Buyers must also take account of the following factors when buying a property:

Deposit
A deposit is between 8-10% of the property price.

Valuation Fees

A minimum fee of €126.97 is payable. It is important to note however, that the valuation is for the purpose of assessing the property for mortgage purposes only and is not a structural survey. If the loan is declined, the valuation fee is refunded.

However, while the valuation process is not a structural survey, it is recommended that a structural survey is also carried out.

Under the Building Society's Act 1989, the Society is obliged to have a valuation report carried out. The fee will be refunded where the Society declines a loan application.

Legal Costs

The Society does not charge legal fees for the completion of the mortgage or the perfection of the title. A release fee of €50.79 is charged in order to release the deeds.

1. Solicitors
   
   Your Solicitors will normally provide you with a quotation on request. Costs will be approximately 1% of the purchase price.
   
   
2. Stamp Duty
   
   (a 1) Rates of Duty for Residential Property ~
   The rates of duty applicable for residential property (whether new or second-hand) are as follows:
   
   Table 1: Rates of duty for deeds executed on or after 5 November 2007
   
   

   Aggregate Consideration exceeds €127,000*	Rate for instruments executed on or after 5 November 2007
   First €125,000	Nil
   Next €875,000	7%
   Excess over €1,000,000	9%
   * Transactions, where the consideration (or the aggregate consideration) does not exceed €127,000, are exempt from stamp duty.

   
   
   (a 2) Stamp Duty on Non-Residential Property ~
   Non-Residential Property is any property other than residential property, stocks or marketable securities or policies of
   insurance. It includes (but is not limited to) sites, offices, factories, other business premises, shops, public houses,
   land and goodwill attaching to a business.
   The top rate of stamp duty for non-residential property has been reduced from 9% to 6% in respect of instruments
   executed on or after 15 October 2008.
   The revised rate structure, which will also apply to the premium payable under a lease of non-residential property, is
   set out in the second table below.
   
   For instruments executed before 15 October 2008
   
   

   Aggregate Consideration	Rate of Duty
   Up to €10,000	Exempt
   €10,001 to €20,000	1%
   €20,001 to €30,000	2%
   €30,001 to €40,000	3%
   €40,001 to €70,000	4%
   €70,001 to €80,000	5%
   €80,001 to €100,000	6%
   €100,001 to €120,000	7%
   €120,001 to €150,000	8%
   Over €150,000	9%

   
   For instruments executed after 15 October 2008
   
   

   Aggregate Consideration	Rate of Duty
   Up to €10,000	Exempt
   €10,001 to €20,000	1%
   €20,001 to €30,000	2%
   €30,001 to €40,000	3%
   €40,001 to €70,000	4%
   €70,001 to €80,000	5%
   Over €80,000	6%

   
   
   Aggregation continues to apply in determining the stamp duty liability where a transaction forms part of a larger
   transaction or of a series of transactions involving non-residential property. Accordingly, where the chargeable
   consideration is less than €80,000, the instrument should contain the normal certificate** reciting the appropriate
   threshold. However, where the top rate of 6% is payable there is no requirement to include a certificate in the
   instrument.
   ** It is hereby certified that the consideration (other than rent) for the sale/lease is wholly attributable to property
   which is not residential property and that the transaction effected by this instrument does not form part of a larger
   transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value,
   of the consideration (other than rent) which is attributable to property which is not residential property exceeds
   €10,000 / €20,000 / €30,000 / €40,000 / €70,000 / €80,000.
   
   ~ Source: www.revenue.ie 13/07/2009
   
   (b) Stamp Duty on the Mortgage Deed.
   The charge is 0.1% of the loan amount in excess of €254,000 up to a maximum duty payable of €630
   
   (c) Registration of Ownership Charges.
   Your ownership of the property will be registered in either the Land Registry or the Registry of Deeds. Land Registry will cost a maximum of €210. Registry of Deeds will cost €92.69. The counterpart deed of charge is €12.50.
   
   
3. Home Insurance/Mortgage Protection (Life) Insurance.
   
   See our section on Insurance.

For further details contact your local branch, call +353 (0)1 609 6000 or email: mortgages@inbs.ie

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