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
Impuesto sobre Transmissiones Patrimoniales (ITP)
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.
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, modifications or repairs BEFORE the handover by the seller
– the buyer’s down payment to the seller in the amount of 10 percent of the selling price
– the indication that this deposit will be forfeited, the buyer should withdraw from the purchase
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. 🙂