Taxes when Selling Spanish Property

[Rene Koppen]

Hi, we bought a house from BBVA 2 weeks ago. The entire deal was done according correctly but because of others reasons we are no longer able to live in the house. BBVA has agreed to swop the house with another BBVA owned house to an equal price. We already paid the 7% transfer fee and my question is whatever the Transfer Fee can be swoped or do we again have to pay another 7% Transfer Fee?

[Patricia]

Mr. Koppen,

You should not be required to pay transfer tax for a property you did not buy in the end, that is, you cannot be taxed twice.

However, the limited information you provide prevents us for giving a more detailed advice. We are unsure if you mean you signed the purchase deeds or only the reservation contract. If you signed the deeds, the swap can only be possible if there is an additional swap deeds, that will certainly entail taxes that, initially, BBVA will have to assume. As it is swap operation, two transfer taxes are to be applied.

Regards