The costs of buying and selling property in Spain

EXPENSES OF THE SALE. TAXES In Andalusia there is a bonus of 3.5% tax on the purchase of a home (as new or second hand) for those who are under 35 years and the value of the property acquired for first home less than 130,000 euros. Buying a new house -I.V.A. (Value Added Tax). Is 7% of the sum stated in the deed of sale. In subsidized housing, the Special Regime of Public Advocacy and the rate is 4%. In the Canary Islands instead applies the I.G.I.C. (IGIC) at a rate of 4.5%. The payment of this tax is borne by the buyer. -I.A.J.D. (Stamp Taxes). This tax is paid if you sign a notarized document entered in the Register and economic level, such as buying a new home. The applicable rate shall be determined by each Autonomous Community, in the absence of specific regulations shall apply to 0.5% of the sale that is stated in writing. The payment of this tax is borne by the buyer.

Buying second-hand housing -I.T.P. (Transfer Tax). Tax, as its name suggests, applies to sales of property and any other transfer of ownership. It is an alternative tax to I.V.A. (I, GIC in the Canaries), you pay one or the other, depending on whether new housing or second hand. It depends on the Autonomous Community in housing that is acquired. The amount shall be fixed by applying a percentage of the price deed, in most communities is 7% and 6% other. There are reduced rates for some cases. The payment of this tax is borne by the buyer.

-Tax on the Increase in Value of Urban Land. Also known as Goodwill. Is a municipal tax levied on the increase in urban land values ​​experienced during the years in which the seller has owned the property. Is calculated taking into account the assessed value and number of years that has elapsed since the previous transmission. About this increase applies the tax rate is set by each municipality according to some maximum and minimum established by law. According to the law is paid by the seller, unless otherwise agreed between the parties. In the case of new housing, there is also a gain from the increased land value, which normally must pay the developer. There is a period of 30 calendar days from the date of the deed to be settled in the Town Hall. NOTE: A. Are the intervention fee as a notary public notary that the document is a public document and can be entered in the Register. It is important to know that by law, the payment of such fees is for the seller, as regards the authorization of the writing, and the buyer, as they relate to the issuance of copies of it.

The buyer will pay all the fees of the notary if so expressly agreed with the seller, which is the norm. The price is determined by the value of the sale, but also influence the extent of writing, the number of copies or the existence of those operations, such as a mortgage. Notary fees, called tariffs, are approved by the Government by Royal Decree and are the same for everyone. Taking into account the value of the transaction: - When the value does not exceed 6,010.12 euros would be 90.15 euros. - For higher amounts between 6010.12 and 30,050.61 euros would be 0.45% - For higher amounts between 30,050.61 and 60,101.21 euros would be 0.15% - For higher amounts between 60,101.21 and 150,253.03 euros would be 0.10% - For higher amounts between 150,253.03 and 601,012.10 euros would be 0.05% - For higher amounts between 601,012.10 and 6,010,121.04 euros would be 0.03%. As exceeding 6,010,121.04 euros and Notary freely receive the amount agreed with the parties licensors. These amounts must apply the I.V.A. (I.G.I.C. in the Canary Islands) for. REGISTRATION. Are the fees for the intervention of the Registrar that checks the legality of the document and included in the Registry of Property.

This expense is also borne by the buyer and is paid at the time of registration. Duties of property registrars are set by the Government in a Royal Decree and are the same for each registration office: For each entry of presentation: 6.01 euros. In addition to a percentage of the amount of the sale deed: - If the value does not exceed 6,010.12 euros would be 24.04 euros - For higher amounts between 6010.12 and 30,050.61 euros would be 0.175% - for amounts between 30,050.61 and 60,101.21 euros would be 0.125% - For higher amounts between 60,101.21 and 150,253.03 euros would be 0.075% - For higher amounts between 150,253.03 and 601,012.10 euros would be 0.03% - By the amounts between 601,012.10 and 6,010,121.04 euros would be 0.02%. In any case, the global tariff applicable regulated in this paragraph shall not exceed 2181.67 euros. These amounts must apply the I.V.A. (I.G.I.C. in the Canary Islands) for. MANAGER? A Administrative Manager performs normally and registration checks for and handles payments of fees and taxes within the legal deadlines. Their fees are paid by the buyer and depend on the procedures requested.

It is free professional so their rate is not regulated and can vary from one area to another. Their fees are I.V.A. (I.G.I.C. in the Canaries). It is normal that anticipates a funding and then proceed to settlement with proof of payment made.