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Buying property in Andalucia?
EGBS Properties Andalucia will try to make the purchase as smooth as possible, we along with our economist 'Francisco Duran Ruiz' and English speaking lawer 'Agustin Vazquez Hernandez' are on hand to make the process as simple and easy as possible at every step.
Estimated costs in buying a property in Spain
If you are buying a 'second hand' property in Spain you should estimate on having to pay between 10% and 12% of the buying price for various costs of the buying process, if you have an accepted offer of 180,000 euros then the buyers costs of the selling process would be between approximately 18,000 and 20,000 euros so you should need 200,000 euros to be available.
Costs breakdown
Impuesto de Transmisiones Patrimoniales
Property transfer tax, currently 7% the purchase price of the property.
Plusvalia
Municipal tax, this may need to be negociated. By nature this is a local tax for the seller, but local custom is that this is often paid by the buyer, especially with apartments.
Notario
This is the notary cost for the signing of the purchase and includes the cost of the deeds for the property, the amount is relative to the property being bought.
Registro
This is the registry cost for registering the property in the buyers name, paid after any other costs for the property are paid.
Lawer
Generally 1% of the purchase price of the property.
IVA
IVA 'Value Added Tax' is charged at 7% for the purchase of a new property. However, if you are purchasing a Parcela or plot of land, garage or commercial building the IVA rate increases to 16%.
Deposit
When you have decided on your property then a deposit payment can be made by credit card or bank transfer and will be held in your name. We recommend you ensure that any deposit sum is readily available as a delay could mean your dream becoming another persons reality. Payment of a deposit fixes the price, confirms your intention to buy and means that the property is taken off the market and reserved for you.
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