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Costs & Process

Cita Mágica is a young real estate agent in La Palma. 
 
The (re) buy or (re) renting of  a home requires a personal approach, legal knowledge and a well-organized process. 
 
We like to act on your behalf from the intake of a home in our file to handing over the keys. 
Our staff is experienced in the buying / selling, letting / renting property. For the legal and administrative process, we have specialists in financial / legal services. 
 
The photographs of `our' houses are taken with a normal lens. We'd like to see a house as it is, therefore, not changed by a wide-angle lens. 
 
Agency fee Cita Mágica 2716: 
 
Cost to the seller and buyer 3 % excluding I.G.I.C.. (Spanish VAT of 7% over the 3% fee in 2016) 
 
2% payment of the mediation fee after signing the preliminary contract and the remaining 1% in the execution of the notarial deed. 

When renting for a longer period, the commission is one month's rent for the buyer and seller. The IGIC we take for our account. For deviating leases is a custom-made contract.
 
Information on purchasing or selling a home: 
 
When you sell or buy a house on La Palma, the following information must be presented to obtain a notarial deed (escritura publica) by the notary: 
 
- A N.I.E. Number (both the buyer and seller) and valid passport 
- Extract from the land registry (by the seller / broker) 
- Final proof of payment of property tax when buying a house (seller) 
- Extract from the property register (by the seller / broker) 
- An energy pass (new requirement), is within Europe required description of the energy consumption of the property (by the seller) 
 
After signing a preliminary contract the buyer pays about 10% of the purchase price to the seller and 2% of the brokerage fees.
The remainder of the purchase price will have to be payed during the time of signature at  the notary. 
This is different than in other countries. La Palma is usually to pay the remainder of the purchase price with a bank check. 
After execution of the notarial deed you will receive an invoice for the remaining 1% brokerage commission. 
 
Costs when buying a house in La Palma (about 10% of the purchase price): 
 
Transfer tax of the land, 6.5% of the agreed purchase price 
Registration fee property register 
Costs change in the land register 
Notary fees (between € 400 and € 1500) 
Agency fees 3% with a minimum of € 1,250 and excl. IGIC 7% 
A N.I.E. Number can be requested  for a small fee at the Aliens Police in Santa Cruz on La Palma.
We provide a file containing the necessary documents relating to the property, take care of the agreement for sale and make a plan for the final contract, which we submit to the notary. 
 
After execution of the notarial deed  the purchase must be registered in the land register, and there are still some issues to be resolved, such as: 
- Payment of tax on the acquisition of land 
- Request description in the 'land bank' of the municipality 
- Getting a description of the land register 
- Where appropriate, payment of the so-called Plusvalia. This is a municipal tax on an assumed appreciation of  the ground since the last transfer (= value of the property less the value of the buildings) 
- Register with authorities for supply of electricity, water, garbage and possible taxes. 
 
The buying and selling process at La Palma differs from that in NL. Many registrations are outdated and lots of information about the property or land is not adapted to new rules and regulations for years. Our knowledge and determination to get the right information about a property is  of great importance as a buyer for you. Partly for this reason, it is important  that all information about the property and land  comes forward and   therefor have a broker to make proposals for  proper handling and transfer. 
 
Liability: Seller is and remains responsible for the accuracy of submitted data and information about the property or land....