To be able to inscribe a property at you name on the Land (property) Registry you have to sign the purchase deed in front of a Public Notary. Notary it’s paid by the purchaser and cost will depend of the amount of the purchase but also of the pages of the deed. When you buy a property you add on the deed some documents as habitability certificate, efficiency energetic certificate and others. Cost may go from 500 to 2.000 euros
In some cases, for your security, the deposit of 10% to book the property has been done in the Notary bank account. In this case an acta of deposit has to be done. This acta may cost 200- 300 euros.
Land (property) Registry. Onces you had signed the purchase deed (and after paying taxes), the purchase has to be inscribe on the registry so you will appear as new owner. Cost of this inscription will be 200 to 400 euros.
In some cases to be sure if you will be able to develop /enlarge the property you need a report from an architect.
If you want to know the real price of the property (different to the market price) Survayor will make a report. This will cost form 400 to 3000 euros depending of the price of the property
Despite it’s normal to hire a lawyer to check the legality of the property, prepare the deed and pay taxes, this is not mandatory. Chambers of lawyers of Balearic Island recommend a charge from 1 to 1,5% of the purchase price. This price it’s negotiable. If you don’t want the lawyer to check the property, only to take care of the contract price it’s less.
Buying a property means pay taxes.
Taxes arising the purchase.
Will depend if you are buying a new property or a second hand own. Taxes will go from 8% to 11% for second hand property, and 10% for a new property + Stamp Dutty tax of 1.2% . Read here a post regarding taxes.
Also if you contact me I’ll calculate for free the taxes you are going to pay.
Taxes arising the ownership.
Once you became owner you will pay anual taxes
.-IBI. this is the land tax. From 150 to 4.500 depending of the value of the property.
.-Garbage tax. form 120 to 400
.-Incinerator tax. From 90 to 150.
.-Model 210 This model tax for the profit you get from your property. If you use it for yourself will be from 100 to 300 euros. If you rent it out will be 19% or 24% of the income depending if you are European Union Resident or Non EU Resident.
Every month or two you will get an invoice for electricity and water. Gas, telephone and internet if you new property has this services.
If the apartment it’s integrated on a building you also have to pay the ordinaries and extraordinary expenses to maintain it.