Property Mallorca Menorca Ibiza & Formentera

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When a suitable property has been found and a purchase price agreed you then appoint a notary [lawyer] preferably English speaking.

The notary will then conduct any appropriate searches and draw up a terms of purchase usually accompanied by a non refundable deposit of anything up to £4000 to take the property off the market.

Contracts are normally drawn up within 3 months and the sale is formally completed when the title deeds of purchase [escritura pública] are signed in front of the notary together with final balance transfer.

Your notary will then inform the local land register of the transfer of ownership.

As a general rule you need to add approximately 10% to your agreed purchase price to cover all essential fees and taxes.

TAXES :-   Property Transfer Tax [ITP] : Usually 7% of the property value as expressed in the deed of conveyance. Stamp Duty [AJD] : Can be up to 1% of the property value. Annual Property Tax [ Impuesto Bienes Inmuebles] :  local property tax usually less than in the UK. VAT [IVA] : 7% of the value of a new build instead of transfer tax. Capital Gains : If the vendor is a non resident, the buyer is obliged to withhold 3% of the agreed purchase price and to pay this amount to the Spanish Tax Authorities on behalf of the vendor. Contribucion Territorial Rustica : This is same as IBI but for properties located in rural areas. Rubbish Collection Tax : [Tasas y Cargas] collected locally.

Disasters can easily be avoided by using a little common sense and locating a good independent Spanish lawyer who speaks fluent English.

Disclaimer: The above information is intended only as a basic guide without representations or warranties of any kind. All clients should seek their own independent advice when purchasing or selling property abroad.

Property for Sale by Owner in Mallorca, Menorca, Ibiza & Formentera.