Property Conveyancing in Spain
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Be prepared! Prior to viewing any property please familiarise yourself with these basic guidelines.
Organise Your Funds
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Get Everything in Writing:
The Next Stage:
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:
Purchasing Costs:
If you buy 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:
How to Calculate Conveyance 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)
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)
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.
Are you planning to run a company in Spain?
Download our Fiscal & Accounting Services Guide and Price List to find out all about running a company in Spain.