It is the price accepted by both parties. The buyer must NOT pay any type of additional percentage as a real estate commission because is already included in the sale price and paid by the seller (in other countries the practice may be different).
Even in the case of purchase through 2 agencies that collaborate with each other in the sale two agencies that collaborate in the sale of a property (very common case for the dense network of real estate collaborations on the island), the buyer does NOT have any additional cost as the real estate agencies have an agreement with the seller.
Below we indicate a reliable estimate of the costs associated with the purchase of a property that are borne by the buyer. On average, they can be summarized as 8-10% on the purchase value of the property
The cost of the Notary for a deed of real estate sale varies between 1.000 and 1,300 euros
about 500 euros
around 600 EUROS
in the Canary Islands you pay 6.5% of the price indicated in the sale (IN THE CASE OF SALE OF A “SECOND HAND” PROPERTY)
the Canary Islands government apply an IGIC of 7% on the price indicated in the sale.
banks apply a commission on the issue of non-transferable bank draft (called “cheque”). Attention!! Often this commission is significantly reduced by agreeing to enter into a property insurance contract with the same bank (through a company affiliated with the same)
if a mortgage is requested, the bank costs associated with it must be considered (opening current account, bank commissions, property appraisal, insurance, …)