Buying costs

Posted by Patrick&Mateo on Wed, Mar 01 2017 13:14:21

The property price on our web always includes brokerage fees. We do not charge any additional commissions.

The extra expenses that a buyer encounters are Taxes and the Notary fees. The total purchase expenses in case of buying a €150.000 worth a property would sum up to 8% of the value declared in the Title Deed. In the case of a mortgage, these expenses will sum up to 10% of the value. These calculations are based on the following expenses:

  • Capital Transfer Tax (Canarian IGIC): 7% of the purchase price if bought from a building company (the first owner).
  • Tax Legal Acts (notary tax): 1% also paid only if bought from a building company (the first owner).
  • Capital Transfer Tax (Canarian IGIC): 6,5% of the purchase price if bought from a private owner (second hand).
  • Notary fees – an average of €800 per Title Deed. The exact fees depend on the number of pages in the Title Deed as well as the number of property owners.
  • Title Deed registration in the Property Register – an average of €450.
  • Legal Services company – €700.

In case you apply for a mortgage from a Spanish bank, these amounts should be added:

  • Bank commission – 1% of the amount issued.
  • Evaluation of the property by an independent company – €200 – 600, depending on the size of the property.
  • Notary fees for the second Title Deed (which establishes the relationship between the bank and the borrower) – €600.
  • Obligatory Property Insurance – € 150 – 400 per year, depending on the property.

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