Information for Buyers

Buying a property in La Palma: 9. Additional expenses when buying a property in La Palma

What additional expenses will I face when buying a house in La Palma?

Volker Horch: Property buyers should expect several additional expenses. First, there is the Property Transfer Tax (ITP — Impuesto de Transmisiones Patrimoniales), which can ascend to 6.5%. In addition, there are Land Registry fees as well as notary fees.

As a buyer, do I also have to pay the real estate agent's commission?

Volker Horch: Yes, that is correct. The commission is 3% and becomes payable once the purchase contract has been successfully completed.

Are real estate agent fees regulated uniformly in La Palma?

Volker Horch: Yes, at least among the reputable estate agencies on the island of La Palma, a commission of 3% has become the standard and is generally adhered to.

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