Legal advice

Costs in connection with purchase of property in spain

  • When purchasing a property from scan properties s.L we include all the following to the costs of 11 %;
  • Resale properties
  • To apply a tax number " N.I.E-numero "
  • To do a search of the dept situation in a land register " Nota Simple "
  • Helping in opening a bank account
  • Translation in the notary when signing a title deed
  • Notary fees
  • Transfer tax 8 %
  • Land register
  • The process of registering the property to new owners name
  • Name changes; water-, electricity company, gas contract, community, local tax office
  • Home insurance contract
  • Lawyers fees of controlling the situation of the debts

New construction

  • V.A.T. 10 %
  • Stamp taxes
  • Notary costs
  • Registration charges
  • Electricity connection charge:
  • Water connection charge
  • Plusvalia = tax on rise in value of land
  • The above mentioned costs will be added in the price of the property and they form altogether approximately 11 % of the sales price / price of the property.

Annual running costs

  • Cuota de comunidad = community quota ( covering the maintenance of common areas and costs such as gardens, swimming-pool, street lightning, vigilance etc.) Typically from approx. From 100 € to 500 €/ year
  • Wealth tax
  • I.B.I. = Local real estate tax: approx. 0,4% To 0,8% of your propertyâ´s taxable value ("valor catastral"
  • Water and waste collection: basic costs aprox 10 € / month
  • Electricity: basic costs aprox 10 € / month
  • Insurances: from approx. 108 €