Did you find the home or property of your dreams? Congratulations!
Now it is essential that you take into account all the details, to close the contract. Since every purchase of a property is different, generally recommend that advice from a lawyer Spanish property law (see Partnerships). The following points come to the crux of what we have to keep in mind:
1. IBI (property tax). You should note the following:
Has been paid the anual tax?. This information will be obtained from the local council.
Is it a new property? In this case the seller should request a copy of the new statement of work, together with a copy of the Declaration of Alteration of Real Urban Nature. This will be sufficient evidence to find that the property is registered for eventual payment of IBI.
2. Check the registration of the property:
In the local Property Registration , which is public, you can check in Scripture are property liens or encumbrances (eg a mortgage). Do not buy a property before it received a simple note updated Land Registry. If you have a lawyer, he or she will do for you.
3. Sales contract:
In Spain it is customary to commit to the purchase of a property by signing a contract or an optional private purchase agreement in which they agree to the conditions for deposit. After completing this contract will take place within the firm fixed the Deed of Sale, which will be credited as a new owner, and notarized. Make sure the contract includes the seller sells the property free of liens, encumbrances and tenants, etc.. After both parties or their authorized representatives have signed the contract before a Spanish notary will update the registry data.
4. Neighboring communities:
If the owner of the property you want to buy is a community of neighbors, make sure you show the last bill of costs for community maintenance payment (monthly, semi-annual or annual) and ask the president or the administrator a copy of the minutes of the last meeting of the residents and their regulations, as well as a certificate showing that the seller is aware of your payments.
5. Costs and fees:
Under Spanish law, the buyer should be responsible for paying:
The transfer tax (ITP), which rises with effect from January 1, 2013. The new rates, which will be applied on the sale price of the property, are as follows:
Up to 400.000 € 8% applies
Up to 600.000 € 9% applies
From € 700,001 applies 10%
As for the calculation rule provides that the fee will apply in stages. Example: At a sale price of € 500,000 the first € 400,000 taxed at 8% and the remaining 100,000 € to 9%.
When buying a new home applies the VAT of 10% and stamp duty of 1.2%.
Furthermore, the buyer has to pay about 2.5% notary costs and registration costs.
Seller will pay:
Goodwill as it is benefiting from increased assessed value of land.
Please make use of our experience. It is our pleasure to advise you and explain everything.