How much will it cost to sell my property?
Energy Efficiency Certificate
An energy certificate is needed by EU law, this needs to be carried out by an architect, costs vary greatly, we have a firm we can recommend that will do it for 80.00 Euros plus IVA (vat). This needs to be done to put the property up for sale as both the vendor and the agent can be fined for advertising the property without it.
Estate agent commission
Its normal in Spain that the buyer pays a commission to the Estate Agent working on their behalf. This can vary from place to place; the fees are normally between 2% and 5% of the agreed sale price. Payable either in two parts, half at the signing of the private contract and the balance on completion day at the Notary. If the sale is to go ahead in a short period of time most agents will wait for their fees until completion day.
According to Spanish law the seller pays approximately 60% of the costs of the Notary and the buyer pays approximately 40%. However, this can be used as part of the negotiation process, in certain areas its normal the fees are split 50/50.
This is a municipal tax called Plus Valía, based on the value of the buildings and the length of time that you have owned the property. This varies from Town Hall to Town Hall but is normally not a great deal of money.
What documents are needed to place my home for sale?
Before we can market your property we need the following:
Your title deeds.
• Current Nota Simple
• Latest IBI statement
• Electricity bill
• Water Bill
• Certificate of Energy Efficiency
• Contract of Sale (mandata de venta)
We have a standard contract giving us permission to advertise your property sell your property and agreeing to pay our commission upon a sale.. This states our selling fee including all marketing costs.
• Licencia de primero ocupación
• Certificado de Legalidad Urbanística
• Should I repair or redecorate before I put my property on the market?
Always prepare your house for sale, clear the deck, give a fresh coat of paint outside if needed, kerb appeal is important.
Do I have to show my property to prospective buyers?
As a local agent I will always accompany the potential buyer, if you’re at the property and wish to give your input then you are welcome to do so. Some vendors prefer to do it themselves. We hold keys for a lot of properties but always accompany the buyer.
What happens when I receive an offer, do you still bring clients to view?
Until contracts are signed, and the deposit paid we recommend the property continues to be marketed.
When do I sign at the Notary?
A suitable date for signing is agreed between both parties. The day you both sign, monies are transferred, and the keys handed over to the new owner.
Capital gains tax for Spanish Residents
The natural person’s incomes are classified as general income and savings income. Capital gains on investments and properties are considered savings income.
The tax rate that applies must be paid depending on the gain.
Up to 6.000 Euros, the tax rate is 19%.
• From 6.000 to 50.000 Euros, the tax rate is 21%.
• From 50.000 Euros an up, the tax rate is 23%.
The value of the capital gain is obtained from the difference between the value of the transfer and the acquisition value, which are not more than the sale and purchase price, and may be entitled to the consideration of certain expenses inherent to said operations.
Non Tax Resident.
A retention of 3% of the total sale price will be made at point of sale, I.E. signing at the Notary. You then have a set time to reclaim this amount if no Capital Gain has been made, or pay any outstanding tax due on the gain that has been made.
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