Purchase cost

Expenditures for the purchase and taxes

• Notary fees - paid by a special scale, progressive, depending on the value of real estate.
• Fee for registration in the State Register property
• paid for by a special scale, progressive, depending on the value of real estate.
• When buying in the primary market: VAT (I. V. A.).
  The rate is set at the national level: 10% of the value of the property specified in the Escritura (deed) of sale -for citizens, 18% - for legal entities and entrepreneurs. Always paid by the buyer, even in mortgage lending
• When buying on the secondary market: the tax on the transfer of property rights (I. T. P.) rate set by local authorities at the regional level (for example, in Valencia - 10% of the value of the property specified in the Escritura sale)
Tax on documented legal acts (I. AJ. D.)
• Tax on more expensive land (Plusvalía).
  The rate is set by local authorities at the provincial level and is calculated on the basis of the cadastral value of land and the number of years, the last possession of his master. Normally paid by the seller.

Totally the full cost of the purchase, excluding mortgage loan up to 13% of the value of real estate, mortgage increases these costs by about 16%.

Taxes

There is an annual tax, which must pay property owners, not residents of Spain:

ImpuestoSobreBienesInmuebles (IBI) - an annual municipal tax which is paid in August or September, as residents and non residents.In Torrevieja and its county council tax is 0,8% of the cadastral value of real estate. Money received by the treasury of the municipality with the tax, go for the resettlement of the city, improving infrastructure, etc.