Question: - What expenses do I need to pay on purchasing a home in Spain?
Answer: - On both a new and resale home approx. 10% of the Sale Price is needed to pay for the following:
Search fees at the Registry (to check legality and for debts.)
7% Tax on the value of the deeds (7% I.V.A. on a new home)
Lawyers fees - we always use a Lawyer to handle the paperwork and to ensure interests are protected. The fee also covers the remainder of the year's fiscal advisory fee to help connect up to the services in your name, i.e. water, rates, etc. plus any help you need - buying a car, residencia, etc.
Notary fee - The Notary is an independent professional whose job is to see that all contracts and deeds are correctly raised and also instigates a search before the deeds are signed.
Local Taxes and Electricity and Water meters on new property.
Question: - How do I obtain an N.I.E (fiscal Number)
Answer: - It is compulsory to obtain an N.I.E number when buying a property in Spain. The deeds cannot be registered until you have this number. To aid clients, we have arranged with a firm of interpretors, to take you to appropriate offices and obtain N.I.E translating for you to understand. The charge for this is 60 euros per person. Four passport photographs are needed which can be prepared in advance.
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