Cost of Buying Property in Spain
Question:- What expenses do I need to pay on purchasing a home in Spain?
Answer: - On both a new and resale home approx. 10% of the Sale Price would adequately cover all purchase expenses this would include:
Search fees at the Registry (to check legality and for debts.)
7% Tax on the value of the deeds (7% I.V.A. on a new home)
Lawyers fees - we always advise our clients to use a lawyer to handle the paperwork and to ensure interests are protected. The fee also covers the remainder of the year's fiscal advisory fee to help connect up to the services in your name, i.e. water, rates, etc. plus any help you need - buying a car, residencia, etc.
Notary fee - The Notary is an independent professional whose job is to see that all contracts and deeds are correctly raised and also instigates a search before the deeds are signed. Local Taxes, Electricity and Water meters on new property.