If you are planning to buy a property in Spain, it is good to know which payment terms usually apply.
In all transfers of property, what is known as a “private contract of sale” or a “down payment agreement” is set up between the buyer and seller. For second-hand properties, the size of the down payment is normally 10% of the agreed purchase price.
For new builds, the down payment or “booking fee” is normally
The remaining sum is paid in connection with take-over. The deed is transferred to the buyer at the office of a Public Notary – the official who prepares all title registry documents in Spain.
Supplementary costs and duties
A number of taxes and duties apply to both new builds and second-hand properties. As a rule of thumb, add 10% of the purchase price to cover all taxes, registration costs and fees.
Find out more about