Costs Involved In Purchasing A Property
It is important to remember that there are extra fees/taxes to be added to the price of your property to cover all the expenses involved in the purchase.
These costs are to cover the following:-
- Transmission Tax of 10%
- Approx 2,000 euros for...
Land Registry Fees
These expenses are worked out on the declared value of the property, which is not always the true price you are paying.
The system in Spain means that a property will most likely be under-declared by the builders in order for them to save paying too much tax. This then has a knock-on effect which means that a property will have a lower declared value than the price it is being sold for.
If you are considering having a mortgage then it is necessary to add mortgage fees to the property as there are added expenses from the bank. These expenses will be discussed at the time of opening a bank account and collecting an application form.