Purchase cost of real estate in Spain
For a buyer of real estate in Spain, there are a number of costs and taxes that you have to pay when buying a property.
Transfer tax (Impuesto sobre Transmisiones Patrimoniales - ITP)This tax is paid by the buyer. The tax rate varies by region. In the region of Oropesa del Mar, the transfer tax is 10%.
LawyerGranfiesta has appointed a lawyer to assist you during the buying process. Your lawyer checks matters such as the control of the seller's property claim, costs of the property, necessary permits and legal obligations and claims. He guarantees the accuracy of the contractual provisions and arranges all required documents to complete the purchase (registration of real estate, tax payments, etc.).
The lawyer charges you 1% of the purchase price to legal costs.
Mortgage (if applicable)A mortgage loan entails extra costs for the buyer, such as the taxation of the property (usually about 500 euros). Also there are the costs of the mortgage itself. The mortgage costs of the bank are usually around 1% of the value of the mortgage. The mortgage also increases notary costs because a mortgage deed has to be drawn up.
NotaryThe notary fees are paid by the buyer and are in proportion to the purchase price. In general, you can estimate the notary fees at 0.5-1% of the purchase price.
The registration costs of the Land Registry are also paid by the buyer and are also in proportion to the purchase price. Usually it will be 1% of the purchase price, but the costs also depend on the real estate and the region.
All together, the cost of sales are more than 12% of the purchase price.