Purchase process

Payment procedures and purchase costs are very different from those we know from other countries. Find out why

Purchase process

Payment procedures and purchase costs are very different from those we know from from other countries.
Once you have decided on the home you want to buy, new, project or resale, a reservation contract is drawn up at the same time as a deposit is paid, usually a percent of the purchase price, typically 10%.
The payment terms are very different, depending on whether you are buying a New Build/project or a resale property. For New Build project purchases, the builders may have different payment terms - we will of course explain all the details in an easy to use step by step guide to purchasing. When buying new build projects, all payments are covered by a bank guarantee, it will be provided by the developer and paid for by them – so at no cost to the buyer. These bank guarantees are mandatory.
As a rule of thumb the amount you need calculate for purchase costs would be approx. 11-15% of the purchase price:
Beside VAT (IVA) and stamp duties, it is difficult to put precise amounts on the costs, but we believe the below figures give a realistic picture of what to expect to pay.
For New builds/projects from a developer (first sale) they consist of:
• 10% VAT (21% on garages)
• Stamp duty 1.5%, plus notary 0.50 - 0.75%
• Registration fee varies depending on paperwork involved - about 0.5%
• Solicitor fee can be both a fixed amount or a percentage of the purchase price. Estimated  
   Euro 1,600.00
• Contract for utilities (electricity, gas and water) are additional and vary.
For resales, there is no VAT, but instead there is a "transfer tax" which is 8% in Murcia and 10% in Alicante (Valencia), there is no stamp duties, but the other costs will be the same.
Whether you are buying a new build home or a resale one, you will have to set up supply and contracts with the suppliers of water, electricity, and gas. This can be arranged via your solicitor.
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