Buyer's Guide
Congratulations on finding your ideal property! Once you’ve found the perfect fit and agreed on the price, the next step is securing it with a reservation contract and a deposit of €5000.
Within approximately 20 days, with the assistance of a solicitor or legal representative, a comprehensive purchase contract will be drafted. This contract will outline all the details, including the completion date, and will be signed by both parties.
While much of the paperwork and organization is handled jointly by you and your legal representative, it’s essential to be aware of the associated buying costs in Spain.
Fees
Property Sales Tax: The amount varies depending on factors such as the type of property and seller. For new builds, purchasers typically pay 10% VAT (IVA) along with 1.5% stamp duty. On the other hand, resales incur a 10% Transfer Tax (Impuesto Transmissiones Patrimoniales ITP), with no VAT.
Notary and Registry Fees: These fees, typically ranging from €1500 to €1800, are always the responsibility of the buyer.
Legal Fees: The cost of legal services may vary, but it’s usually around €1500.
Mortgage Fees: If you’re obtaining a mortgage, additional charges will apply. Banks typically impose setup fees and fees for property valuation. Your lender will provide details on these charges.
If you have any queries or require further clarification regarding the costs associated with purchasing your property in Spain, please don’t hesitate to get in touch with us. We’re here to help!
Disclaimer
Please note that the information given above does not constitute any form of financial advice. We advise you to consult with a fully qualified lawyer and tax specialist who can advise you based on your own special circumstances.
