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21 -October -2019 - 09:12

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PURCHASING A PROPERTY IN SPAIN



Taxes, information and some obligations as buyer
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When you are looking for a new home,the most difficult thing is to consider about all the aspects of it: location, rooms, price...but once you have decided the house you want to buy it is time to know about the legal costs and taxes attached to the deal.

In case you are buying a new house the main tax attached is the IVA which will be the 10% of the selling price. In case you are buying a used house (2nd hand market) the tax attached is the ITP which is again the 10% of the selling price.

The taxes could be lower in some special cases as disable persons, large families or public protected houses.

There is a tax to pay over the deeds of the house which is the 1,5% of the selling price.

Apart from this, the notary and registry fees are other cost to bear in mind.

Other costs?

If you need to apply for a mortgade for buying the house this would be meaning in most of cases that you need to bear in mind extra bank costs for setting up that mortgage. These are going to be different depending on the bank you are using so it is advised to be looking for several options to compare which bank is giving you better conditions.

 

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Do I need anything else?

You will need to get a spanish NIE number previously to the purchasing of the house, this name will be your tax identification number and will be necessary for many managements in Spain.

It is  also advised to produce a conveyancing contract between the buyer and the seller where a deposit will be paid in order to make the reservation for the property. On that contract they will be included all the conditions of the operation.

There are some other special permits to be applied in case of people of a nationality outside the European Union.

What can I do if I am not going to be in Spain at the notary on the completion date?

For these situations, you have the option to produce a Power of Attorney for giving us the authorization to buy the property in your behalf, in that case our solicitors will be doing all the process and once the deal is done we will be making the deposit of the bank cheque with the selling money in your bank account. Ask for information regarding the costs involving this process.

What can be VP ADVISERS doing for me?

Our professioanl office has large experience on the process of buying or selling a house in Spain. We will help you through the whole process in English, with professionals who are going to explain you everything about all the steps to do:   dealing with all the parties involved (seller, bank, community, notary...) and giving you a complete and legal advice on the conveyancing.

  • We can be managing all the previous legal paperwork needed.
  • Preparing and/or checking the legal conveyancing contracts.
  • Contacting all the parties involved (seller, bank, community, notary...).
  • Checking if there is any lien or claim over the property you want to buy.
  • Giving you a completeand professional tax and legal advice.
  • Preparing and submitting all the tax forms.
  • Managing the direct debit of utilities bills and local taxes.
  • Changing the utilities contracts into the new owner name.

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Further assistance

But our work is not finishing here. For a really low fee, we will be taking care of your anual taxes in Spain so you will not be needing to worry about your legal and taxes obligations in Spain. Visit us and we will explain in a further and clearer way about all the complete process.

You will check we have one of the most competitive price in the South Costa Blanca area.