Buying a home in Spain has its peculiarities. If you have ever faced a similar process, in your country perhaps, you will see that there are many similarities. However, there are also procedures and processes that are specific to this country, which should be known, as in the case of non-compliance, the consequences can be fatal to your interests. In this post we summarize some.
Signing a public deed of sale to transmit a home is not mandatory, but it is highly recommended for the buyer. This document serves as evidence of the existence of the contract and testifies to the content and date of the sale, although as we have said is not an essential requirement.
The signature of the deed obliges the buyer to make the payment of taxes for the acquisition, which vary according to the type of property. For example, in the case of the purchase of newly built housing, VAT is levied (10% of the value of the property) and the Tax of Documented Legal Acts (AJD), which ranges from 1% to 1.5 % Depending on whether it is a regular home or a second home.
In the case of second-hand homes, the tax to be settled is the so-called Transfer Tax, whose amount changes from one autonomous community to another.
Enrolling the home in the Land Registry is mandatory for all those who need the grant of a mortgage to face the payments of the property. To do this, and after signing the deed, the notary is responsible for sending a copy of the same via telematic. This step is essential, to extend the presentation entry in the Property Registry, which has a validity of 60 days.
The owner will register the property in his name, which will state the situation of charges at the time of signature of the deed, verified situation and verified before a notary, before granting a public deed. To proceed with the registration, the payment of taxes associated with the sale must be credited. This management has a cost fixed by tariff that is estimated around 0.2% of the value of the purchase.
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