If you are going to buy a property in Mallorca.

If you are going to buy a property in Mallorca.

February 27, 2018

This post is also available in: Español (Spanish)

The costs of buying and selling a home are several:

Notary, Registry, Gestoria, these are the typical words that we usually hear before the sale of a property and to which we must pay the bill if we are the buyers of a property.

  • Notarial Minute is the invoice of the Notary for his intervention, these fees are fixed by the Government through tariffs.
  • Minute invoice for the Registrar to register the deed where, like the Notary also establishes the government by means of a tariff, they are the same for all the registers.
  • Minuta Gestoria is the manager’s invoice for carrying out the paperwork. And now let’s talk about the taxes you have to pay when the sale is made
  • Plusvalia Municipal Tax on the increase in the value of the land of Urban Nature, by law corresponds to the seller. You can report the amount in the town hall to which the house corresponds.

VAT is the tax payable if the house is new construction, corresponds to 10% on the sale price.
AJD Documented Legal Acts in the case of a newly built house that according to the autonomous community is between 1% and 1.5%, TPO if the house is second hand, it will pay the Patrimonial Transfer Tax that according to the Autonomous Community will vary between 6% and 10%.
Remember that if you are the buyer you can choose Notary.

Notaries in Palma de Mallorca http://www.notariosdebaleares.org

 

 

 

 

 

 

 

Author

Sonia Ruiz.

sonia@shoruma-property.com

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