Expenses to buy a property in Mallorca
If you buy a property in Majorca you need to know which are the total expenses.
It´s between 10% to 15% of the total price.
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Now, we show you which are these:
Notary espenses:
At the time of signing at the notary of the purchase. Notarial fees, as they are called, are set by regulations. They may vary depending on whether or not the property has a garage, storage room, or whether there is mortgage financing.
PURCHASE PRICE — APPROX. COST NOTARY FEES
120.000 € — 300 €
200.000 € — 350 €
300.000 € — 400 €
500.000 € — 500 €
750.000 € — 580 €
1.000.000 € — 630 €
1.500.000 € — 760 €
3.000.000 € — 1.110 €
Property registry expenses:
After the signing at the notary the purchase.
PURCHASE PRICE — APPROX. COST PROPERTY REGISTRY FEES
120.000 € — 140 €
200.000 € — 165 €
300.000 € — 190 €
500.000 € — 240 €
750.000 € — 290 €
1.000.000 € — 330 €
1.500.000 € — 410 €
3.000.000 € — 660 €
Legal advising:
When you buy a property in a foreign land i recommend you, because they check all the documents of the purchase and make you easier.
Mortgage:
If you wish to formalize the purchase with a Spanish mortgage, you must negotiate with the Bank before signing the loan. These expenses are for appraisal, management and registration related to the mortgage loan deed.
Others:
New building Buyer´s must pay 10% VAT to seller. In case of social housing TAXES will be reduced at 4%.
If you are buying a property with parking and storage room all the TAXES will be 10%. But if you buy, the parking and storage room separate you will pay 21% VAT for those, and 10% VAT for the property.
There are another TAX called AJD or ACTOS JURIDICOS DOCUMENTADOS . It´s not easy to explain this TAX. I leave this link to know better .
In case of second hand home purchasing, the buyer must pay to Tax Authorities between 8 % til 13 % depending the price of the purchase. This TAX is called ITP or Impuesto de Transmisiones Patrimoniales
If you want to do easier, the best thing that you´ll do is organise everything with a lawyer and tax advisor..
Is for this reason, you need to contact with a professional Real Estate Agency and they recommend you the best professionals to hire. If you want more information, contact us.
