The Promesa de Compra-Venta acts as a sales contract and is legally binding. At this stage, you’re usually required to pay 10% of the property price up front. The document should state the sale price, the closing date and lay out penalties for default. Make sure you’ve fully inspected the property and that you’re completely happy with it before you sign. Notaries generally charge between $50 and $100 for their services.
Your notary will also be responsible for researching the title of the property, making tax payments from funds you provide and registering the property with the Office of Land Registry. The attorney will present two notarized copies of the Compra-Venta to the Land Registry. One will be filed at the Land Registry Office while the other will be returned to you and serves as the property deed.
As for taxes and fees, these shouldn’t amount to more than 1.5% of the sale price - much less than you would expect to pay on property in Europe or the US. Annual property tax is also minimal.