Property purchase costs and expenses

Always expenses should be added to the value of the property.

So, the costs of registering the purchase of real estate in Spain are:

1. Tax 10% of the market value of real estate. In the secondary market, this is a tax on the transfer of property rights; in the primary market, this is a value added tax.

2. Only when buying a property in a new building, you will additionally need to pay a fee for registration of real estate in the primary market (AJD) at the rate of 1.5% of the market value of real estate.

3. Notary services - approximately 600-1000 euros (the exact amount will be known only on the day of the signing a contract, as it depends on the number of sheets in the contract and the number of notarized copies of the contract).

4. Registration of the property (entry in a single register) - approximately 350 - 450 euros.

5. Services of an assessor / lawyer, who accompanies a transaction for the purchase of real estate - 870 euros.

Included in the price:

- preparation of preliminary documents, checking of payment deadlines

- verification of the presence / absence of debts, loans and other obligations for this property

- verification of transparency and legality of documents at a notary

- transaction support at a notary

- preparation and conclusion of contracts with utilities

- connection of a bank account to the system of direct debit for water, electricity and real estate tax.

In the case of acquisition of real estate with a mortgage, the assessor's services amount to 1090 euros, which includes, in addition to the above services, preparation and support of a loan.

6. Translation of documents into Spanish (depends on the volume of documents).

7. Payment for installing meters for electricity and water - about 400 euros (when buying a property in a new building or banking property).

8. Commission for bank checks for a purchase and sale transaction (depends on the bank, the commission can vary from 15 to 300 euros for each bank check).

9. The state duty for receiving an individual tax number, it is 9.64 euros.

In addition, there may be costs for the issuance of a power of attorney by a notary (70-90 euros), the issuance of a military permit for the purchase of real estate in the Orihuela Costa region (180 euros).

If the property is purchased with a loan, the cost of completing a loan transaction at the bank (for issuing and managing a loan, registering a loan, life insurance, real estate insurance, bank commissions, real estate appraisal) is additionally paid, this is about 2500-3000 euros.