The following are the costs you should include on top of the purchase price when buying property in Spain.
Lawyers/Solicitor’s Fee:
Although it is not compulsory to engage a solicitor, if you are not familiar with the procedure you can appoint your own solicitor. It is important to seek professional advice from a local solicitor (Abogado). Their standard fee for the purchase of a property is 1% of the purchase price plus VAT. Using a non-local solicitor will be more expensive. The Spanish legal system is very different from other European countries and, to avoid misunderstandings, disappointments and possible fraud, it is essential to seek expert professional advice from the beginning.
Notary Fee:
These are collected by the Notary after preparing the deed and presiding over it’s signing. This fee is fixed by law, on a set scale according to the property value, but is not usually more then 1% of the purchase price including VAT.
Singapore. Prices of private residential properties in Singapore rose 8.0 percent in the three months to September. The third quarter’s price rise is based on preliminary data and follows an 8.3 percent increase in the second quarter through June.”The government will continue to monitor prices closely,” said the URA, adding “the government will make available more sites for private residential development next year if demand remained strong.”
Not too long ago, the average Briton could buy a flat in Spain, declare the property uninhabited, rent it out to whoever he felt like and avoid paying a penny in tax to the Spanish government.
