What are the steps to follow to sell my property in Spain?
Have you decided to sell your property with the objective of buying another one? Or you don’t want to keep a property in Spain?
The sale of a property in Spain requires you to make a series of often complex decisions regarding the selling price, the real estate agent, the taxes to be paid, but before presenting you step by step the procedure to follow, let me show you why you should choose INMOSOLCOSTA to sell your property.
First of all, know that we will not charge you anything for the steps taken. We believe that our work is paid for in return for a result (the sale) and not for a simple service.
Here is quickly what Inmosolcosta offers you for free in the case of the sale of your property :
- Enhancing the value of your property
- Realization of a photographic report of quality
- Publication of the advertisement on all our national and international partner real estate portals as well as on our website: https://immoalicante.com
- We offer the following services to our customers in our databases
- We take care of the visits and give you feedback on customer comments.
- We accompany you in all the steps to follow inherent to the sale, we will also be present with you at the Notary’s office on the day of the sale.
- We are French-speaking but we speak 7 languages which allows us a quality communication with our customers who come from various horizons.
Here are the essential steps to follow to sell your property in Spain.
1. Property valuation
This is the first step, and not the least important one, as you will have to determine the selling price of your property. It seems normal and obvious that every seller wants to optimize his sale but obviously, the price will have to be adapted to the market so that the property does not remain months and months after the sale.
Our actions:
- Compare your property with similar properties for sale in the same area
- Look at how long these properties have been on sale (a price that is too high often leads to a rather long delay in selling).
- Analysis of market and price trends
- We cross-reference the data of the geographical area: close centre of interest, evolution and popularity of the area etc…
- According to all these elements, we will propose you a selling price which will of course be submitted to your approval.
2. One real estate agency or several?
Many people consider that the sale of their property will be realized more quickly if they entrust it to several agencies at the same time and that exclusivity will limit your exhibition possibilities and therefore access to many potential buyers.
In fact, the opposite is happening:
Signing an exclusive contract with a real estate agency not only does not limit, but on the contrary considerably broadens access to potential buyers and has a number of decisive advantages such as :
- Better visibility, meaning that if you put your property up for sale in 4 or 5 agencies, it is unlikely that these agencies will invest a lot of their time and money to promote your property.
- Nor will they display them in the window what is reserved, and understandably so, for the properties they have exclusively.
- You only have one contact person who really knows your property, which is a major advantage in terms of communication.
- Reduction of the risk of having your ad published by different agencies at different prices. Each agency works with its own percentage of commission which means that you will be able to find your property advertised at different prices which leads to confusion and mistrust among customers.
- You won’t need to leave your keys at 4 or 5 agencies.
- The real estate agent will be able to invest more in advertising and other marketing because only he has the possibility to sell it which will bring you a better visibility and a better positioning on all media.
In conclusion, contrary to what many people think, it is really preferable to leave your property exclusively with an agency you trust.
3. Preparing your accommodation / Photographic reportage
Once the price has been determined, we will advertise and publish your property in its best aspect so as to show all customers the potential of your accommodation.
We take care to make an accurate description of the property and the area in which it is located with the advantages and services available in its surroundings such as shops, boutiques, restaurants, distance to the nearest airport, nearby golf course etc…
The photos will of course be of high quality reflecting the exact condition of the apartment, its layout and orientation. We also have the possibility to make videos, 360-degree photos or to make video sequences by drone whenever the environment allows it.
All this work is done beforehand and is of course completely free of charge, allowing us to advertise your accommodation on real estate portals, with our partners and on our website: https://immoalicante.com.
4. Verification of the legal situation of the dwelling
For the sake of transparency, it is necessary that the prospect interested in your property has the absolute certainty that everything is in order and that the charges / taxes inherent in the possession of the apartment are up to date. For this reason, our legal department will take the following steps, among others :
- Obtaining a document called “Nota Simple” which is issued by the property register in which all the information about the property is annotated, such as the number of owners, if there are unpaid charges or if there is an outstanding mortgage on the property.
- Check with the town hall of the place of residence if all permits and certificates are up to date (building permit in accordance with the state of the house, certificate of habitability…).
- Verification that all payments for contracted services are up to date as :
- water
- electricity
- the gas
- community charges
- annual taxes
These checks shall result in the issue of a certificate from the service provider certifying that everything is up to date.
5. Organization of visits
Of course, we accompany the guests to your accommodation and try to disturb you as little as possible. In addition to the advertisements and publicity around your property, we will first present it by email to all our clients who are looking for a property that matches yours.
After each visit, you will of course receive an e-mail with the comments of the clients.
We will of course also send you the offers we receive for your property.
6. Offer and acceptance of the offer
Once the client has made his decision and you have accepted his offer, he will have to reserve it contractually with the payment of a deposit which is normally 6.000 €.
Our legal department will then draw up the contract, which will include, among other things, the following clauses:
- First and last name of the seller
- Its main address
- The address of the reserved property
- The purchase price with the various payments
- The taxes that the buyer will have to pay as well as the seller’s taxes.
- The statement that the buyer is buying a good free of all charges
- The period of time during which the transaction must be completed at the notary’s office
- As well as the mention of all legal texts.
7. Signature at the Notary’s office
As a preamble to this signature, our legal department will prepare all the necessary documents to carry out this final phase of the buy-sell process. It will prepare this day with great care so that everything is in order to avoid delays and additional costs.
We will of course be present with you on this decisive day to translate all the legal documents and make sure that everything goes smoothly without any surprises.
8. Tax payments
Fees payable by the buyer :
- the payment of taxes on the transfer of assets (10% of the purchase price)
- notary fees (between 1100 and 1500 euros)
Fees payable by the seller :
- Tax on the increase in the value of land of an urban nature or municipal capital gain
This tax is calculated on the increase in value of the land where your property is located, the “Plusvalía” in Spanish. The town hall of the place of residence is in charge of collecting this tax. The plusvalía is calculated on the basis of 3 factors: the length of time you have been the owner, its location and the cadastral value of the property.
- Non-resident taxes
In order to cover and make sure that sellers pay their taxes in the event of a capital gain, the Spanish state has introduced a retention system. Indeed, the Spanish tax authorities will withhold 3% for non-resident taxes on the sale price.
You will then be able to ask for a refund of this 3% if your gains on the resale do not correspond to the amount withheld, they will return all or part of this 3% to you.
- Real estate capital gains tax for residents
The tax that residents have to pay to the Spanish tax authorities as PIT (Impuesto sobre la Renta de las Personas Físicas) is the personal income tax (“Impuesto sobre la Renta de las Personas Físicas”). The rates applicable to this capital gain are as follows:
– 19% for the first €6,000 of earnings
– 21% for the portion of the capital gain between 6,000 and 50,000 €.
– 23% for the part of the capital gain exceeding € 50,000
For example, if you have made a capital gain of €60,000, you will have to pay €12,680 in taxes.
Mode de calcul:
– 6.000 x 19% = 1 140 €
– (50.000 – 6.000) x 21%= 9 240 €
– (60.000 – 10.000) x 23%= 2300 €
Total : 12 .680€
Don’t hesitate to contact us if you need more information or advice on how to sell your property: contact@inmosolcosta.com or by phone at +34 665 985 136.
