What you need to know as a buyer

We are often asked what the additional costs of buying real estate in Spain are. Typically, you need to factor in 10 to 15 percent of the budget. And for the procedure corresponding time.

If you have found your dream property, passed the check and put it through your paces, you would of course like to move in directly. However, Spain is the land of horses – and also the official mold is a widespread breed. Therefore, you should also bring time and thoroughness when buying a house. After all, you don’t buy a house every day.

What are the costs for the buyer?

When buying a house in Spain, you should always expect ancillary costs of ten to fifteen percent of the budget. When purchasing a used property, these are composed of

The real estate transfer tax (ITP – Impuesto sobre Transmissiones Patrimoniales)

Anyone who buys a second-hand property from a private individual does not have to pay VAT, but the real estate transfer tax. Depending on the region, this amounts to between 6 and 10 percent of the securitised purchase price, payable within 30 days of the certificate

In addition, 0.5 to 1.5 certificate tax (AJD – Actos Jurdicos Documentados), depending on the Autonomous Region, is due.

Notary fees (Tasas de notario):

Each real estate contract must be signed before a notary. The fee of the notary for the preparation of the notarial sales contract is regulated by an official fee table. According to Spanish civil law, the seller bears the costs of drawing up the original document and the buyer the costs of the first and other certified copies of the sales contract. However, it is customary for the buyer to bear the entire cost of notarial grading. Registration in the property register (comparable to the land register) costs again 400 to 675 euros; these fees are also set out by law.


Financing through the Bank

If you finance part of the purchase price through a Spanish bank, an additional approximately 250 to 600 euros must be taken into account for property valuation by an appraiser. The loan agreement also incurs notary costs as well as costs for registration in the property register and certificate taxes, although these are often borne by the banks.

Pre-contract is binding

We accompany our customers on the entire journey from the visit to the notary’s appointment. So when the decision has been made for a property, we enter into a preliminary contract with you, the seller and us. It sets out the modalities for the purchase. These include:

– the selling price

– if necessary, conversions or repairs BEFORE handover by the seller

– the buyer’s deposit to the seller in the amount of 10 percent of the sales price

– the indication that this deposit will be forfeited if the buyer withdraws from the purchase

– the indication that the seller, should he withdraw from the sale, must pay the buyer twice the down payment amount

Next comes the purchase contract (escritura) with the notary. We are also happy to advise you on the re-registration of electricity, water or gas. And then, then take the keys to your new home and enjoy life in Spain. 🙂

Do you have any questions? We are here for you!

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