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Mijas Real Estate buyers guide
Buyers guide for buying Spanish property for sale on the Costa del Sol Spain
We recommend you read and understand the following information and terms as they are of vital knowledge when thinking of purchasing property in Spain. There´s nothing more unpleasant than unexpected surprises, especially when your investment is concerned.
You should normally allow 10% of the declared purchase price to cover costs and taxes.
This 10% is broken down as follows:
THE TRANSFER TAX
(Impuestos de transferencia) transfer tax is
8 % of the purchase price of a resale property priced upto 400,000 euros
9 % of the purchase price of a resale property priced from 400,000 euros upto 700,000 euros
10 % of the purchase price of a resale property priced from 700,000 euros upwards
8 % IVA (VAT) of the purchase price of a new property.
Solicitors fees are usually 1 % of the purchase price
PROPERTY REGISTRATION FEES
This is the fee charged by the land registry and varies on price, size and location of property.
These are set on a fixed scale by law and will be a minimum of €300 and may be much more depending on what is involved. (ie. mortgage)
WHO PAYS WHAT?
Spanish laws relating to Real Estate transactions stipulate that unless specified by contract taxes and fees are split between the buyer and seller as follows:
· Buyer Pays:
1. The transfer tax or (IVA) VAT.
2. The fee that you are charged for registering the property in your name with the land registry.
3. The Notary costs of the first copy and any further copies of the (Escritura Publica) Title Deed.
· Seller Pays:
1.The Plus Valia Tax which is a municipal tax that is based on an officially assessed increase in the value since the previous transfer of property.
2. The fee to the Estate Agent who handles the sale.
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