The purchase and sale of a second transmission property in Spain, that is to say, where the seller is a private individual or the property has already been inhabited, is subject to the Property Transfer Tax in Spain. This tax varies depending on the autonomous community where the property is located.
For that reason, from Welex we will explain the expenses that you have when buying a second home in Spain.
In Andalusia, the tax rate is between 8 and 10%, depending on the purchase price of the property. Thus, in Andalusia the scale would be divided as follows:
Taxable base up to Total quota Rest of the taxable base Applicable rate
0.00 0.00 400,000.00 8.00%
400,000.01 32,000.00 300,000.00 9.00%
700,000.01 59,000.00 onwards 10.0%
If the second-hand property that you wish to acquire in Andalusia has a price of 750,000.00 euros, the transfer tax to be paid is calculated as follows:
On the first 400,000.00 euros, a tax rate of 8% is applied.
On the following 300,000.00 euros, a rate of 9% is applied.
And the remaining 50,000.00 euros would be taxed at 10%
Therefore the tax to be paid would be 64,000.00 euros, amount to be paid to the coffers of the Andalusian Government.
If you wish to know the expenses you will have when buying a home in Spain, in addition to the Property Transfer Tax, you should take into account the costs of the Notary, the Land Registry and the lawyer’s fees when buying your home.
At Welex we recommend that before starting any process related to the purchase of a property in Spain, please contact our offices where we will attend to you in a professional manner and explain all the points that you have to take into account when buying your property. We will also provide you with a breakdown of all the expenses inherent in the purchase of your home, whether it is a recently built property or a second-hand one in Spain.
The first step in property conveyancing in Spain is finding a Property.
It is imperative to get to know the area before you choose a property. You should visit a number of different locations in order to make an educated decision. Additional research into similar properties in various areas will give you different perspectives of what you can anticipate in terms of price.
If you wish to purchase and sale real estate in Spain, from Welex, law firm in Spain, we recommend hiring the services of a professional conveyancing lawyer.
According to Félix Ruiz, an expert conveyancing lawyer in the sale of real estate in Spain, sometimes it happens to find people who choose not to have the services of a professional specialized in the purchase and sale of real estate in Spain getting them wrapped in a legal nonsense from which they find it difficult to get out.
At first, before starting the process of assigning a private purchase contract for properties under construction, it is necessary to confirm with the promoter, and to make it real in contract, that the mentioned contract contains the option to transfer.
Thanks to our extensive experience related to the issue of private purchase contract for properties under construction in Spain, let’s take an example:
By property law firm in Marbella Welex! We provide conveyancing services in Spain!
A typical conveyancing transaction includes two vital landmarks: the exchange of contracts and the completion, whereby the legal Title Deed passes. In addition, the system of conveyancing is generally constructed to ensure that the buyer secures title to the land together with all the rights that govern the land and is advised of any limitations in advance of the purchase. Moreover, the cost of conveyancing is dependent on whether you employ a foreign or Spanish lawyer.