Are you willing to purchase a property in the South of Spain? Once you have chosen your dream home we would suggest to use the services of a law firm in Spain. For this purposes we kindly set out below a brief summary expected to be met at the time of a purchase of a property in Andalucía
Summary of services to be expected by motivated multi-lingual law firm in the acquisition of a property in Spain.
1. Receiving instructions from client.
2. Providing client with break down of taxes and disbursements as well as general advice as required during the process. Full picture of all the purchase costs will be indicated and amount others you will be informed on the corresponding Transfer tax, VAT, stamp duties, Notary and Registry fees as well as Legal fees.
Transfer Tax in Spain (Impuesto sobre transmisiones patrimoniales ITP. )
Transfer Tax in Spain is applicable on the transmission of assets and rights. It is due when the vendor is a private owner.
The applicable rates in the acquisition of a property plus 1 o 2 garages are the following:
DWELLING + 1&2 GARAGES
Up to EUR 400.0000 8%
From EUR 400.000,01 to EUR 700.000 9%
Over EUR 700.000,01 10%
VAT in Spain, Spanish VAT- Stamp Duty
VAT in Spain also applies to the transfer of goods and rights. In general, Spanish VAT is applied when the seller is an entrepreneur or professional.
IVA for constructions 10%
IVA for plots 21%
Stamp Duty 1,5%.
Notary and Registration fees are based on the number of pages of the purchase Title Deed, the parties appearing and the price.
3. Obtaining the necessary documentation on the property from the vendor and/or its advisers.
4. Ensuring the property is up to date in all its payments.
5. Carrying out searches at the Land Registry.
6. When required ensuring that the property meets with all the requirements of the Local Zoning Regulations. Further standard clarifications with the Council as may be required.
7. Certifying to the client on the property.
8. Drawing up/vetting option agreement and handling the payment of the deposit on the same.
9. Drawing up minute Purchase Sale Title Deed, advising client on its completion and advising client on its execution.
10. Ensuring payment of taxes and registration of the Title Deed.
11. Sending the Title Deed duly registered with the originals of all the tax bills and our certificate on title to the client.
NOTE: The above summary is solely for guidance purposes as the services will vary depending on the features of each particular transaction.
A Law Firm to meet all your legal, tax, accounting and labour needs, providing a comprehensive service to companies and individuals.
Welex, Lawyers & Accountants
Avda. Ricardo Soriano 12, Edif. Marqués de Salamanca 1º,3
Telf: +34 952775521