Are you about to make a trading of a property and do you not know what expenses this procedure implies?
We will give you all the necessary information about the costs, in the case that you are the seller or the buyer.
The costs in the case that you are the seller
It is the municipal tax on the increase in the value of urban land. This tax depends on the cadastral value and the number of years that have elapsed since the previous issuance. The percentage is determined by each autonomous community, with the maximum and minimum values established by law.
Cancellation of the registration of a previous mortgage (if any exists). It is usually around 2% or 3% of the total approved loan.
Real estate agent fees:
If the agent was hired by you, you have to pay the services to the corresponding real estate agency.
The costs in the case that you are the buyer and you don´t need a mortgage loan
Amount of the sale price of the property:
The agreed purchase price of the property.
Property transfer tax:
It is a tax that is applied to a second-hand property. The amount varies depending on the location of the property. The amount of this tax is between 6 and 10%.
The amount of VAT is applied in the case of a new build. It is equal to 10%. There is also a reduced tax of 4%, which is applied to officially protected properties.
Being the buyer, you have the right to choose the notary, to carry out the concession of the deed of sale, the essential document to register the home in the Public Property Registry. You also have the right to request a copy of the contract template to be used. Notary fees are regulated by the State. The cost of the service depends only on the price of the property. Generally it moves between 500 and 1000 Euros.
With the deed of the sale, the registration is made in the Public Property Registry. The cost is regulated by tariff (the fee rate), and varies according to the price of the property. It usually moves between 100 and 500 Euros.
Management and processing:
These are the costs that are produced by the intervention of an Agency, which is in charge of the paperwork from the deed until the inscription in the Property Registry. The fees agreed in each specific case.
Real estate agent fees:
If the agent was hired by you, you have to pay the corresponding real estate agency for the services provided.
The costs in the case that you are the buyer and that you need a mortgage loan
Apart from the previous list you will have to cover the following costs:
It is the valuation of the market price of the property at a given time. Based on the Valuation Standards and on previously defined criteria and norms, the value of a property is calculated. The fees are agreed according to the company. But they are usually between 200 and 600 Euros.
Copies of the Notary:
The request for copies of the necessary documents. These costs amount to more or less 20 Euros.
Do you still have any questions about the sale of a property? Contact your real estate agency in Malaga.