Purchasing a property generates additional costs which have to be covered during the buying process. The amounts vary depending on many factors. It is important if the property comes from a second hand or it is a new development and if it bought with cash or a mortgage loan. The price of the house also influences the costs of the purchase.
Here we present the list of approximate costs related to the purchase of a property in Spain.
1. Official taxes (ITP or VAT)
- in the province of Alicante 10%
- in the province of Murcia 8%
2. Stamp duty AJD 1.2% (only new build properties)
3. Notary fees -The costs of a notarial contract price may vary depending on the volume of the notarial deed and the number of copies of the deed. Remember, the more pages the file contains, the larger the amount will be - between 500 - 800 €
4. Spanish Land Registry Inscription fee -about 300 euros
5. Legal fees (about 600 euros)- preparing the documents for the public deeds of sale .
With each purchase of real estate you need a lawyer or accounting office who will perform all formalities related to the purchase, such as:
- Checking the legal status of real estate based on an excerpt from the land and mortgage register.
- Spanish to English translations.
- Rewriting contracts for a new owner, i.e. contracts for water, electricity, internet, gas, for a new owner and others.