BUYERS

Purchase Expenses

So you’ve decided to purchase your dream home “What Now ?” well all of the Property Prices you’ll find on this website, always include our real estate agency – sales commission, these fees are always paid by the seller.

However the buyer is obliged to pay the buying costs, such as the Purchase Tax (IGIC) and the Notary Fees, these depend entirely on whether you are buying a brand new property or a previously owned home.

For a newly constructed property:

· Purchase Tax (IGIC): 7% of the purchase price declared in the Title Deed.

· Legal Acts Tax (Actos Jurídicos): 1% of the Purchase Price declared in the Title Deed.

· Notary fees: – an average of € 900 per Title Deed. The exact fees depend on the number of pages within the Title Deed as well as the number of property owners there are.

· Title Deeds: registration in the Property Land Registry Office – an average of € 500.

· Legal Services Company – € 800 (on average).

For a second hand property:

· Capital Transfer Tax (Impuesto de Transmisiones Patrimoniales): 6,5% of the purchase price declared in the Title Deed.

· Notary fees – an average of € 900 per Title Deed. The exact fees depend on the number of pages in the Title Deed as well as the number of property owners.

· Title Deeds: registration in the Property Land Registry Office – an average of € 500.

· Legal Services Company – € 800 (on average).

In case you are applying for a mortgage from a Spanish Bank, please remember there’s some additional expenses:

· Offical Evaluation of the property by an independent company – € 200 – 750, depending on the size of the property.

· Bank Commission – 1% of the amount issued.

· Notary fees for the Second Title Deed (which establishes the relationship between the bank and the borrower) – € 600 (on average).

· Obligatory Property Insurance – € 150 – 400 per year, depending on the property.