The purchase of a home generates a series of costs for the buyer, who sometimes does not know why or who they are paid, and that they significantly increase the initial disbursement to be made to acquire housing.
At the time of requesting the operation, a simulation of all associated expenses is facilitated. Therefore, the banking entity will request a provision of funds that, once all the procedures have been completed, will be settled definitively, paying or transferring the difference to our account.
Initial expenses: Mortgage loan application
The purchase and financing of a home always generates some expenses that, although not very high, must be taken into account, since you will have to pay once the service has been provided, regardless of whether the transaction is formalized or not .
Compulsory by law, it must be carried out by a company approved by the Bank of Spain. We must demand from the financial entity the delivery of a copy of it.
They are necessary both at the time when you want to buy the home and later, when you sign up for sale and mortgage, to make sure there are no other loads or limitations.
Expenses of formalization before notary
It should be noted that these expenses vary according to the type of housing, the CC.AA. where you reside, the destination of the operation, etc. They are, in any case, determined by the companies or agents involved in the process (notaries, registrars, agencies, etc.)
The notary is the person who gives public notice of the deeds of purchase and sale of the mortgage, certifying the operation.
Expenses generated by the registration of the deed of purchase and the mortgage loan in the Property Registry. Once these deeds are registered, you can certify the ownership of the property and the charges that record it.
The registration in the Register is made by the financial entity that grants the loan, it is usual that you do so through a trusted management.
The purchase of the property brings together a series of taxes that the management will be responsible for paying the provision of funds that is made at the time of the signing of the transaction. They are the following:
New home or direct promoter
Value Added Tax (VAT). Only in the case of first hand homes, applying 10% of the value written in the free housing. Some official protection homes have a special regime, with a lower tax rate.Tax for
Documented Legal Acts (AJD): 1,5% of the declared value of the sale and sale, plus 1,5% of the amount requested of the mortgage loan is paid. Special types:
0.1% in the event that the residence you have acquired is declared as a protected property. Applicable to both the deed of purchase and the sale of the mortgage loan.
0.5% in the case of taxpayers who formalize the constitution and modification of mortgage loans for the acquisition of their habitual residence, and that meet the requirements of thirty-two years or less, or a disability equal or superior to 33 per cent, and that the total tax base, minus the minimum personal and family income in its latest income tax return, not exceeding 30,000 euros.
Second hand housing
Patrimonial Transmissions Tax (ITP). In general, 10% of the written value. Special types:
If it is an official protection house, the tax rate is 7%, regardless of when it has been purchased.
5%, in the case of buying the usual home and the acquirer, you are in one of the following cases:
Have 32 years or less, provided that the sum of the total tax base minus the minimum personal and family, corresponding to the last statement of the Purchaser's personal income tax, does not exceed 30,000 euros.
To belong to a large family, provided that the sum of the total tax bases minus the personal and family liabilities, corresponding to the last statement of the personal income tax of the large family, does not exceed 30,000 euros (this amount must be added 12,000 euros for each child who exceeds the number required to have a large family status).
Being a person with disabilities, with the requirements established by Law 21/2001 and Law 31/2002, of fiscal and administrative measures, provided that the sum of the total tax bases minus the personal and family liabilities corresponding to the last Income tax declaration of members of the family unit, does not exceed 30,000 euros.
Tax of Documented Legal Acts (AJD): 1,5% of the amount requested of the mortgage loan is paid (with the same exceptions of the special types).
It is mandatory insurance by law. As important as choosing a good credit is to make sure of possible accidents or unforeseen events that affect the home, thus protecting your family and your own home.
"As a general rule and in an approximate way, the expenses linked to the purchase and sale of a home with mortgage financing could range from around 15% of its purchase value."