Buyers Guide
The process of buying a property in Spain
1) We have now found your property and make an offer. The price negotiation can take anywhere from 20 minutes to 2-3 days. We provide advice through the process and all offers go through us.
2) Once you have agreed on a price, we will sign a contract. This is called a “offer and deposit reciept”. This confirms that vendor has excepted the offer. A deposit is paid by buyer, usually to lawyers client account.
3) Between the deposit and 10% payment your lawyer will review all documents of the property. This so you know you are buying a legal residence free of depts. This normally takes 7-10 days.
4) Signing of the private purchase contract. Usually after 10 days. Now you will pay 10% of the purchase price. The next step is meeting with the notary on the date agreed.
5) Taking over a property in Spain works as follows. All parties show up at the notary. If you can’t attend, the lawyer can represent you. All papers are double checked by the notary to ensure both buyer and seller. Documents are signed and remaining amount is payed.
You now own a home in Spain.
Costs when buying a property in Spain
Costs when buying a resales property
Transfer Tax
House buyers of resale property (in contrast to new construction) must pay “Impuesto TRANSFERENCIAS the Propiedad” / Transfer tax. Before this tax was 8-10% depending on the purchase price. 8% up to € 400,000- 9% up to € 700,000 and 10% over € 700,000, but this has in 2021 been reduced to 7% for all properties.
Notary og Landregister
All propery purchases have to go thru the notary and have to be registered in the land register. This costs € 700 – € 2.500 depending on purchase price.
Water and electricity
Usually you have to pay a connection fee for water and electricity
of +/- € 500
Lawyer
Depending on which lawyer you choose, they usually charge 1
% – 2 % + vat. They will secure your money and make sure you
buy a property without any debt and with all paperwork in order.
General rule: Add 11% on purchase price.
Costs when buying a new constructed property
Vat
Vat is now 10% on purchaseprice for new build property in Spain.
Stamping fee
1,2 % of purchase price.
Notary og Landregister
All property purchases have to go thru the notary and be registered
in the land register. This costs € 700 – € 2.500.
Water and electricity
Usually you have to pay a connection fee for water and electricity of
+/- € 500
Lawyer
Depending on which lawyer you choose, they usually charge 1%-2% + vat. They will secure your money and make sure you buy a property without any debt and with all paperwork in order.
General rule: Add 14% on purchase price.