Golf

Taxes
Notary details : Tax obligations when buying or selling a property in Spain.
1.Payment of 7% transmission taxes. The BUYER has the obligation to pay this tax within 30days,using the declaration form.
2.If the purchase is financed with a Mortgage, the BUYER has the obligation of paying 1% of the amount the mortgage
guarantees as "taxes on legal documents". The BUYER has the obligation to pay this tax within 30 days using the declaration
form.

3.Declaration of Municipal Value Added Tax at the town hall (tax over t he increase of the value of urban plots ) In the case of buying an urban property , the SELLER has the obligation of presenting the declaration with all details for the tax Assessment within 30 days. In some town halls the obligation exists of payment using the declaration form.
4. If the SELLER is non resident in Spain : declaration of added value (profit) on the annual income taxes form (I.R.P.F.). The tax over this added value is 35%.The BUYER will have to retain 5% over the total amount as an advance for these income taxes. Afterwards: the SELLER has 3 months to make the eventual declaration and possibly receive part of this payment back.

ACTIONS AFTER PURCHASE OF A PROPERTY
1.Inscription of Notarial documents in the register.
2.Registration within two months of new ownership of properties at the CADASTER when there is no CADASTER reference number.
3.Registration of new ownership for payment of real estate taxes (contribution).,
4.Registration of new ownership for payment of rubbish collection.