Costs related to buying a Spanish property
The purchaser must pay the Notary's legal fees and property sales taxes.
Property Sales Tax
The amount the purchaser pays will vary depending on the type of property and the nature of the vendor. If the vendor is a property developer the purchaser will pay 8-10% in VAT
If the vendor is not a property developer, the purchaser will pay 10% in property transfer tax.
Plusvalia is a tax levied by the local Town Hall based on the particular area where the property is located, on the surface area of the land, on the Catastral value and on the date of the previous title deed. This tax is essentially a tax on the increase in value of the land may range from a few approximately £12 to as much as £12000 on larger properties with a lot of land. By law the vendor (seller) is obliged to pay this tax but it is common practise for the parties to negotiate on who is to assume this liability. If you are asked to pay this tax when buying a Spanish property, make sure you establish exactly how much it will be as it can vary substantially.
Notary's legal fees
In addition to the property sales tax the purchaser also has to pay the Notary (usually between €400 and €2000) and the property registry inscription fees. If you take out a Spanish mortgage a further nominal cost will be passed on to you by your notary for registering the charge of the lender with the land registry.
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