SPAIN

1. We recommend asking for an actual registration of the land registry in order to examine ownership of the property.
2. If you want to purchase land, you should ensure the lands minimum size for a possible later construction.
3. The estate agents commission is very different and depends upon the area. In some areas only the vendor pays commission. In general the total commission is approx. 5% and is divided evenly between the vendor and purchaser.
4. The legal expenses (Notary, Registration office) costs is approx. 2,5%
5. The purchase tax is 7% of the official price in case the property will be sold for the first time. If the property is sold privately from second hand, the tax is 6%.
6. The cost for electricity and water is paid every second month.
7. The annual property tax ranges between 0,3% - 1,7% depending upon the local authority.
8. It is recommended to have insurance for the household equipment, against burglary and water damages.
9. Official contracts are always written in the Spanish language
10. Sales contracts for properties in Spain are also valid without a notarys certificate. A contract can be legally binding by verbal agreement.