The expenses associated with the purchase and sale of a house in Andalusia can be significant and it is important to know them to properly plan the budget.. Here is a summary of the main expenses for both the buyer and the seller:
For the seller:
- Real estate commission: For the procedures carried out in the sale.
- Expenses of the legal status of the property and investigation of the owners.
- Expenses of the deed carried out in the sale.
- Cancellation of mortgage charge: If you have a mortgage burden, This must be canceled by paying the outstanding loan capital plus the registration cancellation of the mortgage..
For the buyer:
- Real estate expenses: In general, between a 1% and a 3% of the property price, depending on the geographical area.
- Property verification costs: Includes the simple note, simple copies of deeds and cadastral certifications, with a cost that varies between 11 y 100 euros.
- Expenses for establishing the deed:
- Notary fees: They depend on the number of leaves of the writing, oscillating between 600 y 1200 euros.
- Registration fees in the property registry: Between 600 y 1000 euros, depending on the value of the property.
- Management expenses: Mainly for the registration of the notarial deed in the property registry.
- Taxes:
- Property Transfer Tax (ITP): between the 5% and the 10% about the purchase price, depending on the autonomous community.
- VAT and Documented Legal Acts (AJD): Applicable to new homes, with VAT in a 10% and the AJD between the 0,5% and the 1,5%.
- Expenses linked to the constitution of a mortgage: Includes home appraisal, Copies of mortgage deed and home or life insurance, inter alia.
Besides, There are other additional expenses to consider, such as bank commissions for transfers in the deposit contract and the expenses of the first month of purchasing the house, which may include the first mortgage payment and associated insurance.
In summary, It is important to take all these expenses into account when planning the purchase or sale of a home in Andalusia..