transfer costs

L7. Basic Terms in Property Sales

1. Immovable property Is land, whether unimproved (i.e. vacant) or improved (i.e land with permanent improvements such as a house). A piece of land and all the permanent improvements constitute a single entity, namely one immovable property. This means that the permanent improvements cannot be sold independently of the land. It is also not possible to transfer ownership in portions of a building to...

M1. Transfer Costs

1. Deposit The deposit is an upfront payment, usually between 10% and 20% of the purchase price but varies from purchaser to purchaser.  The transferring attorney is obliged to open up a separate trust account for each transaction at the highest possible interest rate. 2. Transfer Fees – payable by the Purchaser Is a general term that is made up of the transferring attorney costs and transfer...

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