Guide to Owning Your Dream Property
The Buying Process
Property purchase payment process
| Payment stage | Percentage of total price | Description |
| Reservation Deposit | 10% + VAT | Payable as a reservation fee in order to secure the property and remove it from the market. |
| Upon Signing of the Sale Agreement | 20% + VAT | Payable upon signing of the Sale Agreement, less the reservation deposit already paid. |
| Completion of Excavation and Foundation Works | 10% + VAT | Payable upon completion of the soil/excavation works and slab foundation of the Project. |
| Completion of the Structural Frame (Skeleton) | 30% + VAT | Payable upon completion of the main structural framework of the Project. |
| Completion of Brickwork | 10% + VAT | Payable upon completion of the brickwork. |
| Completion of Plastering Works | 5% + VAT | Payable upon completion of all plastering works. |
| Completion of Tiling and Aluminium Works | 5% + VAT | Payable upon completion of tiling and aluminium installations. |
| Completion of Electrical and Plumbing Installations |
5% + VAT | Payable upon completion of all electrical and plumbing works. |
| Completion and Delivery of the Property |
5% + VAT of the total property price minus €3,000 | Payable upon full completion and delivery of the property to the Buyer. The keys are delivered, and the property is ready for occupation. A retention amount of €3,000 will remain outstanding until the Title Deeds are issued. |
| Final Approval & Title Deeds Process | €3,000 – fixed amount | Upon final inspection and approval by the relevant authorities, a fixed contribution of €3,000 is payable, enabling the developer to complete all procedures and obtain the individual Title Deeds for the property. |
Below is a description of each stage
1. Deposit – 10% + VAT
- When: Upon signing the reservation agreement.
- What it covers: This initial deposit is made when the buyer signs the reservation agreement to purchase the property. It secures the buyer’s interest in the property and the property will be taken off the market.
2. Contract Signing – 20% + VAT
- When: Upon signing the Sale Agreement
3. Foundation Stage – 10% + VAT
- When: Upon completion of excavation works and foundation slab.
- What it Covers: This confirms that groundwork and foundation construction is completed.
4. Structural Frame Completion – 30% + VAT
- When: Upon completion of the main structural frame
- Covering the full structural framework of the building.
5. Brickwork Completion - 10% + VAT
- When: Upon completion of all brickwork
- Covers construction of all external and internal walls.
6. Plastering Works - 5% + VAT
- When: Upon completion of plastering works
- Covers internal and external plastering.
7. Tiling & Aluminium Installations - 5% + VAT
- When: Upon completion of tiling and aluminium works
- What it Covers: Covering floor and wall tiling, windows, and aluminium frames.
Example Payment Calculation
Here’s a breakdown of the payment schedule for a property with a total purchase price of €500,000, based on the provided percentages:
- Deposit (10%):
€500,000 × 10% = €50,000 - Payment upon signing the Sale Agreement (20%):
€500,000 × 20% = €100,000 - Payment at Foundation Stage (10%):
€500,000 × 10% = €50,000 - Payment upon Structural Frame Completion (30%):
€500,000 × 30% = €150,000 - Payment upon Brickwork Completion (10%):
€500,000 × 10% = €50,000 - Payment upon Plastering Works (5%):
€500,000 × 5% = €25,000 - Payment upon Tiling & Aluminium Installations (5%):
€500,000 × 5% = €25,000 - Payment upon Electrical & Plumbing Installations (5%):
€500,000 × 5% = €25,000 - Payment upon Property Completion & Handover (5%) – €3000:
€500,000 × 5% – €3000 = €22,000 - Payment upon Final Approval & Title Deeds Process (fixed amount: €3,000)