Suppose you are considering investing in a luxury property in Malaga or on the Costa del Sol. In that case, it is important to understand all the costs involved in the buying and selling process. Among these are notary fees, which are key to ensuring a legal, safe and transparent transaction and ensuring that all parties know and agree to all the terms of the sale.
In this article, we explain everything you need to know about notary fees when buying a home from what they include and how they are calculated, to practical examples to help you plan your investment efficiently. Read on and feel confident about your next investment!
What are notary fees and why are they important when buying or selling a property?
As we mentioned in the article on the Mortgage Transparency Act, the notary is the person responsible for formalising the public deed of a new home. Therefore, the notary fees correspond to the notary fees chosen by the buyer for this part of the buying and selling process.
This document is crucial as it gives legal validity to the sale and protects the rights of both the buyer and the seller. In Spain, the law stipulates that the intervention of a notary is obligatory in any property transaction, as it provides legal certainty. Although these costs are in addition to the purchase price, they are an essential part that cannot be overlooked.
Factors that influence the cost of the notarial service
The cost of the notarial service when buying a home can vary depending on several factors, including:
- The price of the property: the higher the value of the property, the higher the notary fees will be.
- The location of the property: Notary fees may vary slightly depending on the Autonomous Community in which the property is located.
- The number of pages and complexity of the transaction: If additional copies of the deed or additional advice are required, the notary's fees may increase.
For example, notary fees for the sale of luxury properties tend to be higher due to the higher value of the property and the possibility of additional services being requested by the buyer.
How much are the notary fees when selling a property?
Notarial costs in Spain are regulated by official fees calculated based on the price of the property. In general, these costs are between 0.1% and 0.5% of the value of the property.
Let's take the example of what the notary fees would be for the sale of a luxury home worth 1 million euros. The cost could be between €2,000 and €5,000, depending on the additional services requested.
However, as mentioned above, these calculations are approximate as each transaction may involve specific circumstances that will affect the final cost.
How to calculate the notary fees for a luxury home
The calculation of the notary fees for the sale of a property is done by applying the official rates according to the price of the property. Continuing with the previous example, this is how we could calculate the notary fees for the sale of a house:
- Value of the house: 1,000,000 euros.
- Apply the appropriate percentage (e.g. 0.3%).
- Result: €3,000 in approximate notary fees.
This calculation may vary depending on other services contracted, such as the number of pages of the deed, certified copies or additional legal advice.
Plan your Costa del Sol investment with experts at your side
Notary fees This is an essential aspect that every investor must consider when buying a property on the Costa del Sol. In the case of luxury properties, understanding and planning for these costs is key to ensuring a profitable investment with no surprises.
At Prime Invest we understand that the success of a property investment depends on detailed planning and expert advice. Our Property Consultancy service is designed to help you manage every step of the process, from property selection to optimising all associated costs, including notary fees when buying and selling homes.
Contact our team to make your investment in the Costa del Sol an efficient and secure experience. We will help you achieve your property goals!
Share this:
