Purchasing a property in Spain is not has difficult as it may first appear. However, it is important to follow some basic guidelines, the procedure to buy a property in Spain. Firstly, you need to make sure you understand the basic process of purchasing a property in Spain. It is, in many ways, similar to the way in which you will buy a property in the UK, but with some differences. Let’s see them.
Procedure to buy a property in Spain
First thing is to understand what is the documentation we need to know in order to apply this procedure to buy a property in Spain. The first one we must know is the “Escritura de compraventa”, which is the property owners’ title deed. It is registered at the Property Register or, in Spanish, “Registro de la Propiedad”. It is the only guarantee title in Spain. This tittle deed ideally describes the property and its details.
Taxes and fees
There is an annual property tax called IBI (Impuesto sobre Bienes Inmuebles). This is a very important fee to pay every year, because it confirms that the owner of the property has paid the last year’s fee. This is a mandatory tax you must pay in order to keep the ownership of your property.
There is a tax you must pay once when buying a property, the transfer tax (Impuesto Sobre Transmisiones Patrimoniales), which is about a 10% of the final price of the property. It may vary depending where the property is and some other variables.
There is also the known as “document tax“, which represents the 1% of the final price of the property.
All other fees are concerning the notary and the lawyers. Notary fees are fixed with an official scale of charges. They may vary depending on the size of the property, the place where the property is and the price of it. The lawyer fee is relatively cheap, depending on how much help they provide. Choosing the correct conveyancing solicitor in Spain is very important to easily accomplish the purchase.
In future posts we will explain this taxes with more precision, so you can understand every detail of them.