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Created:11/12/2002
Modified:16/01/2008
 
You are in: TARIFA » Real Estate » Real Estate »

 »Costs of property acquisition in Tarifa

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Resident issues
Costs of property acquisition
Legal Aspects
Property in Spain for British citizens
 

When purchasing property you will need to account for some other expenses on top of the agreed property price. Generally these costs represent a percentage of the property price.

Information provided by DN-Law, Costa de la luz, specialized in spanish property law. Visit their website for further articles or contact them by email.

PROFESSIONAL FEES

Lawyers

Including all the elements involved in the conveyancing process, such as searches, planning permision and all the other necessary legal checks to complete the transaction, including the draft of a proper contract. The lawyer work finalises, after the signing of the public deed with the Notary, with the registration of the deed in the Land Registry. Costs varies depending on the complexity of the transaction and they are in the region of 1 to 1,5 % on the property value.

Notary

The Notary fees are calculated according to a fixed scale, his charges may range from Euros 500 for a property price of Euros 125,000 to Euros 900 for a property priced at 600,000 approx. The Notaries certify and give public evidence of the parties´ agreements and manifestations but it is up to the parties to verify that the contents of those manifestations are true and reflect the reality.

Land Registry

Land Registry, as a rule of thumb, 40% of what the Notary charges.

Transfer Tax

For second and subsequent trasmissions of the property there is a transfer tax payable, generally of 6% on the declared value, although they may be some regional variations.

VAT

For new residential properties there is a 7% on the declared value and 16% for commercial properties.

Local Capital Gains Tax

It is a local tax on the capital gain crystalised from the last sale. It is necessary to check current values with the Council where the property is located.

WHO PAYS WHAT

In Spain the payment of the expenses or costs can be freely agreed by the parties. Nevertheless, the parties may renounce to this by including in the contract that costs and expenses will be payable according to the Law. If this is the chosen route, the seller will pay the Notary charges and the Local Capital Gains Tax and the purchaser with the transfer tax and the Land Registry fees.
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