Taxes

If the seller is an individual, the buyer pays a transfer tax of 7% of the price specified in the deed to the land registry office. If the seller is a real estate developer and the property represents a first-time transfer, then in lieu of the 7% transfer tax, the buyer pays VAT of 7% of the price specified in the deed directly to the vendor and a stamp duty of 1% to the provincial tax authorities.

Fees

In addition to these expenses, you must consider the notary fees for the sales deed. These fees vary depending on the declared price of the property. For a 625,000 euro property, they would be approximately 780 euros. The cost of registering the sale also depends on the price of the property. It is generally less than half of the notary´s fees. If you opt to contract a solicitor, they generally charge 1% of the purchase price. If you get a Spanish mortgage, you´d have to pay the arrangement fees of the bank, the cost of the valuation in addition to notary and registration fees for the mortgage. We can provide you with a simulation of the exact costs depending on the price of the property you are interested in and the amount of money you plan on borrowing.