What are the costs of buying and selling a home?

Index of contents

When we think about buying a home, many doubts come to mind, and one of them, and surely the one we give the most importance to, are the expenses that the purchase of this new home entails.

Main expenses when buying a home

Some of the expenses of a home sale are:
  • Public deed of sale (signed at the notary)
  • Registration in the Land Registry
  • Taxes
  • municipal capital gain
The law specifies which expenses correspond to the buyer and which to the seller. In the vast majority of cases, the buyer usually pays a large part of these expenses and the seller usually has to pay the municipal capital gains. There is a very small margin for negotiation, but it is also true that any type of distribution of these expenses can be agreed upon. As long as it is done through a completely legal clause. When the seller is a real estate developer, the law obliges him to pay the municipal capital gains and the expenses of the declaration of new construction and horizontal division. You must also pay the cancellation of the mortgage if it exists on the house as long as we do not subrogate it.

the notary

One of the main expenses that always occur when buying a home, both new and second-hand, are notary fees. Notary fees, called tariffs, are regulated by the state and they all charge the same for identical services. The prices are between 600 and 875 euros, depending on the price of the property. If, for example, for a flat of 120,000 euros, approximately 850 euros would be paid, while for one of 270,000 euros, about 1,000 euros should be paid.

The property registration

This registry refers to registering the deeds that the notary has signed before the property registry. It is like officially certifying that this house is yours before the State.
Again, the fees are set by regulations and depend directly on the price of the property, although they are usually between 400 and 650 euros.

Taxes linked to the sale

Another of the payments that cannot be missing is the payment of taxes, which may vary depending on the cost of that new home. Taxes: – VAT: in this 2022 it amounts to 10%, except in the Canary Islands, where the price that must be paid for this VAT is 6.5%. There are also other cases, such as public housing, where the VAT is 4%, but it may vary depending on the type of housing. In the case of being a second-hand home, the ITP (Patrimonial Transfer Tax) would be paid, which depending on the Autonomous Community is between 4% and 10%
  • To calculate the tax expense municipal surplus value you need to know:
  1. The cadastral value of the land of the house: data that appears in the IBI and in the housing cadastre.
  2. Revaluation rate set by the City Council of the town where the property is located.
  3. The capital gains tax is applied to this increase, which depends on each city, although it can never exceed 30%.
  • Documented Legal Acts (IAJD). This tax is still paid by the buyer and will depend on each autonomous community.

The agency, an optional expense

In this case, it is a contract that is fully borne by the buyer and who decides if he really believes that it can help him make the sale easier. It can be contracted to process the liquidation of taxes and carry out other procedures that you need. There are many agencies that offer you different, very competitive prices, so in this case there are no specific rates, and in general, they are usually contracted only when a mortgage is opened to acquire the property. In case of having a mortgage, the bank mandatorily designates an agency to make sure that the mortgage and the sale are registered.

Analysis Summary

For Inseryal By Marina d´Or It is very important that the client feels comfortable and for this reason we facilitate the notary procedures and we recommend an agency to carry out the procedure in case the client requires it. We also carry out other procedures for free such as contracting the electricity and water companies of the house. From Inseryal By Marina d´Or, We know that buying an apartment has expenses and for this reason we want to give you all the facilities in our power to help you. Our apartments in Oropesa del Mar / Cabanes, are delivered furnished, equipped and decorated with great detail, ready to move into. So that once you make your purchase, you don't worry about any more expenses.

Come visit us!

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