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Almeria Spanish Properties

Welcome to our buying guide

This page is for general information and covers the buying process, the responsibilities of both buyer and seller and an overview of the costs involved. If you are selling, click on this link to see our selling guide. It is not necessary to have legal representation as a responsible Estate Agent will ensure that the property you have chosen to purchase is legal, has all the correct documentation and is free of any debt. If you decide you would prefer representation then “shop around” for the best deal for you. Completion is at the office of a Notorio/a and he/she is the equivalent of a Public Notary in the UK. The Process After agreeing on the purchase price you will need to sign a pre-sale contract and pay a deposit (5-10% is the norm). The contract covers the obligations of both buyer and seller and includes such clauses as; Details of both buyer and seller and their id Details of the property and that it is free of debt (your rates, sewage and rubbish collection fees and community fee(if there is one) must be paid up to date before completion) Details of payment (deposit paid, balance outstanding etc) Time-scale for completion (normally this is 30-40 days up to a maximum of 90 days but completion can be achieved at any time within this period when agreed by both parties) Payment of after sales fees and taxes Costs After completion the following costs apply to the buyer; Notary: The fee is on a sliding scale between 4.5€ per 1000€ selling price up to 31,000€ to 0.3€ per 1000€ for properties between 601,000€ to 6,000,000€. Land Registry: For registering you as the new legal owner the fee again slides between 1.75€ per 1000€ for the cheapest selling price to 0.20€ per 1000€ for the most expensive. IVA (vat) This is only applicable for new built properties and are as follows; Home is rated at 10%, Subsidised housing at 4% and plots of land, garages etc at 21%. Stamp Duty: up to 1.5% Property transfer tax: 8% - 10% Ancillary costs: If you do not speak and read Spanish you will need a translator at the notary, if you are not able to go to the official offices to pay your taxes etc you will need to arrange someone to do it on your behalf, you will need to open a Spanish bank account if you do not have one because the balance of the purchase price after deposit etc. has to be in the form of a bank cheque from a Spanish bank and there is a charge of around 0.5% for this. If you are purchasing with the aid of a mortgage: property appraisal;between 250-450€ disbursment fee; up to 2% mortgage deeds; same as Notary costs seen above Insurance: most banks insist you take insurance with them but this only applies to the first year and after that you can shop around Even if you are able to do all the paperwork yourself the bank insists on a supervisor to do it on your behalf and their fees vary so, again, shop around the banks to get a good deal. All the above seems like a lot but it actually equates to around 15% of the purchase price when all is added together so you can base an offer for a property to offset some or most of these costs.
Almeria Spanish Properties

Welcome to our buying guide

This page is for general information and covers the buying process, the responsibilities of both buyer and seller and an overview of the costs involved. If you are selling, click on this link to see our selling guide. It is not necessary to have legal representation as a responsible Estate Agent will ensure that the property you have chosen to purchase is legal, has all the correct documentation and is free of any debt. If you decide you would prefer representation then “shop around” for the best deal for you. Completion is at the office of a Notorio/a and he/she is the equivalent of a Public Notary in the UK. The Process After agreeing on the purchase price you will need to sign a pre-sale contract and pay a deposit (5-10% is the norm). The contract covers the obligations of both buyer and seller and includes such clauses as; Details of both buyer and seller and their id Details of the property and that it is free of debt (your rates, sewage and rubbish collection fees and community fee(if there is one) must be paid up to date before completion) Details of payment (deposit paid, balance outstanding etc) Time-scale for completion (normally this is 30-40 days up to a maximum of 90 days but completion can be achieved at any time within this period when agreed by both parties) Payment of after sales fees and taxes Costs After completion the following costs apply to the buyer; Notary: The fee is on a sliding scale between 4.5€ per 1000€ selling price up to 31,000€ to 0.3€ per 1000€ for properties between 601,000€ to 6,000,000€. Land Registry: For registering you as the new legal owner the fee again slides between 1.75€ per 1000€ for the cheapest selling price to 0.20€ per 1000€ for the most expensive. IVA (vat) This is only applicable for new built properties and are as follows; Home is rated at 10%, Subsidised housing at 4% and plots of land, garages etc at 21%. Stamp Duty: up to 1.5% Property transfer tax: 8% - 10% Ancillary costs: If you do not speak and read Spanish you will need a translator at the notary, if you are not able to go to the official offices to pay your taxes etc you will need to arrange someone to do it on your behalf, you will need to open a Spanish bank account if you do not have one because the balance of the purchase price after deposit etc. has to be in the form of a bank cheque from a Spanish bank and there is a charge of around 0.5% for this. If you are purchasing with the aid of a mortgage: property appraisal;between 250-450€ disbursment fee; up to 2% mortgage deeds; same as Notary costs seen above Insurance: most banks insist you take insurance with them but this only applies to the first year and after that you can shop around Even if you are able to do all the paperwork yourself the bank insists on a supervisor to do it on your behalf and their fees vary so, again, shop around the banks to get a good deal. All the above seems like a lot but it actually equates to around 15% of the purchase price when all is added together so you can base an offer for a property to offset some or most of these costs.