Transaction Procedure


  1. Object Selection
  2. The contract with the introduction of the deposit (usually - up to 10% of project cost)
  3. Opening a bank account
  4. Sending the request to register property owners
  5. Filing for a NIE to the police
  6. The signing of the sales contract at the notary
  7. Transfer payments of utility bills and condominiums at the expense of the new owner
  8. Obtaining an extract from the Register of the owners of the new owner.


Taxes and additional costs


Costs and taxes for the purchase of properties in Tenerife.

 

- VAT (IGIC) - 7% of the cost of new housing.
- Transfer tax (ITP - impuesto de transmisiones patrimoniales) - 6,5% of the cost of housing, "second hand".
- Tax on registration of legal acts (actos jurídicos documentados AJD) - 0,5-1% of the cost of housing.
- Notary fees (Notario) - 0,5-0,75% of the cost of housing (in the case of registration of the mortgage loan a little more).
- The costs of registration in the Register of Property of Spain Registro) 0,25% - the amount is determined by a special scale, depending on the value of the property (for example: the price of real estate from 50,000 to 100,000 Euros - Tax 250-300 Euro)
- Expenses for paperwork (Gestoría) - 0,5% - 600-700 €
- Check the records in the property registry - 18 €
- Cost estimation of dwelling - 210-280 €
- Bank fee for opening a mortgage - 1.5-2% of the loan amount.
- Gestión Escritura - 0.02% of the value of property (registration of the contract).
- Tax Plus Valía - the tax is levied by the municipality, and depends on the location, year of construction and the number of years of tenure the last owner.


Total:

Without Mortgages ≅ 7,2%

Mortgage ≅ 8,7%


 

Quick Inquiry

For any questions regarding a properties please contact the real estate agent.

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