Guide to Signing at a Spanish Notary in Tenerife

The costs for re-sale properties: - 6.5% Transmission Tax. - Notary Fees. - Registration Fees. - Plus Valia Tax (Tax on the increase in the value of the land since last sold). - Administration Fees.

The costs for new build properties: - 5% I.G.I.C. usually payable in stages throughout the construction process. - 0.75% Stamp Duty. - Notary Fees. - Registration Fees. - Plus Valia Tax (Tax on the increase in the value of the land since last sold). - Administration Fees.

Purchasing with a Spanish Mortgage: more info.. - 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 have to be registered in the Property Registry. - Plus Valia Tax (Tax on the increase in the value of the land since last sold). - Administration Fees. - Mortgage Opening Fees. - Stamp Duty on the value of the mortgage, approx. 1.25%.

On average calculate around 8 - 8.5% on top of the sales price 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 to 10.5% on top of the 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.