Closing, Taxes and Registration
Objectives
- Explain closing costs
- Describe the closing meeting
- Communicate post-closing steps
Explanation
At closing, the parties sign the transfer deed before the notary, funds are released from escrow, and taxes and registry fees are paid. Main costs include transfer tax (1.5% of the higher of the price or registered value) and registry stamps. After closing, the notary files the deed, and the buyer should update the property's municipal declaration.
transfer deed
The notarial deed that transfers ownership.
“Both parties signed the transfer deed.”
closing costs
Taxes and fees paid at closing.
“Closing costs are usually paid by the buyer.”
registry stamps
Fees paid to register a document.
“Registry stamps were paid online.”
municipal declaration
The owner's declaration of property value to the municipality.
“Update the municipal declaration after buying.”
to release funds
To transfer money held in escrow to the recipient.
“Funds were released to the seller.”