Costs of buying and selling of real estate
As important as knowing how to negotiate a mortgage is to know all the expenses that will affect the formulation of a sale, and even though for practical purposes, in most cases it will be the bank that you will pass a responsible manager minuta is not more that you all that you know in advance which are the same and, of course, consider whether you are interested in who you hire to make appropriate representations.
* Cost of valuation
Assessment is made of housing mortgages, as required by law This makes the valuation will be taken by the Bank as a reference when grant the amount requested. Generally, the grant amount will be between 80 and 100% of that valuation.
* Insurance
It is normal to have to make a disability insurance or death, so if you happen one of these two cases would be the insurance that would take over the outstanding amount of debit. It also tends to be done, but not required, home insurance to cover the possible contingencies that may occur to a foreclosed home.
* Solicitors
Expenses are incurred in connection with the handling of the sale of the house, its subrogation, mortgage cancellation, etc. Processing includes the Land Registry, the cost of completing the transfer tax in case of sale or of Stamp Duty in the case of mortgages.
* Taxes
Apart from taking into account the VAT, or in the case of Canary IGIC, we must also take into account the ITP for purchases of existing homes and new housing IAJD.
* Land Registry
Is the government agency responsible for keeping track of all real estate in the country, whether rural or urban. He will have to guide us when we go to buy a second hand property to request a Nota Simple and so whether it is free of charge or not.
* Notary
Notary is certified by law public document which is evidence of the operation performed. It formalizes and subsequently a deed must be recorded in the Land Registry mentioned above.