News: How to buy property in Spain?

How to buy property in Spain?

For many foreigners, buying a property in Spain can be a problem because they do not know where to start. In this article we will share with you several guidelines about how to buy a property in Spain.

What you should know about how I buy property in Spain

To buy a house in Spain is necessary to have the NIE (Foreigners Identification Number). It is a personal and unique number that is needed to make any transaction in Spain such as buying a property.

The purchase of a home is made with a notary and must be registered in the Property Registration. In addition, before formalizing the purchase with a notary, it is advisable to make a private contract of sale commitment, known as a "deposit contract". In it, a part of the final price paid when the transmission of the home is made is paid with the notary.

You have to keep in mind that when you buy a home, you have liens for different taxes, which makes your price increase considerably. Among the taxes to be paid is the VAT (Value Added Tax), which is 10% in the case of new homes or first transmission.

The ITP (Capital Transfer Tax) is applied in the case of second or second transfer properties. It has a tax ranging from 6% to 10% depending on the Autonomous Community in which the property is located.

In addition, you also have to pay the AJD (Tax on Documented Legal Acts), which must be paid if you buy the house through a mortgage, to which you must add VAT.

Finally, do not forget other expenses that can make the price increase, such as the registration of the property deed in the Property Registry as well as the public deed in the notary. In addition, if the home is purchased through a mortgage, it must include the appraisal, the notary, the inscription of the deed in the Land Registry and also the taxes associated with the mortgage.

27 Jun 2018

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