Knowledge Base 14 – Additional Buyers Costs Valencia
When purchasing a resale property (villa, apartment……..) in the Alicante region of Spain, there are several costs that a buyer would typically be expected to pay in addition to the agreed sale price. These additional costs can vary depending on various factors, such as the specific location, property value, and individual circumstances. Here are some common expenses you may encounter:
- Property Transfer Tax (Impuesto sobre Transmisiones Patrimoniales): This tax is levied by the regional government and is calculated as a percentage of the property’s declared value. The rate is 10% in the3 Valencian region (8% in Murcia).
- Notary and Registry Fees: These fees cover the cost of notarizing and registering the property purchase agreement. The amount can vary based on the property’s value but generally ranges from 0.1% to 0.5% of the purchase price.
- Legal and Conveyancing Fees: Hiring a lawyer or a legal representative is highly recommended to ensure a smooth and secure transaction. The legal fees are typically around 1% of the purchase price, although they can vary depending on the complexity of the transaction and the lawyer’s rates.
- Property Registration Fees: After the purchase is completed, the new ownership needs to be registered with the Land Registry. This incurs a fee based on the property’s value, usually ranging from 0.2% to 1% of the purchase price.
It’s important to note that these costs are estimates and can vary depending on specific circumstances and any changes in regional regulations or taxes. It’s advisable to consult with a local lawyer or real estate professional who can provide more accurate information and guidance tailored to your situation. As a rule of thumb budget between 12 and 12.5% over and above the sales price to include all your fees.
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