Buying a repossessed property in Spain? Beware Hidden Stamp Duty CostsOther Potential Hidden Charges from repossessed property in Spain
Additionally, many banks do not take responsibility for costs incurred while they are temporary owners. Accordingly, it is particularly important when considering the purchase of a repossessed property to know the current amount of outstanding charges that relate to the property (property management fees, rates etc) and to be sure that the seller has paid any municipal capital gains tax (plusvalía) since any amounts that are outstanding will become the responsibility of the purchaser of the property. In particular this latter tax can be significant.
Therefore, in summary, to paraphrase a metaphor, Beware of Spanish banks bearing gifts, as there may well be some unexpected and unwelcome bills that you have to face.