COSTS IN CONNECTION WITH PURCHASE OF PROPERTY IN SPAIN

When purchasing a property from Scan Properties S.L we include all the following to the costs of 11 %;

RESALE PROPERTIES

	To apply a Tax Number “ N.I.E-numero “
	To do a search of the dept situation in a Land Register “ Nota Simple “
	Helping in opening a bank account
	Translation in the Notary when signing a Title Deed
	Notary fees
	Transfer Tax 8 %
	Land Register
	The process of Registering the property to new owners name
	Name changes; Water-, Electricity company, Gas Contract, Community, Local Tax office
	Home insurance contract
	Lawyers fees of controlling the situation of the debts

NEW CONSTRUCTION

	V.A.T. 10 %
	Stamp taxes
	Notary Costs
	Registration charges
	Electricity connection charge:
	Water connection charge
	Plusvalia = Tax on Rise in Value of Land

The above mentioned costs will be added in the price of the property and they form altogether approximately 11 % of the sales price / price of the property.

ANNUAL RUNNING COSTS

	Cuota de Comunidad = Community Quota ( covering the maintenance of common areas and costs such as gardens, swimming-pool, street lightning, vigilance etc.) Typically from approx. from  100 € to 500 €/ year
	Wealth Tax
	I.B.I. = Local Real Estate Tax: Approx. 0,4% to 0,8% of Your property´s taxable value ("valor catastral")
	Water and waste collection: Basic costs aprox 10 € / month
	Electricity: Basic costs aprox 10 € / month
	Insurances: From approx. 108 €