Buying property in Brazil; Closing costs

What are the closing costs when buying a property in Brazil?

I have given a broad outline of the practical steps needed to purchase a house or landplot in Brazil in the following blog series;http://brazilbeachhouse-wwwbrazbeachhousecom.blogspot.com/2011/07/information-onbrazilian-property-market.html

Yes you say,but what`s the bottom line?How much will it cost to close the deal and transfer my new brazilian property into my name?
Many brazilian buyers in North-East Brazil have traditionally chosen not to go down the route of transferring property publicly in order to avoid paying the accompanying fees and perhaps evade the attention of the tax authorities when declaring assets.
This is the cheaper and easier way to finalize a sale but does not provide legal security in the event of a property dispute.So in order to obtain 100% ownership rights to your new home you will need to pay the following taxes;
1)Municipal tax(ITIV)3% of  property value on sale.As I mentioned on the post http://brazilbeachhouse-wwwbrazbeachhousecom.blogspot.com/2011/07/how-to-buy-property-in-braziltransfer.html
An official from the prefecture will make a visit to the property and give an evaluation.Taxes are then calculated on this estimated value(not on the actual price you are the buying the property for)
The prefecture will emit a tax bill which can be paid at the national bank(Banco do Brasil)
2)Notary fees(3%) based on the evaluation of the prefecture.This can be paid directly to the notary office at the time the deed is made and signed.The 3% includes registration of the deed at the local notary.This alone will ensure that you are legally recognized as the new owner.

In the case of buying beachfront property in Brazil....
Another tax will be levied by the marine department at the time of  purchase and amounts to 5% of property value.More on this plus annual property tax and utility fees in my next post...