As well as the price of the property, there are some professional expenses and taxes that you will have to pay. They are:
- Notary fees:
These don't have a fixed percentage but vary according to a property price scale. They are also affected by the number of pages of the document, but are usually between 0.3% and 0.6% of the value of the property.
When the property is new, you will be required to pay 8% V.A.T. and 0.5% of 'Actos juridicos documentados'. When it is a resale, the tax will be 6%.
- Registry fees:
These are also calculated according to a property price scale and the number of pages (not calculated by percentage), and are usually lower than the notary's fees.
- Plusvalía :
This is a local tax calculated on the re-value of the land where the property is located, the base being the value of the land, the year when the vendor bought the property and the year of sale. The law states that the vendor has to pay this tax, but as a common practice, the purchaser pays it together with the other purchase expenses.
- Advisor fees:
Fees corresponding to the professional who will present and collect the 'Escritura' from the Land Registry Office, and who pays the plusvalía, ...
(To be continued Section III - The Spanish mortgage)