Signing At The Notary
The final stage of your purchase will be formally completed before a Public Notary when the vendor signs the property over to you. You will exchange your final payment for keys to your new home.
You must also pay 7% transfer tax or 7% VAT plus 1% Stamp Duty if you are buying from a promoter or developer as well as notary fees which may range from 300 – 1.500€ depending on the price of your property, and fees to register the property of about 60% of the notary charge. If you are purchasing property from a non resident, your lawyer will ensure that retention of 5% is paid to the town hall as insurance against the tax liability of the vendor.
You may like to receive advice about whose name to put on the title deed. Due to quite complicated inheritance taxes it may be in your best financial interest to discuss this. We can arrange a consultation with an expert who will provide you with all the information neccessary to make this decision, and potentially save you and your family money in the future.
The vendor usually pays a tax called Plus valia, however it may have been stipulated that you are responsible for all costs as a condition of the sale. This tax may range from a few hundred to several thousand euros because it is calculated on how much the land your property lies on has increased in value since it was last sold. Your lawyer should find out how much this tax is likely to be before you agree to pay it.
Keys in hand and paperwork completed, you have reached another ending and should be ready to enjoy everything Andalucia has to offer. We at Andalucian Dream Homes, will continue to provide you with any advice and assistance that you need in order to settle into your home and community quickly and effortlessly. Let us do the hard work while you sit back and live the dream!
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