![]() ![]() Usually the bank will pay this on your behalf. Once you have signed the mortgage in front of the Notary, you have one month to pay an extra 1.2% of the total amount of the mortgage as “Actos Jurídicos Documentados” (Stamp Duty). In addition, the mortgage also has to be entered in the property registry to do this you have to pay the property’s Registry tax. You will also have to pay the cost of this notary deed. Mortgage costs: If you get a mortgage to buy the property, this mortgage will also be signed in front of a Notary. If you are going to apply for a mortgage then a valuation is mandatory. Optionals: Hiring an architect or surveying the property you are going to buy, as well as getting a valuation. Lawyer fees: These go from 1% of the purchase price if your lawyer is only advising on the purchase, up to 2% if your lawyer is helping you get a mortgage or signing the deed on your behalf using Power of Attorney. Property Registry Fee: your property must be entered in your name with the local Property Registry Notary fees: The purchaser has to pay the notary deed. Some are mandatory and others are optional. So, the ITP tax for purchasing a €2.350.000 property is €238.500.Īs well as the taxes mentioned above, when you buy a property you have to pay costs. So, the ITP tax for purchasing a €550.000 property is €46.500.Į.g. So, the ITP tax for purchasing a €185.000 property is €14.800. ![]() This tax is progressive, so it will increase proportionally to the value of the property as follows. SECOND-HAND PROPERTY: If you buy a resale property you will have to pay all the taxes the day you sign the deed, and from that moment you have 30 days to pay the Transmission Tax, (“ITP Impuesto Transmisiones Patrimoniales”). So, for a €300.000 NEW PROPERTY you end up paying €337.200. This tax must be paid during the 30-day period after signing the purchase deed by you or your representative using the model 600. You will also have to pay an extra 1.2% tax called “Actos Jurídicos Documentados” (Stamp Duty). ![]() NEW PROPERTY: If your buy a new property the vendor will add 10% IVA (VAT) to the price. This VAT will be paid by you on the day of purchase directly to the vendor, who will deposit it for the tax authorities. When you buy a property in Mallorca or elsewhere in Spain first you have to pay TAXES ![]()
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