PURCHASING REAL ESTATE IN SPAIN

PURCHASING REAL ESTATE – BUYING PROCHEDURE

 

BUYING PROPERTY IN SPAIN

 

Complete handling of your purchase with our carefree service package throughout Spain

 

  • Property search
  • Legal and tax control
  • Drawing up of bilingual contracts
  • Registration at the land registry
  • Registration with utility companies

 

Preliminary considerations purchasing property in Spain

 

  1. What are the total costs?
  2. Who is the seller and is he selling debt free? (Land registry check and verification of charges/mortgages etc.)
  3. Are there any differences in the surface measurements between reality, the land register and the property register? 
  4. Contract design and at what point do I become the owner of the purchased property? Purchase of real estate in Spain takes place through a notarial purchase agreement.

 

An important point is, what is your budget for the purchase and the additional expences:

 

Expences

Average you can count on 10% costs when purchasing a property in Spain. The 10% can change due to tax differences in the different regions and due to the difference in taxes when buying a new build or a second hand property. The costs of the estate agent in Spain are paid by the seller.

 

BALEARIC ISLANDS

New construction:

  • 10% VAT (IVA)
  • 1,5% Stamp duty
  • Notary, Real Estate Registry: 1500 EUR
  • Legal fees for the entire handling of the purchase by Legalium Cano y Luickhardt S.L: EUR 2500 plus VAT

 

Second hand property:

  • 8% Transmission Tax for purchase up to 400,000 Euro
  • Notary, Real Estate Registry: 1500 EUR
  • Legal fees for the entire handling of the purchase by Legalium Cano y Luickhardt S.L: EUR 2500 plus VAT

 

CANARY ISLANDS (tax-wise more favourable)

New construction:

  • 7% VAT (IGIC)
  • 1% Stamp duty
  • Notary, Real Estate Registry: 1500 EUR
  • Legal fees for the whole process are considerably lower as taxes in the Canary Islands are only 7% instead of 21% in the mainland and the Balearic Islands

 

Second hand property:

  • 6,5% Transmission Tax
  • Notary, Real Estate Registry: 1500 EUR
  • Legal fees for the whole process are considerably lower as taxes in the Canary Islands are only 7% instead of 21% in the mainland and the Balearic Islands

 

Benefit of our complete service package for the purchase of real estate and obtain your property in Spain without worries, with subsequent long-term tax and legal support.

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