Going to the notary to sign your property deed? Here’s how Webster Asesores in Javea can help you with the process.
Webster Asesores is a firm specializing in the field of legal and tax matters in Spain. They have extensive experience in these matters which is based on their knowledge of the laws and legislations, especially with regard to property transfers, inheritances, and gifts.
They also deal with tax matters for both resident and non-resident property owners in Spain, setting up companies and assisting those setting up a business. We arrange tax returns and give advice to self-employed persons and personal and company financial accounts.
Today we are focusing on the Completion Day at the notary office and the legal steps that Webster Asesores will take on your behalf to ensure a smooth journey to the completion of your property purchase.
The last stage of the buying process takes place in the office of the local notary, who will oversee the signing of the title deed (Escritura de Compraventa) by the vendor and buyer, or their legal attorneys. Only deeds authorized and signed by a registered notary are legal.
Your lawyer will prepare everything and liaise with the agent to arrange a mutually convenient day for completion when both will accompany you to the notary’s office, or if you have given them power of attorney, they can take care of this for you without the need to attend to you.
On signing the deed, the buyer will be required to pay the remaining balance of the purchase price and all relevant taxes and fees, which include: ITP transfer tax for resales (10% of the purchase price in Valencia region), the notary’s own fees, Land Registry fees (€500-€1,000) and lawyer’s fees. Buying a mortgage will attract additional charges from the bank.
ITP tax is not levied on new/off-plan properties, but they will attract VAT (IVA) at 10% & 1.5% – 2% for stamp duty.
Once the new deed is signed by all parties and ‘notarised’, you are then the legal owner of your property! While you celebrate, your lawyer will register your deed at the local Land Registry office, ideally on the same day as completion or as soon after as possible. They also register you as the new property owner with the local council tax office, your utility companies, and if necessary, with your community of owners.
This can all be completed for you by the expertise of Webster Asesores. They are always happy to discuss all the associated costs involved with these matters including the Brexit complications for the UK buyers.