What do I have to do after I buy a house?
After buying a house, that is to say, after having reached an agreement with the seller and having the keys to your new home, you still have some formalities to do before being able to enjoy your new home without worries.
In this article we are going to explain to you what are the steps to follow after having bought a house so that you can begin to enjoy it as soon as possible.
The moment that really marks the purchase of a house is the signature before a notary. In fact, you will not become the legal owner of the property until the signing of the public deed before a notary.
The will of the buyer and seller to sell and buy a house is stated in the public deed. In addition it also reflects the physical and legal state of the house, its value, the form of payment and the fiscal obligations that are derived.
What taxes do I have to pay after buying a house?
Once the public deed of sale has been granted before a notary, the next step is to pay the corresponding taxes. Keep in mind that, to do this, you have a maximum term of 30 working days or one month (depending on the autonomous community) from the date of the public deed.
If the sale is subject to VAT (for example, in the case of a newly built property sold by a developer), you will have to pay, in addition to this VAT, 1 per cent or 1.5 per cent (depending on the Autonomous Community) of the deeded price in the form of Documented Legal Acts.
If, on the other hand, the property you have bought is second-hand, the Transfer Tax will be applied. In this case, what you will have to pay will vary between 6% and 10% of the price of the property (this percentage also depends on each autonomous community).
Next step: Registering the property in the Land Registry
The next step is to register the property in the Land Registry. To do this, you have to submit all the documentation you have collected so far. That is to say, the deed of sale and the proof of the payments of the corresponding taxes.
In the case of the deed, if you request it, it can be presented telematically by the notary. This guarantees immediacy and the blocking of the Land Registry to any other document that could harm you, such as a seizure to the buyer or a preventive annotation of demand to the seller.
The deed can also be presented in the registry by means of a paper copy authorized by the notary, provided that you pay before the Transfer Tax or the Stamp Duty.
Once examined by the registrar, he will register the property in the name of the buyer. On the other hand, the notary will deliver the copy of the public deed with the change to his name in the register.
You also have the option of doing this personally, but many times, especially if you have taken out a mortgage to buy the home, the bank requires that the process be done by an agency. In that case you have to ask how much they are going to charge you for that service.
Once all the documentation has been presented, the property register takes 15 days to register the sale and return the registered documentation to the interested party.
How much does it cost to register a property?
There is no fixed amount, but it depends on the value given in the document to the home and is charged based on rates approved by the Government.
Although registering the property in the Land Registry is not compulsory, it is recommended, as it will guarantee that you have become the legal owner of the property.
Once all these formalities are done, all you have to do is change your name or register your basic supplies, such as water, electricity and gas. Don't forget to talk to the president of your new community of owners and communicate the change of ownership and the new account number for the payment of community bills.
Now you have done all the necessary paperwork after buying a house. Now you can enjoy your new home with the peace of mind that comes with knowing that you have all the formalities done and that your new home is all yours.
Just remember to keep all the documents in case in the future you decide to sell your house, because you will need them to carry out the transaction.
Did you find this article useful? Go to the tips section of our blog and find other useful articles when buying or selling a home.
And if you need help from a professional, look here for your nearest Suffolk County house buying company and one of our agents will help you and accompany you throughout the process of buying or selling your home.