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Buyers Guide


This is a brief guide to purchasing a property in Spain, we strongly recommend that you use a qualified Lawyer to represent you in the buying process, if you do not have one we can recommend one


Once you have found your dream home in the sun the procedure towards completion is as follows
A reservation deposit is required as a sign of good will, this is usually 6,000€ (and will be held by the Agent or your Lawyer) this deposit will ensure the property is reserved and taken off the market and also starts the conveyancing process by your Lawyer, usually within 2 weeks and when your Lawyer is satisfied that everything is clean you will be required to exchange contracts and pay a 10% deposit. The private contract (Compra Venta) will have a fixed date for completion at a public Notary agreed by both parties


The Buyer is responsible for the property purchase tax which varies depending on whether it is a new property or a resale property

Mortgage: If you are taking out a mortgage then there will be additional costs of approx 1%-1.5% for the opening fee and 1.8% taxes and notary fees for the mortgage deed 

Resale property: The (ITP) transfer tax depends on the price of the property; up to 400.000€ it is 8%; between 400.000-700.000€ it is 9% and over 700.000€ it is 10%. You are also required to pay the fees for the Notary, the Land registry and your Lawyers fees which are usually 1% + IVA of purchase price.

As a rough guide if you purchase a property between four and seven hundred thousand euros you will be looking at approx 10% of the purchase price.

New property: Regardless of purchase price 10% IVA (VAT) and 1.5% Stamp duty (AJD) are paid 

THE SELLER  is responsible for:
Plus Valia, Capital Gains Tax, Agents Commission 5% + 21% IVA, and their Lawyers fees

LEGAL or ACCOUNTING: If you would like further info on any of the above matters we can recommend a lawyer and or an accountant