Fees and Taxes when buying a property in Spain
- 8% IVA (Impuesto sobre valores añadidos) purchase tax on the whole amount.
- Property registration fee & Notary (Tasa del Registro de la Propiedad): 650€.
- Solicitor fees: approximately 1500€.
Purchasers are recommended to find their own solicitor to act on their behalf in the purchase of a property.
An Example Timeframe
- Both parties sign a reservation contract.
- Payment of 3,000€ deposit to secure property (owners remove it from the sales market).
- After 2-4 weeks, 10% of the sale price minus the 3,000€ already paid, is paid by the purchasers to the vendors.
- In a period up to 3 months, a date is set for both parties to sign the new title deeds at Notary, where the final payment is made, normally in way of a banker’s draft.
This is only an example timeframe; it can be adjusted to suit both parties.