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 8. The Notary (Notario) |
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A Notary is an official Lawyer appointed by the Spanish Government to witness Legal transactions and to ensure that everything is done correctly and in accordance with Spanish law. The Notary is primarily there to protect both the buyer and the seller. Specifically they check that those selling the property are the Legal owners with the right to sell, and that all documentation is in order etc. The title deeds are read by the Notary ( they will be translated to you beforehand by your solicitor) and all those present will be identified. The Title Deeds are then signed by the seller, the buyer, the translator and the Notary. The property has then been officially purchased. The deeds are then sent to the land Registry for the formal change of ownership. The buyer will receive an initial copy of the title deed, signed and stamped by the Notary. All property transactions in Spain are subject to either IVA (VAT) or transfer tax..both of which are 7% of the declared value of the property. In addition to this..there are fees for the notary and Land Registry, which together amount to a maximum of 2% of the declared value. It is for these reasons that we suggest you budget for an additional 10% to cover all purchase related costs. |
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