Acquisition prices in Spain, Majorca

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Generally these costs represent a percentage of the property prices in Spain, and in Majorca.

Information provided by DN-Law, Costa de la luz, specialized in spanish property law. Visit their website for further articles or contact them by email.


PROFESSIONAL FEES


Lawyers

For all of the elements involved in the conveying process, such as searches, planning permission and all the other necessary legal checks to complete the transaction, including the draft of a proper contract. The lawyer’s work finalises after the signing of the public deed with the Notary and with the registration of the deed in the Land Registry. Costs vary depending on the complexity of the transaction. They are in the region of 1 to 1.5 % of the property value.


Notary

The Notary’s fees are calculated according to a fixed scale, his/her charges may range from €500 for a property price of €125,000, to €900 for a property priced at €600,000 approx. The Notaries certify and give public evidence of the parties’ agreements and manifestations, but it is up to the parties concerned to verify that the contents of thse manifestations are correct and reflect the reality.


Land Registry

Land Registry, as a rule of thumb is 40% of what the Notary charges.


Transfer Tax

For second and subsequent transfers of property, there is a transfer tax payable, generally of 6% of the declared value, although they may be some regional variations.


VAT

For new residential properties there is a 7% charge of the declared value and 16% for commercial properties.


Local Capital Gains Tax

It is a local taxation on the capital gain increase from the last sale. It is necessary to check the current value of the property’s location with the Council.


WHO PAYS WHAT?

In Spain the payment of expenses or costs can be freely agreed by the parties. Nevertheless, the parties may renounce to this by including in their contract that costs and expenses will be payable according to the Law. If this is the chosen route, the seller will pay the Notary’s charges and the Local Capital Gains Tax and the purchaser will pay the transfer tax and the Land Registry fees.

When purchasing property you will need to account for some other expenses on top of the agreed property price.

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