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Reply to "How many years until realtors are replaced by Redfin/Uber/Zillow/etc?"
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[quote=Anonymous][quote=Anonymous]I think there's a bit of a myth about how commissions (and transaction costs) are lower overseas. [b]Total round-trip transaction costs in Italy range from 8.88% to 22.70%of the property value[/b]. Registration tax is 3% for main homes and 7% for second homes. Nonresident buyers pay a fixed registration tax of 7%. The real estate agent’s commission is between 3% and 8% plus 22% VAT; typically split between buyer and seller. France it's 1.5-5%, plus 20% VAT. Germany is 3-6%, plus 19% VAT. The Netherlands is 2%-4% plus 21% VAT. Russia is 5% for properties under $2 million (it's 2% for higher value properties). Switzerland is 3% to 5% plus 7.6% VAT.[/quote] Nope you're wrong about Italy. VAT is applicable only in the case of new buildings, and it is only applied to the cost of the building itself not the land the building is sitting on. People who pay VAT do not have to pay the registration costs.[/quote]
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