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.
- Guide to purchasing a property in Spain.
- New rates of VAT in Spain to take effect as from 1st September 2012.