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Step by step purchasers guide - Buying property with a mortgage from a Spanish Bank - What happens after signing at the Notary?


Your chosen estate agent or a Spanish lawyer, acting as your representative, will then ask you to lodge with them the costs for the purchase of the property, so as they can pay all the necessary taxes and bills that are due.
The costs for re-sale properties:

- 6.5% Transmission Tax.
- Notary Fees.
- Registration Fees.
- Fees for changing water or electric contracts in name of the new owner.
- Administration Fees.


The costs for new build properties:

- 7% I.G.I.C. usually payable in stages throughout the construction process.
- 1% Stamp Duty.
- Notary Fees.
- Registration Fees.
- Fees for contracting water or electric (first contracts).
- Administration Fees.


If you have purchased with a Spanish Mortgage:

- 6.5% Transmission Tax or I.G.I.C. (VAT) whichever is appropriate.
- Notary Fees x 2. Both the Escritura (Title Deeds) & Mortgage Deed have to be notarised.
- Registration Fees x 2. Title Deeds & Mortgage Deed must be registered in the Property Registry.
- Fees for changing water or electric contracts in name of the new owner.
- Administration Fees.
- Mortgage Opening Fees.
- Stamp Duty on the value of the mortgage, approx. 1.25%.


According the Spanish law the seller pays the following costs:

-The Plus valia Tax and in case the seller is not a fiscal resident 3% tax will be retained.


Calculate on top of the sales price and extra 8% (existing properties) or 9% (new properties) for your costs if you are paying cash or financing from a source other than a Spanish Bank.
The average costs when financing with a Spanish mortgage will be around 10% on top of the property sales price.


After everything has been presented and paid, your representative will supply you with your Title Deeds and receipts for all monies paid on your behalf and will return any left over amount to you.

step by step purchasers guideThis information is for guidance only and is not a substitute for proper legal advice!


VisaVerde Consultancy Services S.L. - B107 Garden City, Playa de las Americas, San Eugenio Bajo, 38660, Tenerife. tel: +0034 922794214.

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