The Chamber of Lawyers of Balearic Island recommend their associates to invoice 1% of the purchase price + VAT (21%), but sometimes the fees are higher because the lawyer’s fees depend on the purchase price of the property, the complexity of the deal and the effective work done. Note that sometimes it is necessary to establish a company structure to minimize in a legal way the tax impact of the purchase, in order to optimize the wealth and the inheritance tax, among others.
In other cases, fess are less than 1%. When client it’s buying a such expensive property and the deal has not especial difficulties, fees are under 1%.
Due the risk of buying an ilegal property, and being necessary to optimize -always from legal point- taxes, lawyer fees are always worthwhile.
Also Lawyer invoice will be deductible on the futre when you sale the property.
I always recommend our clients to close a budget prior to hiring our services.
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