Purchasing a Property
When you have decided to buy a property, you should contact a lawyer who you trust to formalize the reservation of the property with a signature or deposit.
Once reserved, your lawyer will be responsible for checking the following documentation:
Simple note of the Land Registry, to be able to ensure the charges, such as mortgage or foreclosures, and be able to guarantee who is the owner / s of that property. It will also investigate community payments, IBI and Trash with the municipality, and services such as water and electricity.
At approximately 15 days, depending on the circumstances, an Arras Contract will be signed with 10% of the agreed price.
After approximately 30 days, the signature of the Deed of Sale of the property will be formalized before a Notary, and with the final payment of the rest of the price, that is, 100% of the agreed price (less the 10% already delivered) .
After signing this document, it is when you have to pay the following expenses:
Taxes – ITP – It is based on the Value of the Purchase that is signed at the Notary. (0 to 400,000 euros) 8%, (400,001 euros to 700,000 euros) 9% and (700,001 onwards) 10%. The “value” can be the value declared in the deed or the fiscal value, the higher being the applied value.
Notary and Land Registry.- Normally 1% of the value of the property in the Deed of Purchase of the property.
If you hire the services of a Lawyer, normally the fees will be 1% or 2% of the value of the property in the Purchase Deed of the property, depending on the difficulty or complications of the case.