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
- What are the total costs?
- Who is the seller and is he selling debt free? (Land registry check and verification of charges/mortgages etc.)
- Are there any differences in the surface measurements between reality, the land register and the property register?
- 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