Selling Property Process in Spain
The process of selling a property in Spain is slightly different to other countries, as is the purchase of property in Spain.
Following are the easy steps that our vendors take to make the process, easy and simple.
- Viewings are commenced on your property, once you have instructed us to market the property on your behalf.
- It is better to do an inventory of the items being left and included within the sale price
- Once we have received an offer from a possible purchaser, we will contact you and give you that offer.
- You are at liberty to accept or decline the offer, or make a counter offer if the amount is not quite what you need.
- If a counter offer is made, we will then go back to the purchaser and give the offer to them.
- Once an amount has been agreed by both sides (vendors – (yourselves) and the purchasers), we will then take a reservation deposit of 3,000 to 6,000 Euros. (Depending on the property purchase price). This is held in our clients account on behalf of both parties.
- A sales/purchase contract is drawn up and signed by both parties.
- If the completion date is longer than one month, we will instruct the purchasers to make the deposit up to 10% of the property purchase price.
- If the purchasers are direct clients, we will have taken them to obtain their NIE's, sign for power of attorney and open their bank accounts on their last day with us.
- Both lawyers (yours and the purchaser's) will liaise with each other with regards to documentation needed (i.e. last utilities, suma and community fees) and the energy certificate.
- The day before completion the purchaser's lawyer will obtain all the monies needed from the purchaser's bank account ready for signing at the Notary.
- On the day of completion, the lawyers will sign the property from yourselves to the purchaser and the keys are exchanged.
If you sign for Power of Attorney, the lawyer should contact you every step of the way, to have their actions authorised by you in writing. This gives a paper trail. Power of Attorney will generally cost around 150 – 200 Euros for the two of you. This also alleviates the need for you to go to the Notary on the day of completion and waste a lot of time hanging around for the signing. It also cuts out the air fares etc. needed for that. Obviously, if there is anything that you wish to remove from the property (such as personal items/clothing/ornaments etc..) you will have to return but having power of attorney does remove the stress, which is why we recommend all our clients to get it.
The costs that you will have are:
Lawyers – approx. 500 – 900 Euros
Power of Attorney – approx. 100 – 200 Euros
Energy Certificate – approx. 150 Euros
Plus Valia Tax – This is the tax due to local town-hall, which is paid through the lawyers and will be held in retention from the purchasers money.
3% Retention Tax – This again is held back in retention from the purchasers money, but maybe claimed back through your lawyer at a later date, if no capital gains have been made on the property