Usefull information about Spanish Procedures
With the transfer of existing real estate there are two different taxes and fees to be paid. Roughly you can count on about 10% cost of the purchase price, excluding the additional costs of a mortgage and the costs of legal assistance by a lawyer or gestor.
You pay the notary fee the amount of which is set out in an official scale for the Escritura compraventa. If there is a mortgage on the property it calms an additional deed and additional costs with it.
These are fees for the registration of the object in the official Registro de la Propiedad (cadastre). These fees are about as high as the notary fees. A gestor or lawyer can tell you in advance the exact amounts.
Transfer Tax (Impuesto Trans Patrimoniales)
This transfer tax is set at 8% of the value specified in the contract.
Costs gestor/lawyer. Average, cost around 1% of the amount stated in the deed.
(= Impuesto sobre construcciones, instalaciones y obras)
Besides the cost of a building permit calculates the municipality about 2% tax by the architect/contractor specified construction of your future home. The percentage can vary by municipality.
Escritura de Obra Nueva
Once construction is completed, the notary should make an Escritura de Obra Nueva to be formatted. About the Escritura included in this value is 0.5% tax.
Cost lawyer / gestor
Average, cost around 1% of the amount in the deed.
Licencia de Primera Ocupación
Amount varies by municipality, it is about 0.90 euros per sqm2 built.
Mortgages in Spain
We have contact with a number of banks to obtain a mortgage. Just as anywhere else there will be a valuation of the object to take place. The cost of this evaluation for the buyers.
Note that houses in the campo (countryside, not in an urbanization) usually only 50% or 60% may be funded – some (foreign) banks sometimes offer 80% financing – and that just as in every country documents should be submitted used to determine your creditworthiness!
There will be a separate mortgage deed that shall be established by the notary, the exact costs are determined by the amount of the mortgage. The creditloaner can tell you exactly how high these costs will be.
If you have financial interests in Spain, for example, in a (second) house, you must be in possession of an NIE number. An NIE must be used and indicate in all commercial transactions and tax returns, as in:
- buying or selling a home;
- paying the property tax;
- applying for a mortgage;
- opening a bank account;
- importing your car;
- requesting telephone, gas, water and electricity.
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