Housing Authority:
Click on each step to view what it entails.
Sealing the Deal: The Final Deed
After you have completed all the steps required during the promise of sale period, the next step is to sign the final deed and officially become a homeowner. Before signing the final deed, confirm with your notary to ensure everything is in order, including that you and the seller have fulfilled all your obligations outlined in the promise of sale. Additionally, a final inspection by your architect is recommended before signing the final deed—especially when purchasing properties on plan—to ensure that everything aligns with the terms outlined in the promise of sale.
Final Deed Signing Procedure
If you have obtained a home loan to purchase your property, the final deed must be signed either at the bank (if you are taking a secured loan), with a representative from the bank’s legal team present, or at the notary’s office.
On the day, you should take with you:
- An ID card, passport, or any other official document used for personal identification
- Payment: Clarify the payment method for the pending balance with the notary beforehand.
At this stage, the seller may also need to provide additional documents on the day, including personal identification documents, any documents requested by the notary (e.g., plans and permits), the EPC certificate, all keys to the property being sold, and receipts confirming the settlement of any pending bills, such as ground rent, electricity, and water, among others. For properties sold on plan or in a semi-finished or finished state, a copy of the final compliance certificate should also be provided.
On the day of signing, the notary will read out the final deed and explain its contents, and it is your responsibility to confirm that everything aligns as previously discussed. If something is unclear or differs from the agreement, speak up.
If neither you nor the seller has any issues, you may proceed to sign the deed. Congratulations—you are officially a homeowner. As required by law, the notary is responsible for paying the taxes due by both the seller and the buyer on their behalf, as well as registering the property with the Public and Land Registry.
Costs
After closing the deal, you must settle the following expenses:
- The outstanding balance of the property price (excluding the deposit)
- The remaining stamp duty, that is, 4% of the property price, with the first €200,000 of the property’s value exempted from stamp duty (applicable only to first-time buyers).
- Notarial Fees
- Architect Fees
- Any other unpaid expenses incurred during the process
- Pay your finishing/furnishing (if applicable): If finishing costs have been included in your home loan or you acquired a personal loan in addition to your home loan to cover any further finishing or furnishing expenses, you would need to provide the bank with quotations or invoices for works done or materials ordered. The bank would then be able to pay the contractors/suppliers directly or at times pay the funds directly into your own account.
Step-by-Step Guide for First Time Property Buyers
This step-by-step guide is also available for download through the button below.
