HOLDING DEPOSIT

WHEN YOU HAVE FOUND YOUR DREAM PROPERTY YOU WILL BE ASKED TO PUT DOWN A NON REFUNDABLE HOLDING DEPOSIT USUALLY BETWEEN 3000 TO 6000 EUROS. THIS SERVES TWO MAIN PURPOSES, ONE IT TAKES YOUR PROPERTY OFF THE MARKET AND SECOND IT FIXES THE PRICE.

  TAXES AND FEES

AFTER SIGNING YOUR TITLE DEEDS THE NEW DETAILS OF OWNERSHIP WILL BE ENTERED ON TO THE LAND REGISTER AND DEPENDING ON THE TYPE OF PROPERTY YOU HAVE BOUGHT THIS INCURS A TAX, IF YOU BUY A NEW PROPERTY, OR A PROPERTY OWNED BY A SPANISH COMPANY, YOU WILL PAY 7% I.V.A.(THE SPANISH EQUIVALENT OF V.A.T) + 0.5% DUTY. IF YOUR PURCHASE IS A RE-SALE AND IS PRIVATELY OWNED YOU ARE REQUIRED TO PAY 6% OF THE SALE PRICE IN BOTH CASES YOU WILL ALSO HAVE LEGAL FEES OF ABOUT 1% OF THE PURCHASE PRICE TO PAY. REMEMBER THESE TAXES ARE ON TOP OF THE PURCHASE PRICE UNLESS OTHERWISE STATED. UNDER NORMAL CIRCUMSTANCES YOU ARE RECOMMENDED TO BUDGET AN ADDITIONAL 10% TO COVER COSTS.

  YOU WILL NEED TO MAKE A SPANISH WILL

MAKE A SEPARATE WILL FOR HUSBAND AND WIFE. IF A NON SPANISH RESIDENT DIES WITHOUT A WILL HIS OR HER ESTATE CAN AUTOMATICALLY BE DISPOSED OF UNDER SPANISH LAW.