Both, residents and non-residents, have the same rights when purchasing a property in the Spanish national territory. The real estate market in the country has a great variety of choices, that’s why our professionals will start the process of the transaction with you from the very first step, the search of a property, where we will select for you the best options depending on your personal wishes and demands. So the process will take place in the following stages:
Property transaction steps:
- The searching and selection of the property based on the demands of the client. VYM agents will offer you the best available options to fully satisfy your needs in reference to the property you are looking for.
- Booking. The property will be reserved, through a deposit, to guarantee the interests of both parties of the transaction.
- Account opening in a Spanish bank.
- Visit to the police station to obtain a NIE number, needed for the processing of the purchasing contract.
- Formalization of the deed of sale and purchase before a notary public. The signature of this document will be carried out before a Spanish notary by both parties of the transaction. After that, the buyer will get the keys of the new property and the notary will take care of sending the formalization of the transaction to the Registry.
- Once this part is finished, we will take care of transferring the taxes and expenses of the property to the new owner, with the support of a manager from VYM.
Taxes and rates.
When buying a property, the buyer will have to face a series of expenses, including taxes. These will be determined by the typo of property that is being acquired. If it’s newly built, it will be a 10% IVA (VAT), in the autonomous community of Valencia. The buyer will be also responsible for paying the IAJD, tax on notarial acts paid to the public administration, equivalent to 1.5% in the Valencian autonomous community.
The acquisition of a second-hand property entails the payment of Property Transfer Tax equivalent, in the same way, to 10% of the price of the property (Autonomous Tax).
In the case of concluding a mortgage loan agreement for the purchase of real estate, the buyer must also face the payment of the following expenses:
- IAJD in an amount between 0.1% and 2% of the price of the house.
- Housing valuation. It involves an expense of between 200 and 500 euros, and between 500 and 1,500 euros for luxury properties.
- Bank commission for opening a mortgage.
- Real estate insurance.