Elsewhere in spanish2/25/2023 In addition, the mortgage also has to be entered in the property registry to do this you have to pay the property’s Registry tax. You will also have to pay the cost of this notary deed. If you get a mortgage to buy the property, this mortgage will also be signed in front of a Notary. If you are going to apply for a mortgage then a valuation is mandatory. Hiring an architect or surveying the property you are going to buy, as well as getting a valuation. If you send me a Whatsaap ( +34 678216706) or mail now I’ll forward you an estimate Architect: These go from 1% of the purchase price if your lawyer is only advising on the purchase, up to 2% if your lawyer is helping you get a mortgage or signing the deed on your behalf using Power of Attorney. Property Registry Fee: your property must be entered in your name with the local Property Registry Lawyer fees when buying a property in Mallorca: Notary fees: The purchaser has to pay the notary deed. Transmission Tax tax for purchasing a €550.000 property is €46.500.Īnd Transmission Tax tax for purchasing a €2.350.000 property is €238.500.Īs well as the taxes mentioned above, when you buy a property you have to pay costs. So, Transmission Tax tax for purchasing a €185.000 property is €14.800, This tax is progressive, so it will increase proportionally to the value of the property as follows. If you buy a resale property in Mallorca you don’t have to pay all the taxes the day you sign the deed, and from that moment you have 30 days to pay the Transmission Tax, (“ITP Impuesto Transmisiones Patrimoniales”). So, for a €300.000 NEW PROPERTY you end up paying €337.200. This tax must be paid during the 30-day period after signing the purchase deed by you or your representative using the model 600. You will also have to pay an extra 1.2% tax called “Actos Jurídicos Documentados” (Stamp Duty). If your buy a new property in Mallorca the vendor will add 10% IVA (VAT) to the price. This VAT will be paid by you on the day of purchase directly to the vendor, who will deposit it for the tax authorities. Mail me ( ) or send a WhatsApp to +34678216706 TAXES FOR NEW PROPERTY: If you tell me the price of the property you are willing to buy and I’ll calculate for free and without any compromise the taxes and expenses you are going to pay. Taxes you are gonna pay will variate depending of price, who the seller is and if is brand new or second hand.īefore to close the deal with vendor, it’s very important to make an accurate estimate of the total costs of a purchase a property in Mallorca, including taxes. When you buy a property in Mallorca or elsewhere in Spain you have to pay TAXES.
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