5. What additional costs will I have to pay when I buy a property in Uruguay?
In addition to the broker’s fee – 3% plus 22% value added tax (IVA) – you will have to pay the following additional fees:
The lawyer or notary charges 3% of the sales price plus 22% IVA.
To cover the costs of certification, registration and transcription in the corresponding registers, as well as other costs (bank transfers, translations if needed, etc.) you should plan to spend an additional US$ 1000 to 1500.
If you need to appoint a representative through a power of attorney, this will cost approximately US$ 350.
Finally, the Land Registry Office determines the so-called “real value” of the property based on its location and condition (which is usually well below the sales price) and charges a fee of 2% of this amount.