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Once you have signed the contract
at the Notary’s office, you will have to pay a
series of taxes and levies. These vary according to the type
of property you buy and the Town where you purchase it.
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 Type
of property: |
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- new home:
You will have to pay 7% VAT.
This payment is made to the Developer at the Notary’s
office.
You will also need to pay 1%
(0.5% in some Autonomous Communities) for ‘Documented
Legal Acts’ (D.L.A). |
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- second-hand
home: When the property is purchased from a private
individual, the amount payable for ‘Transfer
Tax’ is 7% (6% in some Autonomous Communities). |
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Town: |
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There is a Municipal Capital Gains
Tax on property which varies depending on the Council
of the Town or City where you are planning to make your
purchase.
Be aware that in the Public Sales & Purchase Agreement
that you shall sign, the Seller should take care of
any taxes regarding ‘Plusvalía’ (the
value difference between the purchase price and selling
price of the current owner). Otherwise, the Buyer will
have to pay for it. |
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Notary: The
fees charged by the Notary are regulated by law and vary according
to the amount of the transaction.
Notary
fees must be paid when the contract
is signed.
Property Registry Office:
This is regulated by law and usually amounts to roughly 30%
of notary fees. |
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Lawyer: this
usually amounts to 1% of the purchase.
Valuation: if you apply for
a mortgage, the Bank is legally required to demand a valuation
on the property being purchased. This valuation must be conducted
by a company that has been approved
by the BANK OF SPAIN.
The cost of the valuation varies according to the price of
the property. |
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Purchasing expenses |
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PURCHASE
AMOUNT |
NOTARY |
TAX AGENCY
D.L.A.* |
TAX AGENCY
VAT or T.T.** |
REGISTER |
AGENCY |
TOTAL
NEW
PROPERTY |
TOTAL
SECOND-HAND
PROPERTY |
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100,000 |
386 |
1,000 |
7,000 |
179 |
210 |
8,775 |
7,775 |
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150,000 |
429 |
1,500 |
10,500 |
212 |
210 |
12,851 |
11,351 |
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200,000 |
451 |
2,000 |
14,000 |
225 |
250 |
16,926 |
14,926 |
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300,000 |
495 |
3,000 |
21,000 |
251 |
250 |
24,996 |
21,996 |
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400,000 |
538 |
4,000 |
28,000 |
277 |
250 |
32,965 |
28,965 |
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500,000 |
582 |
5,000 |
35,000 |
303 |
250 |
41,135 |
36,135 |
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Mortgage expenses |
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MORTGAGE
AMOUNT |
NOTARY |
TAX
AGENCY
D.L.A.* |
REGISTER |
AGENCY |
VALUATION |
TOTAL |
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100,000 |
473 |
1,500 |
242 |
210 |
200 |
2,615 |
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150,000 |
494 |
2,250 |
259 |
210 |
225 |
3,416 |
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200,000 |
515 |
3,000 |
273 |
250 |
225 |
4,248 |
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300,000 |
557 |
4,500 |
303 |
250 |
250 |
5,841 |
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400,000 |
599 |
6,000 |
332 |
250 |
275 |
7,434 |
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500,000 |
625 |
7,500 |
352 |
250 |
325 |
9,027 |
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* Only applies if the
property is new and hence VAT is payable (1%).
** Approximate calculation for a rate of
7% in both cases (it is 6% in some Autonomous Communities).
The VAT, in the case of new homes, is applied by the Developer.
For second-hand homes, the D.L.A. is paid directly by the
buyer.
*** 1% of Mortgage
Liability, which is 150%
of the mortgage amount at Banesto
Mortgage Liability at most
banks is 200%, which
notably increases the amount in this section. |
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More Information |
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