As a buyer of a real-estate property in Spain, do I have to hold and deposit any percentage of the price with Tax Authorities?

16 Dec As a buyer of a real-estate property in Spain, do I have to hold and deposit any percentage of the price with Tax Authorities?

In case you purchase from a non-resident, you are legally obliged to deposit a three per cent of the total declared price with tax authorities in the name of the vendor as a guarantee of his taxes. If this obligation is not accomplished, then the tax aAuthorities could eventually make you (i.e. the acquired real-estate property) responsible in case the seller does not pay his dues. (2007-07-06)