Resale Property Purchase Costs in Spain
When buying a resale (pre-owned) property in Spain, it's crucial to understand the associated costs to budget effectively. Below is a detailed breakdown of the typical expenses involved:
1. Property Transfer Tax (ITP)
What it is: A tax levied on the transfer of ownership of existing properties.
Rate: Varies by region, typically between 8% and 10% of the property's purchase price.
Examples:
Valencia (Costa Blanca): Flat rate of 10%.
Murcia (Costa Cálida): Generally 8%.
2. Notary Fees
What it is: Fees for the public official who certifies the sale.
Cost: Approximately €600 to €1,000, depending on the property's value and complexity of the deed.
3. Land Registry Fees
What it is: Cost to register the new ownership with the Land Registry.
Cost: Typically €400 to €700, varying with the property's price and region.idealista.com+1cumbrevillas.com+1
4. Legal Fees
What it is: Charges for legal assistance throughout the purchase process.
Cost: Usually 1% of the purchase price.
Note: Engaging a lawyer ensures due diligence, contract review, and representation during the transaction.realista.com+1idealista.com+1
5. Additional Costs
NIE Number: A foreigner's tax identification number, essential for property transactions.
Cost: Around €100 to €150.
Banking Fees: Charges for setting up a Spanish bank account and transferring funds.
Cost: Varies; consult your bank for specifics.
Mortgage Costs: If financing the purchase, additional expenses include:
Valuation Fee: Varies, but c. €600.
Mortgage Arrangement Fee: Approximately 1% of the loan amount.
Stamp Duty (AJD): Around 1% of the mortgage amount.
6. Estate Agent Fees
What it is: Commission for the agent facilitating the sale.
Cost: Typically 3% to 5% of the sale price.
Note: In resale transactions, this fee is usually paid by the seller, but it's advisable to confirm this during negotiations.propertyguides.com
Summary of Estimated Costs
Total Estimated Additional Costs: Approximately 12% to 15% of the property's purchase price.
Important Considerations
Regional Variations: Tax rates and fees can vary between autonomous communities. Always verify the applicable rates in the property's location.
Professional Guidance: Engaging experienced professionals can help navigate the process smoothly and ensure compliance with all legal requirements.
For personalised assistance and to explore available resale properties, feel free to contact us or browse our listings. We're here to help you find your ideal home in the Spanish sun!