What are the most frequently asked questions when buying a property in Catalonia?
Normally, buying a home is a big step. It is probably one of the biggest financial transactions we will ever make in our lives. And although this decision brings with it many advantages on a personal level (stability, comfort, investment, etc.), we cannot ignore all the doubts and nerves that accompany it.
However, the more quality information you have, and the better advised and accompanied you are, the easier the process of buying your property will be. As an example, our clients often ask us frequently asked questions when buying a property; questions and answers that we now want to share with you to give you a hand in this exciting step you are about to take.
Who pays the costs and taxes of the sale and purchase?
The costs of the purchase are borne by the buyer of the property, except for the real estate agent's fees.
If the property you are going to buy is located in Catalonia, as the buyer you will have to assume the following expenses arising from the sale and purchase:
- Public deed at the notary's office
- Registration in the Land Registry
- Solicitor's fees (tax clearance plus filing at the land registry office)
On the other hand, you should know that in Catalonia the real estate commission expenses are not regulated. This means that, by law, there is nothing written about who must assume these costs. In any case, as a general rule, it is established that, if the purchase of the property is in an urban area, the real estate agent's fees are paid by the seller. And in the case of buying a property in a rural area, the real estate commission is paid equally by both parties (50% buyer - 50% seller).
As for the taxes to be paid, these represent the largest outlay when buying a property in Catalonia. The taxes and the amount will vary depending on whether you are buying a new home or a second-hand home. In this article we explain in more detail what taxes you have to pay when buying a home in Catalonia.
How long does it take to buy a house?
The speed of the purchase depends directly on the procedures to be carried out, although, in general, the average is usually three to six months.
From the moment you pay the deposit, you have three months to execute the public deed at the notary's office. This is enough time to process the mortgage, which is the longest process of all, as the banks can take a long time. In the case of Catalonia, the processing of the mortgage takes even longer due to the documents that these entities must provide you with all the mortgage information, such as the FEIN (European Standardised Information Sheet) which includes the personalised information of the mortgage and which replaces the FIPER (Personalised Information Sheet of a mortgage). The difference between the two documents is that the FEIN is binding, whereas the FIPER was not.
What are the tax benefits of buying a house?
There are few cases in which you can be exempted from paying tax for buying a house:
- Depending on age: in Catalonia, in order to encourage the purchase of homes and make them accessible to young people, people under 33 years of age can benefit from a tax rate of 5% as opposed to the usual 10%.
In this case, in addition to age, the level of income of the person buying according to the last income tax return is also taken into account; that this is the first property purchased, and that it is to be used as a primary residence.
- People with disabilities: in the purchase of a habitual residence, access to housing is also facilitated through tax benefits for people with a disability of more than 33%.
If none of the above is your case, although you cannot enjoy tax benefits for buying a house, depending on the location you choose in Catalonia you can enjoy other types of advantages, such as more affordable prices per square metre. Did you know that buying in the Ebro Delta is a good investment?
Will Finques Zaragoza accompany me through the whole process and all the paperwork?
Yes! Unlike many online real estate agencies, you should know that Finques Zaragoza is a traditional real estate agency, so we can offer you a wide range of professional and personalised services, from start to finish, to help you get the best results.
Proof of this are the more than 1,900 real estate transactions we have carried out during our more than 60 years of experience in the sector!
In this article, we have answered 4 of the 8 most frequently asked questions when buying a home. We will bring you the second part of the article very soon!
If until then you need to buy a property and don't know where to start, consult our Guide to buying a property or contact us:
Our selection of houses in the Ebro Delta