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http://www.mallorca.uk.com/Majorca-for-sale-by-owner-property/Porto_Cristo_villa_sea_view.html

The question and the answer is. Buying process, which stages are there in the completion process? A property is chosen the property is selected and the buying terms are agreed.  A property must then be secured. It is achieved by way of private contracts between the two parties. It is normal that 10% of the purchase price is paid at this point in time. On completing a contract/deed of conveyance "escritura pública" must be signed by both parties under notarial supervision. Offices are in Santanyi , Felantix or could be at a bank.

Legal? Is it necessary to appoint a notary? Yes. Who pays the legal fees? In theory, notary's fees are paid by the seller, unless agreed prior to the deposit being paid. Fees are fixed by law on the basis of a rate per value. you should have a lawyer its normal to appoint a local lawyer, who will speak a purchaser's language they will carry out a title search, and advise the buyer on all aspects of what will be an investment. Legal/solicitor's  fees are between 1-2% of the purchase price of the property. An Agents' fees differ depending on the location or regional place and  on the type of property. On the main land in certain area's, it is normal for the commission to be paid by the vendor/seller. The commission is us a percentage of the selling price.  An option of a fixed fee may be agreed between the seller and the  promoter agent and this can vary depending on the prices an property type. Tax Is there such as purchase tax? On new residential property there is VAT (IVA) charged at 7% of the value, plus 1% stamp duty, this is  paid by the purchaser. In respect of urban plots, commercial/ premises and some small units like garages (area not annexed to a home) purchased from developing or trading business, VAT is 16%. On the sellers side there is a property transfer tax which is at present 7%.  All cases there is a surplus value tax "plusvalia" (not to be confused with capital gains tax payable by the seller on the profit made when selling the property). Its most likely, "plusvalia" is paid by the seller, and is a municipal tax on the increase in value on the land only. In certain respects it may be subject of negotiation between buyer and sellers. It is necessary to record/ register the new ownership? Yes, this is done by entering the deed of conveyance "escritura publica" at the land register office which are in major towns. Ownership Are there different methods of ownership? Apart from individual ownership, a property can be owned by one or more companies. Owning companies can be Spanish or from countries with double taxation agreements with Spain or offshore or a combination of these types but are not the norm
with UK or European purchasers.

Residence Permits Is it necessary to have a residence permit? No, it's not necessary for EEC citizens in Mallorca Majorca Baleares.  You can obtain a cetificado to deal with day to day identities  For non-EEC citizens, if they want to reside permanently in Spain, they would need to obtain a special visa at the Spanish consulate in the country of origin which allows them to apply for a residence permit. Selling property A non-resident seller is subject to a 5% tax withholding on account of any possible capital gains tax. If the seller's liability is less than 5%, the seller can claim it from the tax office. Capital gains tax is 35% of the profit of the sale. There is an exception regarding the 5% retention: when the property has been owned by the vendor, at the date of the 31st of January 2007, for more than 10 years and when the vendor is an individual (not a non-resident business). Professional advice:  Laws and people's personal circumstances continuously change and should be review.  questions and answers are only general, and we strongly advise that you contact a professional solicitor or financial advisor. We are happy to assist in providing a list with basic advice. 

Annual/ yearly Property Taxes I.B.I . (Impuesto Bienes Inmuebles) This is a property/ real estate tax set by the local town hall and is usually 0.85% of the cadastral value (valor catastral) Property Income Tax It covers the period starting from Jan. 1st to Dec. 31st. of each year, and is payable during the following year (only for urban properties). The income rate is set at 25% and is applied on the taxable base. This base, which is the estimated income, is obtained by multiplying the cadastral value of the property by 2%. In some cases the multiplier is 1,1%: when the cadstral value has been updated after Jan.1st 1994; when the property has no cadastral value or the owner of the property has not been notified of this value, in which case the value to be adopted is 50% of the purchase price declared in the title deed, or that assessed by the tax office, whichever is the higher. Property Wealth Tax The non-resident owner of a property in Spain will be taxed on the value of the real estate on account of wealth tax. The base is taxed according to a sliding scale (between 0.20% to 2.5%). The taxable base will be the highest of the following values: a) The cadastral value; b) The value estimated by the tax authorities; c) The purchase price stated on the deed of conveyance registered.  A property owned by a non-resident company When the owner of the property is a non-resident company, a special tax has to be paid and from 1998 the rate applicable is 3% of the cadastral/area value of the property (when there is no cadastral value, the same rule of the wealth tax is applicable). Other taxes or expenses 

Waste rubbish basura collection tax. Will need be paid to the local authorities.  Community costs These are fees to be paid to the Community of Owners for services and maintenance of communal areas, when the property is located in a development or building block. Where there are shared services like pools gardens paring hallways stairs etc The above information is intended only as a guide and is subject to errors, omissions and changes. The above is a guide only. Fees are set monthly or split over the year into equal amounts.