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Do you actually pay the bank the tax of the mortgage?

The new Royal Decree Law (RDL) approved by the government puts an end to the already known tax and Documented Legal Acts, also named stamp duty or tax of mortgages. The banks, and not customers, will pay the mortgage tax when a mortgage is raise public. This change in legislation affects all mortgages and changes, therefore, the rules of the game of the purchase of the floors applied since 1995.

In November, the president of the government, Pedro Sanchez, after the decision of the Supreme Court to reverse its decision on the tax of the mortgage, declared that the new DECREE would be modified so that “never again the spaniards to pay this tax and paid by the financial sector.” To do this, it was necessary to change the article 29 of the Law of the Tax on Patrimonial transfers and Documented Legal Acts and to clarify that the taxpayer was the banker for the variable part of the stamp duty on the mortgage loans.

The new Decree Law clarifies that it is the bank that assumes the stamp duty on the mortgage loans.

Andres Pla, CEO of ProntoPiso, the real estate digital specializing in the sale of homes with mortgages, analyzes what has been the situation since the past month of October occurred the first announcement of change on the part of the Supreme Court: “the bottom of the dilemma did not lie in who had to take charge of the payment of the tax on stamp duty but in the appropriateness of the existence of such a tax. He may not have finished correctly explain that neither the bank collected such tax, or the buyer what was paid to the bank. It is the State, through the Autonomous Communities, the one who raises.”

The Government's decision has come again, not without controversy, as it has been taken in response to a court decision that dictated precisely the opposite: the buyers would be those who assume the payment of the tax. With the new Tax and Documented Legal Acts will be the banks who pay such a tax, being released by the State and the Church, as was already awarded, and the political parties with parliamentary representation, the collective benefits of the change for the first time.

“The State could withdraw the stamp duty and it would end the conflict. This would favour the pockets of the citizens”

Andrés Pla CEO of ProntoPiso

What still has not been explained is how will the banks to recover the money you lose with the payment of such tax. One option is the lien of the mortgages. Pla points out that the solution would be the abolition of the tax: “ the State may withdraw the stamp duty and it would end the conflict. This would, in truth, the pockets of the citizens ”.

The immediate impact resulting from this resolution of the Government on the real estate sector is that it changes the legal scenario in the purchase and sale of flats. Although, as he adds Pla, “luckily, the client ProntoPiso responds more to the profile of the seller”.

that Is to say, this is not due to apply for mortgages and, yes, to feel confident since that ProntoPiso we guarantee the sale of the property in 90 days. Even, in the case of not meeting the deadline, forward the amount of the market price to the seller, of time in the cities of Barcelona and Madrid.

We have seen how the real estate sector is recovering after years of crisis with a tendency to increase during the first months of 2018. However, the doubts generated by the changes about who should pay the taxes arising from a loan is expressed in a slowdown in operations. To leave aside the concern, the real estate ProntoPiso offers a tool, a free online valuation of real estate so that any person who wants to sell a house knows how much will be charged in advance for the sale.

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