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A Guide to Taxes and FeesAs a guide you should add on up to ten percent of the purchase price to cover fees and taxes.
In Spain, you need a lawyer to do the conveyancing and listed below are all the fees and taxes you can expect to pay. A transfer Tax of seven percent is payable on re-sale properties. This is seven percent of the declared sale price, usually less than the purchase price, set by the Notary when you sign the deeds and payable within thirty days of signing. Lawyer's fees This is about 1,200 Euros, depending on the amount of work involved. Usually paid in two halves, the first half when you pay your deposit, and the second half when you sign your deeds. Notary fees You have to sign the deeds and pay the outstanding balance. This is done in front of a notary. Notary fees range from three hundred to six hundred Euros. This depends on the sale price and is due on the signing of the deeds. IVA tax On a new build, you will have to pay 7% IVA tax on the declared value, unless it is included in the price. Registery fees The Deeds have to be registered in your name. These fees can be between 200 and 500 Euros, depending on the work involved. This is due within thirty days of signing the Deeds. A reminder Your lawyer will usually arrange for your Transfer tax and Registry fees to be paid on time, but you must remember to give him the money first! |