The Buying Costs in Spain
need to allow an additional 12% to 14% of the purchase price to cover all fees
and taxes, including the Notary and legal fees.
The majority of the
property purchase costs are calculated on a sliding scale according to the
value of the property. The Notary is slightly diﬀerent as the price will also depend
upon the length of the contract and the number of purchasers.
Registry feesImmediately after signing
the Deeds and getting the keys, you'll need to be registered at the Land
Registry as the new owner. How much you pay in Land Registry fees will depend
on the complexity of the document and the process can take up to 8 weeks.
The amount of transfer tax
payable will depend upon the 'declared' value of the property, in other words
the value listed on the Title Deed. For example, tax on a property valued under
400,000€ is 7 per cent and if valued above 400,000€ the tax will be 8 per cent
of the purchase price.
Your lawyer will usually
charge around 1 per cent of the purchase price + IVA.