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Stage Three: Completion -
A sale is formally completed in Spain when the public title deeds of purchase are signed in front of a Notary, the final payment has been made, and possession is given to the buyer. The Notary is a public official who is responsible for recording the sale on the public record stipulating the title deed has been signed in his presence and properly understood by the parties concerned. You may attend the signing of the deed in the presence of the Notary or grant a Power of Attorney to us, to attend on their behalf.
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Taxes and fees
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1. Transfer tax and stamp duty.
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In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property and it is paid by the buyer.
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Total transfer taxes range from 6% to 7 % on the price of the purchase depending of the region where the transaction takes place. In the case of mortgage you must paid stamp duty which is fixed at 0,5%-1% of the amount of the mortgage
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Within the statutory 30 days we'll fill the forms and pay thiese taxes
- If you are buying a new build from a developer you don't have to pay transfer tax but VAT (7%) as well as stamp duty whether or not you have a mortgage.
- If the seller is not a Spanish resident, the buyer has to withhold 3% of the purchase price and pay it to the tax authorities . If this is not done the property will be considered by the tax authorities as the asset backing the capital gains tax liability of the seller.
- 2. Notary fees
- Fixed at 0,5%-1% of the amount of the purchase
- 3. Land Registry fees
- Fixed at 0,5%-1% of the amount of the purchase