Accommodation in Madrid

Buy house or flat in Madrid

Home > Expat Guides > Europe > Spain > Madrid

When you want to buy a property, you will choose a solicitor who will act as a middleman for both parties.

Once you've decided the property you want to go for, you will ask the seller for a nota simple informativa del Registro de la Propiedad: it will check that the property belongs effectively to the seller, check whether it's free of debts and will give a full description of the property (very useful).

When seller and buyer agree, and before the public deed is ready, there will be a contract in place. It's usually a simple document in which the seller expresses his intent to transfer the property to the buyer, and vice and versa. After signing the document, if the buyer withdraw, he will loose his deposit. If the seller withdraw, he will have to pay double.

The transfer of the ownership of the property must be secured by a solicitor (or public notary). The deed will be given to the buyer after all the parties agree with its contents. The buyer will then have to present a proof of identity, the payment, and the seller will give the title of property (a form that reports the investment to the Central Register). Eventually the contract will require 3 signatures: the buyer, the seller and the solicitor.

The buyer will have to pay transfer tax and stamp tax (Impuesto de transmisiones patrimoniales y actos jurídicos documentados).I will depend on who is selling. If the seller is an individual, the tax is 6% of the price specified in the deed ; if the seller is an estate developer and it's a first-time transfer, then an IVA tax applies instead, meaning 7% for housing, 16% otherwise (for housing, you have to add a stamp tax of 1.5% for Madrid). The seller will pay a local tax called the plusvalia.

Update 24/11/2003


Facebook Twitter Google+ LinkedIn Pinterest Addthis

Recommended Service Partners

International Movers
International Movers in Madrid
Compare up to 5 quotes from our network of moving companies that can help you plan your international move and relocate your entire family.
Expatriate health insurance
Expatriate health insurance in Spain
Apply online for free quotes on repatriation assistance and expatriate and foreign health insurance.
Find accommodation
Find accommodation in Madrid, Spain
Uniplaces is an online marketplace for booking mid-long term accommodation with thousands of verified properties.
Hotels in Spain
You will get discount hotel rates, last-minute deals, hot deals, special offers, with a real-time reservation and on-line booking.

Do you have comments or personal information to communicate about this article? Add your comment.

Go to the Forum to talk more about buy house or flat in Madrid, accommodation.

Find more definitions and general answers on expatriation issues in the Expat FAQ (Frequently Asked Questions).