To be able to inscribe a property in you name on the Land (property) Registry you have to sign the purchase deed in front of a Public Notary. Notary is paid by the purchaser and the cost will depend on the purchase amount but also on the number of pages of the deed. When you purchase a property you add on the deed some documents such as a Habitability Certificate, energy efficiency certificate and others. Cost may range from 500 to 2.000 euros
In some cases, for your security, the deposit of 10% to secure the property has been made in the Notary bank account. In this case an act of deposit has to be made. This act may cost 200- 300 euros.
Land (property) Registry. Once you have signed the purchase deed (and after paying taxes), the purchase has to be inscribed on the registry so you will appear as new owner. The cost of this inscription will be 200 to 400 euros.Optional costs.
In some cases, in order to be sure that 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) a Surveyor will create a report. This will cost from 400 to 3.000 euros depending on the price of the property
Despite the fact it is normal to hire a lawyer to check the legality of the property, prepare the deed and pay taxes, it is not mandatory. Chambers of lawyers of Balearic Island recommend a charge from 1 to 1,5% of the purchase price.
Buying a property means pay taxes.
Taxes arising from the purchase.
Taxes will differ depending on if you are buying a new property or a second hand property. Taxes will range from 8% to 11% for a second hand property and 21% for a new property + Stamp Dutty tax of 1.2% . Follow link to read a post regarding taxes.
Also if you contact me I will calculate the taxes you are going to be required to pay free of charge.
Taxes arising from ownership.
Once you became owner you will pay annual taxes
.-IBI. this is the land tax. Ranges 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 taxes the profit you earn from your property. If you use property for yourself, this will cost you between 100 to 300 euros. If you rent it out the tax will be 19% or 24% of the income depending if you are European Union Resident or Non EU Resident respectively.
Every month or two you will get an invoice for electricity and water. You will also receive an invoice for gas, telephone and internet if your new property has these services.
If the apartment is integrated in a building, you also have to pay the ordinary and extraordinary expenses to maintain it.