At Grupo Soltura we ensure that buying a property in Spain will be painless and free of stress. We actually offer a total service starting with a property search based on the clients’ requirements all the way to the legal side of things. In Spain buying a property is not the same as in your own country. Taxes and processes are completely different. Grupo Soltura has many years of experience and is certified to assist you when buying a property in Spain.
To be able to buy a property in Spain it is important to have the proper finances available. It will determine what you property you are able to buy and it will put you in an immediate position to buy when you have found your dream home.
When purchasing a property in Spain you have to take into account the following additional cost the your purchase. As a rule of thumb you could say that these cost total to aprox 13%. Below a specification of what these would be :
- Transfer or Purchase Tax – Impuesto de Transmisiones Patrimoniales (I.T.P.) – 10% as of 05.08.2013
When purchasing a resale property the buyer is required to pay the transfer tax which is now 10%.
- Value added Tax ie. VAT (IVA)- 10% as of 01.01.2013 (Spanish equivalent to VAT)
Payable when purchasing a New–build property as part of the payment structure or on completion of the property as detailed in the contract (10% of the declared value of the property).
- Notary Fees
Preparing the Escritura, registering the title.
- Land Registry Fees
To register the property at the relevant Land Registry Office.
- Plus Valía
Capital gains tax on the increase in fiscal value of the land levied by the Town Hall. The seller is liable to pay the Plus Valia Tax, though on new properties it is paid by the purchaser.
- Stamp Duty – Actos Jurídicos Documentados
Payable when purchasing a New–build property – around 1,5%.
Agreement to purchase
Once you have chosen your property and a price has been agreed it is important to reserve the property and by doing so taking it off the market. Usually a 3.000-5.000 Euro deposit is required. Once the reservation contract has been signed and the deposit has been paid the property will be taken off the market and the price fixed.
The next step is to draw up a sale contract which will state a date of when the property will be signed for. The completion date will obviously differ to suit individual needs. If the completion date is more than 4 weeks away then it is usual that a further payment is made so the total deposit paid balances to 10% of the purchase price.
The rest of the time until the completion date is left to prepare the paperwork and liaise with the notary and/or solicitors. On the date of completion one of the employees of Grupo Soltura will be present and assist the buyers during that day. The rest of the agreed purchase price will be paid upon signing the title deed at the notary.
Once this has been done you will then officially become the new owner of the property.