2023-10-04 07:33:55
Asked by: Mr. César Rangel Tercero | Last update: October 3, 2023
Score: 4.9/5 (60 reviews)
For example, to calculate the AJD, if we take the Community of Madrid as a reference, the tax is 0.75%. It must be multiplied by the Mortgage Liability (principal + ordinary interest + late payment interest + costs and expenses) which, let’s say, is 350,000 euros. Thus, €350,000 x 0.75% = €2,625.
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Who pays the AJD on a mortgage loan?
Finally, in the latest reform of the Mortgage Law, called the Law regulating Real Estate Credit Contracts, it was clarified that, in the case of mortgages, it is the bank that has to assume the AJD of the mortgage loan.
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What is AJD ITP mortgage?
The Documented Legal Acts Tax (AJD) or, as it is also known, mortgage tax, is a tax that is calculated on the deed made public before a notary and that is applied to the legalization of all types of notarial, commercial documents. and administrative.
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How is the cancellation of a mortgage taxed?
Taxes. To cancel the mortgage, it will not be necessary to pay taxes, although it is subject to the Tax on Documented Legal Acts and is exempt from payment. However, for it to be recorded in the Tax Agency, form 600 will have to be presented.
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What is the AJD variable fee?
The variable fee is the percentage applied to the first copies of deeds and notarial acts, provided that they have an evaluable amount or thing as their object, can be registered in the Property Registry and are not subject to the property transfer tax or the inheritance tax. and donations.
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35 related questions found
What value is placed in the declaration of new construction?
Calculation of the tax base of the value of new construction
The tax base of a deed of declaration of new work is constituted by the real value of the cost of the new work that has been declared or by the cost of material execution of the work.
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Who pays AJD in condominium termination?
The extinction of the condominium, as it is not a transfer of assets, will not be taxed by the Property Transfer Tax (6% to 10%), but will be taxed by the Documented Legal Acts tax of 1% to 1.5%. This tax must be paid by the owner who is awarded the property.
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What happens if the cancellation of a mortgage is not recorded?
Thus, if the mortgage is not paid within the period agreed upon between the parties (ideally, it should be about three months), the entity will be able to keep the money and entrust the process to its agency. This agreement must be in writing to avoid any type of problem.
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Who pays for the mortgage cancellation deed?
Who pays the mortgage cancellation costs? As the cancellation of the mortgage in the registry is a procedure that only benefits the owner of the property who is released from the burdens, it is understood that it is this figure who must face the costs derived from the process.
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How is the Property Transfer Tax calculated?
Taking this into account, the points that we must consider to calculate the ITP of a home are:
General rate: 4% 8% tax for homes up to 400,000 euros. 9% tax for homes up to 700,000 euros. 10% tax for homes with a value greater than 700,000 euros. Deletion request See full response on idealista.com
What expenses must the holder of the deed of a mortgage loan pay?
When formalizing a mortgage loan, there are a series of expenses inherent to this contracting process. These are expenses such as notary fees, registration in the Property Registry, management, property appraisal, as well as taxes.
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What does the bank have to pay in a mortgage?
Mortgage expenses paid by the bank: the entity that grants you the mortgage must pay the notary, the registry, the agency and the tax on documented legal acts, in addition to the copy of its deed.
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When is a mortgage automatically canceled on record?
This is not, however, a mandatory procedure but it is necessary if you want to sell or remortgage the home. Normally, the Property Registry automatically cancels the registration after twenty years have elapsed since we finalized the payment of our mortgage.
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How long does it take for the bank to have the mortgage cancellation deeds?
Some entities deliver it immediately, but we know that most will take between one and two weeks to give it to you (sometimes up to a month). Order the cancellation deed from the notary of your choice.
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When does a mortgage expire in the registry?
The answer to when a mortgage debt expires is that it disappears after 20 years from the maturity date. This does not mean that the debt does not exist, but rather that the creditor loses the right to demand payment of this debt. All of this is included and regulated in article 1964 of the Civil Code.
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How much does it cost to pay off a mortgage early?
The bank may charge the following commission: Up to 2% on the advance payment if it occurs in the first 10 years of the term. Up to 1.5% on the advance payment if it occurs after year 11 of the term.
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How much do you have to pay to the Treasury for a condominium termination?
If you are wondering who pays the expenses of a condominium termination, in general, whoever sees their ownership fee increased thanks to the transfer of another must pay the Tax on Documented Legal Acts (AJD), which is usually around 1% of the value of the condominium. well (it depends on each autonomous community).
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What is better to sell or terminate a condominium?
That is, the termination of the condominium is more fiscally beneficial, but it will be appropriate only if one of the parties wants to keep the house and if, in addition, they have the means to compensate the former couple for the amount that corresponds to them. Otherwise, the best way out will be to opt for the sale.
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