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Leading Property Group Spain > Blog > Property News > Just one month remaining to save VAT on a property purchase in Spain

Just one month remaining to save VAT on a property purchase in Spain

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With just one month remaining before the VAT on the purchase of a New property in Spain increases from the current 4% to 10% on 1st January 2013, there is still time to benefit and save money.

In order to save paying this increase you must complete the purchase of a new property by signing the title deed before a notary prior to 31st December 2012.

What is a new property?

A new property is one that has never been registered to a first time buyer, i.e. that from a developer, a builder or even a re-possession from a bank as long as it has never been registered for the first time to a purchaser.

Despite many things taking time to accomplish in Spain, buying a property can in fact be extremely quick – just 7 days! Once having decided to purchase a New property, all paperwork can be checked by a lawyer, searches made at the land register, and all necessary appointments made at the notary all within 1 week. As long as the vendor and purchaser (or their notarised legal representatives) and funds to purchase are available, the property can be signed before a Notary within this time frame.

So if you’re still pondering and want to save 6% on your purchase costs, there’s still time to do so.

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