Buying or selling a property

Property Conveyancing in Spain

Buying or selling a property is one of the most important legal transactions that most people undertake in their lifetime. With English speaking lawyers, our conveyance legal representation aims to ensure a smooth legal process, safe investment and in a nutshell, a hassle free experience anywhere in Spain. Read our top conveyance tips below.

Be prepared! Prior to viewing any property please familiarise yourself with these basic guidelines.

Organise Your Funds

To reserve a Spanish property it is customary to place a holding deposit, which takes the property off the market and prevents losing it to a 3rd party. The normal amount is 6.000 Euros. (Please note that sterling cheques take up to 10 days to clear in which time your property could go to another buyer).

Use Local English Speaking Lawyers:

It is imperative to use a good English speaking lawyer with offices in Spain. They will make sure that the property you are buying meets all the necessary legal criteria.

Get Free Advice From English Speaking Lawyers:

We believe that clients are entitled to a free initial consultation prior to purchase.

Get Everything in Writing:

You should never hand over any deposit unless it is accompanied by clear written guarantees, laying down the terms of sale. Never hand any deposit directly to a private vendor. All reputable agents and developers will hold your deposit in a protected client account.

The Next Stage:

Whilst your property is reserved, your Spanish lawyer can make all the necessary verifications to ensure the property is free and clean of any debts or charges. If it is in a new development, your lawyer will ensure all the necessary licenses and bank guarantees are in place.

After approximately 2 to 3 weeks, it is customary to exchange contracts, at which time if purchasing a resale property 10% of the purchase value must be paid and if it is a new development you must pay 30 to 40% at this stage, although this will depend on the payment schedule set up by the developer’s company.

Final Completion:

A sale is formally completed only when the deeds or “escritura” are signed before a Notary and when full payment is made and ownership is formally handed over to the buyer.

Purchasing Costs:

Aside from the purchase price of the property, it is important to note that there are various additional fees and taxes. As a general rule of thumb you should add around 13% to the purchase price to cover these costs. Included in this figure is the property transfer tax at 8%, plus legal fees (normally 1%), Notary fees and registry fees.

If you buyer a property from a developer, you will be incurred in the payment of the VAT which is 10% plus Stamp duty 1,5% of the purchase price.

The transfer tax may vary depending on the region you are buying. In Costa Blanca, transfer tax is 10% of the purchase price.

Leave the Tiresome Bits to the Experts:

Fortunately the Perez Legal Group can take care of all the minor details such as setting up a bank account and transferring utilities such as water, electricity and rates into your name. We can also take care of the formalities of registering the property in your name and paying on your behalf all the relevant fees and taxes.

How to Calculate Conveyance Costs…

ANDALUCIA REGION

PROPERTY PURCHASE PRICE

TRANSFER TAX 8% OF THE PURCHASE PRICE

NOTARY FEES (1% of the purchase price with a minimum of 1.255 euros)

LAND REGISTRY FEES (0,8% of the purchase price with a minimum of 1.190 euros)

LEGAL FEES 0,70% OF THE PURCHASE PRICE with a minimum of 1.275 euros + VAT

MISCELLANEOUS COSTS to be quoted (Spanish Wills, NIE certificates, Direct debits, handling charges land registry, searches fees, non resident certificates, opening non resident Spanish bank account etc)

COSTA BLANCA BUYING COSTS

PROPERTY PURCHASE PRICE

TRANSFER TAX 10% OF THE PURCHASE PRICE

NOTARY FEES (1% of the purchase price with a minimum of 1.255 euros)

LAND REGISTRY FEES (0,8% of the purchase price with a minimum of 1.190 euros)

LEGAL FEES 0,70% OF THE PURCHASE PRICE with a minimum of 1.275 euros + VAT

MISCELLANEOUS COSTS to be quoted (Spanish Wills, NIE certificates, Direct debits, handling charges land registry, searches fees, non resident certificates, opening non resident Spanish bank account etc)

MURCIA BUYING COSTS

PROPERTY PURCHASE PRICE

TRANSFER TAX 8% OF THE PURCHASE PRICE

NOTARY FEES (1% of the purchase price with a minimum of 1.255 euros)

LAND REGISTRY FEES (0,8% of the purchase price with a minimum of 1.190 euros)

LEGAL FEES 0,70% OF THE PURCHASE PRICE with a minimum of 1.275 euros + VAT

MISCELLANEOUS COSTS to be quoted (Spanish Wills, NIE certificates, Direct debits, handling charges land registry, searches fees, non resident certificates, opening non resident Spanish bank account etc)

Need help understanding the taxation system?

Download the FREE Guide to Taxes for Non-Residents in Spain, written by Raquel Perez, owner of Perez Legal.

Are you buying a property?

 

Then you need to know the process. Download the FREE Guideline Procedure for Purchasing a Property.

Confused with the legalities of buying a home?

Download the FREE Spain Legal Buying Guide, written by Raquel Perez, owner of Perez Legal Group.

Selling your property?

 

Get an overview of what is involved by downloading the FREE Guide to Selling Your Spanish Property Legally.

Do you need help planning for the future?

Find out more information on the inheritance system here in Spain by downloading the FREE Inheritance Services book.

Do you pay taxes?

 

Download the 2019 Tax Payer´s Calendar to find the dates you need to submit your tax declarations.

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