Buying a home in Spain? You’ll need to budget for legal costs that are on top of your purchase price.
Here’s a brief summary based on purchasing a property on the Costa Blanca without a mortgage, for a purchase price of €100,000.
Property Transfer Tax (Stamp Duty). Buying a resale property this tax is 10% of the agreed purchase price. Example: €100,000 x 10% = €10,000
Notary & Land Registry fees. Allow around €1,000 for both these fees together. (“The Notary” are government appointed officials that draw up the Title Deeds. They don’t work for the buyer nor seller).
Lawyers fees. At a cost of around €1,000, they are worth every penny! More than checking for debts and making sure the property is legal, they will give you peace of mind that your investment is safe.
By budgeting for these legal costs upfront, there’ll be no hidden fees once you’ve found your dream home!
For award winning guidance on the buying process in the Costa Blanca, head to www.BuyMyHomeInSpain.com to download a complimentary “Spanish Property Buying Guide for 2022”.