Guide to Owning Your Dream Property
The Buying Process
Property purchase payment process
| Payment stage | Percentage of total price | Description |
| Deposit | 10% | The client reserves the property. At this stage a reservation agreement is signed, securing the right to purchase the property. And the property will be taken off the market. |
| Planning Permit Approval | 20% | Payment is made after the Planning Permit is issued by the authorities. At this stage, the buyer signs the sales contract and is allowed to register their ownership in the land register. |
| Structural Completion Stage | 30% | This payment will be paid upon the completion of the Skeleton of the Project. |
| Brickwork Stage | 15% | Payment is made when brickwork is completed. |
| Ceramic Selection Stage | 15% | Payment is made when the client selects and approves ceramic materials, including tiles and parquet flooring. |
| Property Handover | 10% of the total property price minus €3,000 | This payment is made upon property handover. 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. |
| After Title Deeds Issued | €3,000 – fixed amount | This payment is made after the issuance of the Title Deeds. This is the final legal stage, confirming the official registration of ownership in the client’s name. |
Below is a description of each stage
1. Deposit – 10%
- 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. Planning permit – 20%
- When: Once the planning permit is approved.
- What it Covers: The second payment is made when the local authorities grant the planning permit. This ensures that the project is legally approved and can move forward into the detailed planning and construction phases. At this stage, the buyer signs the sales contract and is allowed to register their ownership in the land register.
3. Structural Completion Stage – 30%
- When: This payment is due once the main structural works (structural columns) are completed.
- What it Covers: This confirms that the building’s core structure is finished and safe.
4. Brickwork Stage – 15%
- When: Payment is made when brickwork is completed.
5. Ceramic Selection Stage - 15%
- When: Payment is made when the client selects and approves ceramic materials, including tiles and parquet flooring.
6. Property Handover – 10% of the total property price minus €3,000
- When: This payment is made upon property handover.
- What it Covers: 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.
7. After Title Deeds Issued - €3,000 (fixed amount)
- When: This payment is made after the issuance of the Title Deeds.
- What it Covers: This is the final legal stage, confirming the official registration of ownership in the client’s name.
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 with Planning Permit (20%):
€500,000 × 20% = €100,000 - Payment at Structural Completion Stage (30%):
€500,000 × 30% = €150,000 - Payment at Finishing Stage (30%):
€500,000 × 30% = €150,000 - Payment upon property handover (10% – €3,000):
€500,000 × 10% – €3,000 = €47,000 - Payment upon issuance of the Title Deeds (fixed amount: €3,000)