Property Purchase Resale – Conveyancing
Spanish Property Purchase
You’re probably reading this as you are considering or you’ve decided to by a second hand or as known here in Spain a ‘resale’ property! Let us assure you that you’ve found the Costas most trusted and acclaimed Law Firm. We will walk you through the whole process and keeping you updated every step of the way.
Many times we have clients contact us by phone or email from their home countries and instruct us that they would like to use our services. When this happens we get a small head start as we collect all the relevant details from them thus saving time during the initial purchase process. We will then arrange their appointments for NIE numbers (HERE) as these appointments need to be booked in advance and everybody needs this number before they can complete on a purchase.
EXPENSES AND TAXES WHEN BUYING A RESALE HOUSE
Patrimony Transmission Tax. (I.T.P)
This tax is paid on the transmission of resale properties, which are not subject to VAT. Every Spanish region can establish the applicable tax rate, and in the Valencian Community the rate is 10% of the property purchase price.
Notary Public
The notary is a public official that prepares and witnesses the signature of a public contract or declaration in such a format that is therefore subject to be registered at the Land Registry or any other official registry. The fees for the Notary are partly fixed and partly variable upon the value of the price declared. We always estimate approximately 900 € for this.
Land Registry
The registration of your title deed (escritura) in the land registry assures you that your ownership rights are protected against any third party. The fees for this registration are complicated to calculate but we estimate 700€ for this.
Solicitor Fees
These are the fees charged by our legal department for the conveyance process according the purchase. These fees are also variable as not every property purchase is the same and some take much more work than others.
CONVEYANCING
- Searches on the property and land before signing of the title deed.
- Contact with the owner for any queries and make any arrangements necessary.
- Accompaniment to the Notary and translation of Title Deeds and completion of formalities through Power of Attorney, if required.
- Changes of ownership and arranging direct debit for utility contracts and outgoing costs regarding the property.
- Registration of Title Deeds.
- Tax payment.
- If required drawing up of private contracts of Purchase or/and Sale
- Application for mortgages, loans or cancellation of existing mortgages.
THE FULL SERVICE EXPERIENCE
Our objective is to provide a FULL SERVICE to our clients. We are here to inform them of the facts and legalities. Very rarely there may be a problem with a property that cannot be solved, if this situation arises we may have to advise them not to buy but as always the choice belongs to the client and we will assist and proceed as normal. We will get them to sign a separate document in front of the Notary confirming they have been given all the facts and details and are fully aware.