A date will be set for the transference
of the "escritura" or legal document of ownership by the
Notario, when you will hand over the balance of the purchase money
and the Notario will sign the escritura in your name. You will also
pay the costs of the transaction (see below). You are then given the
keys to the house and it becomes yours immediately.
The escritura will go to the Registry office (you will get a copy)
and when officially registered it will be returned to you for safe
keeping. None of the procedure is as complicated as it may sound,
the sale and purchase of property in Spain is a simple and straightforward
business.
Costs of Purchase.
There is a 7% tax payable on the purchase of a property, but this
is levied on the "valor declarado" or declared value of
the house. This is always less than the selling price, and is the
figure stated on the escritura.
The only other costs are for the Notario, the Gestoria (to register
the escritura) and the Registry office itself. Normally the total
for all three is not more than 700 euros.
For further information, please contact
us.
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