REAL ESTATE CONSULTING AND INVESTMENT
Do you want to invest in Spain? Are you interested in acquiring a property?
When acquiring a property it is very important to get good advice beforehand, as it may be too late.
An essential question is the charges that the property may have, such as a mortgage or a seizure, for this it is advisable to request a simple note in the Land Registry, which will also provide us with relevant information such as its location, description of the property, its owner or form of acquisition.
Another important issue is the fee payable to the homeowners' association, if the latter exists. It is advisable to check beforehand that payments are up to date and, if applicable, to determine any outstanding arrears.
Likewise, you should ask the seller for the last receipt of the IBI (Real Estate Tax), to know the status of payment of this tax, as well as of the four previous fiscal years.
In the sale and purchase of real estate it is common that, before the public deed, a deposit contract is signed, document in which the conditions of the sale and purchase are agreed: price, term of elevation to public, expenses etc. This contract is not necessary to sign it and it is possible to go directly to the notary's office to sign the purchase-sale, but in many occasions for question of assuring the operation as soon as possible, search of financing or other reasons, it is chosen to sign in the first place a deposit contract as previous step to go to the notary's office to formalize the purchase-sale.
- The notary's office.
- The legal counsel.
- The property registry.
- ITP or VAT (taxes)
The bulk of the aforementioned expenses is the tax, specifically the transfer tax (ITP), it is a tax assigned to the autonomous communities, so depending on where the property to be purchased is located, it will be one tax rate or another. For example, in Madrid the general ITP is 6% of the value that is bought and in Valencia it is 10%.
In the case of the sale and purchase of new construction, ITP will not be due, but VAT, whose general rate is 10%.
From PK Abogados, we offer you our legal and fiscal advice in the purchase and sale of properties and we accompany you throughout the process so that you feel safe and carry out your real estate acquisition in Spain with full guarantees.
Need help?
Fill out the contact form and we will contact you as soon as possible.
Remember, if your inquiry is urgent, you can call us directly:
