As of today, who pays Agent’s fees when purchasing a home in Spain at large. This Agent insists on charging us, the buyers, 3% above everything else. Haven’t signed anything with the Agency. BIG THANK YOU.
Posted: Sat Oct 23, 2021 11:52am
Hi, we have just purchased a new build and did not pay agency fees nor would have expected to. I do not know if what the case is with resale properties though as the agencies do not get as much for these as new build. Maybe refer to a place in the sun literature as they tend to set out what is 'normal'.
Posted: Sat Oct 23, 2021 1:27pm
Super helpful member
The norm is that the vendors pay estate agent's fees (horrendous here at 5%+IVA!). All other taxes etc are normally paid by the buyer. I would change agent, promptly!
Posted: Sun Oct 24, 2021 2:29am
Very helpful member
Micaela wrote on Sat Oct 23, 2021 9:53am:
Hi all: Please, I’ve read most everything r/t this topic in this forum but most info dates back to 2018, if not mistaking. I have also researched online.
Question: As of today, who pays Agent’s fees when purchasing a home in Spain at large. This Agent insists on charging ...Read more...
...us, the buyers, 3% above everything else. Haven’t signed anything with the Agency. BIG THANK YOU.
It's definitely the vendors who pay the commission. They are the ones
who have contracted the agent to sell their property and you as buyers
can buy the property off whichever agent you prefer, although it is only
good manners to use the agent who originally showed it to you.
If this agent is trying to extort money from you, then see if the
property is also on the books of another agent. It sounds to me like the
vendor has been persuaded to reduce the price of the property in order
to get the sale by getting the agent to reduce his commission from the
usual 5% to 2% or 3% and the agent is trying to make up his commission
by getting you to pay the difference. As you haven't signed a contract
with the vendor's agent, you don't have to pay him anything! The usual
purchase fees will be charged at the moment of sale at the Notary and
the monies for this should be held by your solicitor, as should any
holding deposit for the property purchase, that may have been agreed.
Never pay the agent anything at all and don't use that agent's
recommended solicitor either - he sounds pretty dodgy! As Peter C says
above, the buyer pays all the purchase fees but the vendor pays the plus
valía, which can't be paid before the sale. Your solicitor or the
Notary should retain a certain amount from the monies that you pay for
the property, to cover any outstanding bills and the plus valía, which
is the difference between the value of the land since the property was
last sold and its current value. Good luck!
Posted: Sun Oct 24, 2021 12:21pm
Helpful member
Mags44 wrote on Sun Oct 24, 2021 2:29am:
It's definitely the vendors who pay the commission. They are the ones who have contracted the agent to sell their property and you as buyers can buy the property off whichever agent you prefer, although it is only good manners to use the agent who originally showed it to you. If this agen...
Read more...
...t is trying to extort money from you, then see if the property is also on the books of another agent. It sounds to me like the vendor has been persuaded to reduce the price of the property in order to get the sale by getting the agent to reduce his commission from the usual 5% to 2% or 3% and the agent is trying to make up his commission by getting you to pay the difference. As you haven't signed a contract with the vendor's agent, you don't have to pay him anything! The usual purchase fees will be charged at the moment of sale at the Notary and the monies for this should be held by your solicitor, as should any holding deposit for the property purchase, that may have been agreed. Never pay the agent anything at all and don't use that agent's recommended solicitor either - he sounds pretty dodgy! As Peter C says above, the buyer pays all the purchase fees but the vendor pays the plus valía, which can't be paid before the sale. Your solicitor or the Notary should retain a certain amount from the monies that you pay for the property, to cover any outstanding bills and the plus valía, which is the difference between the value of the land since the property was last sold and its current value. Good luck!
Music to my ears!! Love the property but love myself more!! Worked extremely hard for my money!! BIG THANK YOU EVERYONE!!!💜💜💜
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Posted: Sun Oct 24, 2021 12:26pm
Helpful member
Michelle72 wrote on Sat Oct 23, 2021 11:52am:
Hi, we have just purchased a new build and did not pay agency fees nor would have expected to. I do not know if what the case is with resale properties though as the agencies do not get as much for these as new build. Maybe refer to a place in the sun literature as they tend to set ou...
Read more...
...t what is 'normal'.
Thank you so much Michelle!! Hear you loud and clear. This is all I needed to know. Suddenly forgot what the property looks like!
Posted: Sun Oct 24, 2021 12:36pm
Helpful member
Michelle72 wrote on Sat Oct 23, 2021 11:52am:
Hi, we have just purchased a new build and did not pay agency fees nor would have expected to. I do not know if what the case is with resale properties though as the agencies do not get as much for these as new build. Maybe refer to a place in the sun literature as they tend to set ou...
Read more...
...t what is 'normal'.
Hi Michelle! Thank you so much for replying! Yes it's second hand property. Yes its beautiful and Yes I can live without it after reading all ya'll replies! THANK YOU.
Posted: Sun Oct 24, 2021 12:45pm
I'm looking at properties to buy in the area too, and have noticed one estate agency that charges both buyers and sellers. I won't be looking at any properties marketed by them!
Micaela wrote on Sun Oct 24, 2021 12:36pm:
Hi Michelle! Thank you so much for replying! Yes it's second hand property. Yes its beautiful and Yes I can live without it after reading all ya'll replies! THANK YOU.
Please don't dismiss the property if you like it that much, either ask the vendor if it's listed elsewhere (after researching yourself and not finding it advertised through another agent) or refuse to pay the agents fee as you have researched and found out it is not a fee you should be paying. If the vendor is desperate for the sale they may take the agent to task or reduce their accepting price to pay the agent. Welcome to Spain, this won't be the last bit of scamming or corruption you will experience for sure. Enjoy!!
Regards
Pauline
Posted: Tue Oct 26, 2021 6:07pm
Helpful member
paulsav wrote on Mon Oct 25, 2021 1:22pm:
Please don't dismiss the property if you like it that much, either ask the vendor if it's listed elsewhere (after researching yourself and not finding it advertised through another agent) or refuse to pay the agents fee as you have researched and found out it is not a fee you should be paying. If...
Read more...
... the vendor is desperate for the sale they may take the agent to task or reduce their accepting price to pay the agent. Welcome to Spain, this won't be the last bit of scamming or corruption you will experience for sure. Enjoy!!
Regards
Pauline
"Welcome to Spain, this won't be the last bit of scamming or corruption you will experience for sure"
Precisely! Thank you Pauline!
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