Either 8% ITP(*) when buying a resale property or 10% IVA on new off-plan property / any property which has never been previously owned.
Land registry, notary costs 1% to 2%.
Solicitor/Legal fees. Typically €1,000 to €1,500 + VAT.
1% – 2% Stamp duty on new off-plan property / any property which has never been previously owned.
Clients may have other expenses on completion. e.g. first years’ insurance, first quarter’s community fees.
If buying with a Spanish mortgage then you should also factor in set-up fees and life insurance.
Example for a resale property
€100,000 – Agreed property price
€8,000 – ITP
€1,700 – Land registry & Notary costs
€1,700 – Solicitor fees
€600 – Other associated fees
€112,000 – Approximate Total
(*) ITP is charged by the regional government and applies to 99% of properties on our website. However If the property is brand new and direct from a developer this is taxed by the national government and not the regional government. IVA (VAT) and not ITP then applies and this is 10% (not 8%). .
See example below:
Property price agreed €200.000
First deposit of €5.000 – on agreement of price
Second deposit €15.000 – 21-28 days later
However on occasions the completion can be within four weeks, in these circumstances your solicitor and the sellers solicitor can negotiate the second deposit being paid at the time of completion.
Whenever buying a property we would always recommend independent legal representation. There are a number of local solicitors that speak many languages including English. If you do not want to keep flying back to Spain during the buying process we would recommend you grant your solicitor Power of Attorney. With POA your solicitor can obtain your NIE number, open a bank account and also set up your utilities. The solicitor will only action anything once they have written approval by you. The costs of a solicitor varies between 1% – 1.5% of the purchase price with a minimum fee of €1000 – €1,500.
If you decide you would like to apply for a Spanish mortgage, we can help you. There are currently some fantastic offers with various banks. In general a non resident can receive a 60% – 70% mortgage.
Once you have your keys we can give you guidance on local key holders. Your keys holders will look after your property offer cleans, laundry services and general maintenance.
Andrew Brown remains at your disposal after completion. Maybe you would like a new swimming pool, extension, etc we can give you recommendations on the best local builders.
If you decide to rent out your property for holiday rentals we can help. We have vast experience to maximize your properties potential.
Apartment Monthly Running Costs
€120 – Community fees
€60 – Standard charges for Gas, Electric and Water
Apartment Annual Costs
€250 – Key holder fees
€250 – Council Tax
€200 – Insurance
Total for the year €2.860
Even though we have covered the majority of question we are frequently asked there may be something we missed. If you have any questions regarding the buying process please do not hesitate to contact us
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