Purchasing Guide

At One Stop Property Shop we have noticed that over a period of time the needs of our clients have changed. At one time you would be forgiven if you had never heard of Torrevieja, and you still would be today. However, we are finding that there are more and more people who are now coming over to Spain who already know someone who has made that important move, whether that be a Holiday or Residential Home.

With this in mind we have now structured the way we are advertising our properties and our fees. Firstly we advertise the owner's price so you will know exactly what you will be paying for the property, then you would need to add the appropriate fee package:

The paperwork required in Spain when purchasing a property is very comprehensive and complex and only the people who write the Laws and Solicitors have a true understanding. Although there are a number of books written about the subject, these should only be used as a guide to gain a basic understanding and are useful in this respect. It is therefore advisable to use a reputable Agent who in turn will recommend a reputable Lawyer.

PROPERTY PURCHASING COSTS

The following information is intended to be a general guide in terms of what can be expected when purchasing a property in Spain:

Transfer Tax

This is the one that will hit your pocket the hardest. 7% is payable on a resale property (Transfer Tax), on New Property 7% VAT ( IVA) plus 1% Stamp Duty and on the purchase of Land 7% (Transfer Tax). If you buy a New Property and intend to have a pool or garage built try and have it included in the sale of the property, as if you build later, you attract TAX at the higher rate of 16%.

Notary Charges

These are set on a fixed scale by law and you should expect to pay around 1% of the Declared Value.

Solicitors Fees

Probably the best investment you will make, buying without a solicitors advice could cost you dearly. Expect to pay around €1000. (this could be greater depending on the value of your property).

Registration

Having property deeds inscribed into your name at the Registrar. Expect to pay between 120.€ and 300.€

Who Pays What

Spanish Laws state that unless stipulated in the Contract, Taxes and Fees are split between the buyer and seller as follows:

Buyer - Transfer Tax or IVA, Registration Fees, Notary Costs and Agents Fees

Seller - Plus Valia tax, which is calculated on the increase in value of the land since the last sale plus 3% tax if non-resident or 15% tax if resident. Taxes are a complex item and should be discussed in full with ourselves.