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COSTS AND TAXES WHEN BUYING A HOME IN SPAIN

COSTS and TAXES when buying a home in Spain

When choosing a property to buy in Spain, you need to remember that paying for its value is not the only large payment associated with the purchase. To complete a deal and become an owner, you need to pay taxes and fees, which will amount to a certain amount.


What do you need to pay for when registering a home in 2021?

The "bills" to be paid depend on several factors: the price of the property being purchased, the autonomous community, and whether the home is new or secondary. When drawing up a sales contract, taking into account this data, mandatory payments are paid.

* Checking the status of housing in the Property Register.

* Notarial services.

* Registration of property in the register.

* Value added tax and documentary evidence of legal acts for new housing.

* Fee for the transfer of ownership for "secondary" housing.

Checking housing status Nota Simple

An extract from the register of property rights gives a full description of the real estate and is paid by the buyer. Approximate cost € 10- € 25.

Notary La notaría

Expenses to consider when buying a house, both new and used, are payments for notarial acts performed by a notary. Notary fees are regulated by the state and are the same in all Spanish autonomies for the respective services.

The costs of executing a sales contract with a notary (la escritura pública de compraventa) depend on the price of the property. For example, for an apartment of € 100,000, a notary has to pay € 850, and for housing worth € 250,000, a notary is entitled to € 1,000.

Registration of ownership of El Registro de la Propiedad

Also payable is the registration of the contract, certified by a notary, by making an entry about it in the register of property rights. The fees for this are set by law and directly depend on the price of the property and are € 400- € 650.

In the Canary Islands, fees and costs for buying a home are much less than in other cities in Spain. And by becoming a resident of the Canary Islands, you are entitled to a 75% discount on flights within Spain.


YOUR PERSONAL Real Estate Guide and Agency in Fuerteventura

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@fuerteventurarealestate

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