1.-In this case the applicant has not yet chosen which property to buy. He/she only knows his/her maximum budget and wants to calculate the final price.
BUDGET: 340.000 euros . TYPE OF PROPERTY: Second hand.
TOTAL SUM OF TAXES AND COSTS FOR YOUR PURCHASE WILL BE MAXIMUM 32.214 euros.
Find here the breakdown.
- TRANSMISSION TAX: As is a second hand property tax to be paid its ITP. The quota for this amount will be 27.200 euros payable during the 30 days following the signature of the purchase.
- NOTARY: The notary’s fees depend on the purchase price and the number of pages of the protocol. This is why they are variable. Approximately 700 euros.
- PROPERTY REGISTRY: To inscribe the property on the Property Registry tax has to be paid. This may variante depending of the property and charges but will be a máximum of 300 euros.
- LAWYER FEES: As you must know because the complexity of the buying and tax payment process, and because its not uncommon illegal or partially illegal properties are on the market, it is highly recommended that you hire a lawyer who will give you advice completely independent of the seller or anyone else who may benefit from your purchase. Chambers of lawyers of Balearic Island recommend charging between 1 and 1.5% of the sales price + VAT. As lawyer fees are free in this case I’ll calculate 1%. Keep in mind lawyer invoice it’s deductible on the capital Gain Tax when you will sell the property in the future. 3.400+ VAT : Total lawyer fee: 4.114 euros.