Published on August 8th, 2010 - Updated: November 6th, 2013
Frequently asked question:
This question is answered by a law of dispositive application, i.e. when nothing else has been convened between the purchaser and the seller, the law disposes:
All the other purchase costs, in particular the property transfer tax (I.T.P. or impuesto de transmisión patrimonial, 10% in the Valencia province), the notary and the property register have to be paid by the buyer. Altogether, those costs generally amount somewhere between 11.5 and 12% of the sale price, (including the above mentioned 10%).
When a property agent is involved in the transaction, his / her commission in most of cases is included in the sale price, and paid by the seller.
However, as mentioned above, the parties are free to agree another partition of the purchase costs.
On another hand, should the seller be non-resident in Spain, then the buyer has the obligation to withdraw 3% of the selling price mentioned on the notary deed and to pay this amount to the Revenue Service on behalf of the seller, as a deposit related to taxes probably due after the sale. The notary often settles this formality. The Revenue Service will reimburse a possible over charged amount after some three to five months.
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