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Gran Canaria, Maspalomas |
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Apartment |
| Price : |
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€0
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Purchase Procedure |
Buying property en Spain
Buying a property, be it a holiday home or a permanent residence is always an important decision. The property system in Spain, although similar to that of Anglo-Saxon countries, has subtle differences.
We therefore strongly recommend that legal advice be taken from an independent Legal Advisor or Lawyer.
In order to buy property in Spain it is necessary to have a Spanish Identification Number (NIE). At the time of your purchase we will assist you with the registration process. This is very straight-forward and with small costs. It will also be necessary to open a Spanish Bank account. Again we will assist you in this process.
Lawyers fees in Spain do not rely upon a ´scale of charges´ and should therefore be agreed prior to any costs being incurred.
Other costs to be considered are:
1) Transfer Tax. 6.5% of the purchase price of the property.
2) I.G.I.C. 5% of the purchase price of the property.
(Only applicable if the property is under construction or purchased directly from the property developer).
3) Stamp Duty 0.75% of the purchase price.
N.B. Either Transfer Tax or I.G.I.C.+Stamp Duty will be payable. Never both.
If the property is to be purchased by means of a mortgage it is usual for arrangement fees to be incurred. These will vary between differing lenders and are identified prior to any commitment. In this area it pays to ´shop-around´ and again is an area in which we will assist.
Notary fees will also be incurred.
As a ´Rule of Thumb´ a budget of 10% of the purchase price should adequately cover all the legal fees and taxes involved in the transaction.
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