The crisis in the real estate sector has affected both buyers and sellers in many ways. But it has also had positive consequences for both parties, especially for buyers, who after the bursting of the housing bubble, have benefited from really low prices that were unthinkable before the crisis.
The recession has caused the prices of properties for sale to plummet, so those who had money at that time have taken advantage to buy houses, because they knew that when we recovered from the crisis could sell much more expensive than the Bought.
But the process is not that simple. We are increasingly seeing how Treasury claims to the buyer a payment higher than the one that has paid for the house, because it considers that the price that has paid for that house is inferior to what is really worth. This is done to avoid the fraud of signing properties for a value lower than the real value of the house (which is defined in relation to the cadastral value, depending on the place in which the house is located).
In addition, each Autonomous Community where the Estate Inheritance Tax (ITP) exists, has a minimum price table, on which is calculated the minimum ITP that must be paid when buying a house.
This means that when you buy a second-hand home, in addition to the price of the home you have to add the taxes and the difference between the value for which you have bought the house and the minimum value that the house has according to Treasury , pues the interests on late payment.
That is, imagine that you buy a property for 300,000 euros. The ITP (7%) would be 21,000 euros, but if in the tables of the Treasury that house has a minimum price of 400,000 euros, the corresponding ITP would be 28,000 euros. That is to say, Treasury, once the purchase has been made, will demand you the payment of an additional 7,000 euros for the "true" value of the house, plus the interest of not having paid it at the time.
This supplementary by which Treasury asks you to pay the difference can be appealed, there is a deadline for claims to try not to pay it. What happens is that it is normally denied and finally you have to pay.
The most important thing of all to not take surprises when you buy a house is to know what is the minimum value that Treasury gives the house you are going to buy. Keep in mind that if you are interested in a property that a priori is seen that with the crisis has substantially lowered its price, it is very likely that you have to pay for the difference between the price you have bought and the one that Treasury gives to the house.
It is also important that you report the taxes that exist in the autonomous community where you are going to buy the house (varies a lot from one place to another). Thus you can make a forecast of the expenses that the payment of the taxes will suppose, you can even foresee the later claim of the Treasury.