Selling real estate is always a complex and exhausting process that requires a certain legal preparation or, as an option, contacting a specialized real estate agency, which implies additional costs. Many people postpone the moment of making a final decision, because they are afraid of a lot of troubles: answering constant calls from potential buyers, scheduling meetings and arranging viewings, filling out documents and much more. The fear of selling an apartment below the market price or making a mistake in the documentation also adds a headache.
If you need to sell an apartment in Spain, you need to know as much information as possible about it. We decided to collect for you a material that will help you understand how this procedure works, what documents you will need and what you will have to pay for.
Contents
- Evaluation of the property and the current market situation
- Preparation of the property for sale
- Writing an ad for sale
- Preparation of documents
- Taxes when selling an apartment in Spain
- Contrato de arras – a contract for the payment of a deposit when buying real estate
- Conclusion of the sale and purchase agreement
Evaluation of the property and the current market situation
Before publishing an ad for sale, you need to do a primary monitoring. It is important to find out what the situation is now on the market, whether it is a good time to sell your property, whether there is any demand for apartments, and what prices for real estate are set on the market.
The cost of housing may depend on the following factors:
- the area of the apartment (townhouse, house, villa, etc.);
- the number of rooms;
- the actual condition of the housing;
- the location of the object;
- the presence of equipment that works on renewable energy sources, etc.
The presence of a pool, garage, terrace or other important moments for a potential buyer can increase the price. Unlike buying a home on a mortgage, where inviting an independent appraiser is mandatory, in this case you can refuse his services, setting any price that seems fair to you. But on the other hand, an independent assessment will determine the adequate price of the property, which will help with a quick sale. At the same time, it is important to understand that there is often a bargaining, so many apartments are eventually sold at 10-15% cheaper than originally stated in the ad.
You can study large real estate sales sites and find out what the approximate price per square meter is in your area, how many real estate objects are for sale, etc. Again, all this information will be provided to you by a good real estate agent, saving you from unnecessary headache. You can sell your property on our website, getting a consultation on any issue.
Preparation of the property for sale
To create an attractive picture, you need to do the cleaning and even cosmetic repairs, if necessary. You need to fix the structures, eliminate minor defects, re-glue the wallpaper, if they are old enough, etc. No one requires you to do a major renovation, but a minimum pre-sale preparation should be. In Spain, there are even firms that provide a service for preparing real estate for sale.
The yard area should also be landscaped. All this will allow to match the amount that is stated in the ad. Otherwise, the potential buyer will start to lower the price or just pay attention to another object.
Writing an ad for sale
The ad should be written so that it is attractive and stands out from the general background. It is important not to overdo it and not to present the object better than it is. The text should be readable, well-structured and not long. The absence of spelling errors is important.
Express your thoughts simply and clearly, avoiding complex verbal constructions. The most important thing is to honestly describe the object, listing all its real advantages. You can note the spacious layout, the proximity of the transport interchange, the presence of schools, various institutions nearby, i.e. everything that attracts when choosing an apartment or a house.
It is important to make quality photos. Before that, you need to do the cleaning and remove all unnecessary things, so that the potential buyer imagined how he can arrange this space for himself. It is advisable to take pictures when there is the most natural light, while the flash is better not to use. You need to take pictures not only inside, but also outside – the exterior of a multi-storey or private house is also important. Additionally, you can upload a plan of the house, so that the buyer gets a complete picture of the object.
Preparation of documents
Perhaps this is the most important stage in selling real estate. The seller must prepare the following package of documentation:
- Extract from the property register (Nota simple informativa). You can get the document online on the official website of the Spanish registers, or by visiting the office of the Property Register.
- Original deed of ownership (Escritura de la propiedad).
- Energy certificate (Certificado Energético). This certificate is issued by a technical specialist, and you will have to pay 50-200 euros for the registration.
- Certificates that confirm the absence of debts for the payment of property tax (IBI). When making a deal, the seller must provide the last paid receipt.
- License for primary occupancy (Licencia de primera ocupación) or certificate of suitability of the object for living (Cédula de habitabilidad). Both of these documents confirm that the property object meets the standards and is suitable for use.
- Certificate of absence of debt on condominium quotas (Certificado de estar al corriente de los pagos de la comunidad).
- Individual number of a foreigner (NIE).
In some cases, additional documents may be required, so it is advisable to consult with an experienced real estate agent.
Taxes when selling an apartment in Spain
Selling an apartment in Spain implies certain expenses on the part of the seller. These are the commission of the real estate agent (if you contacted him), as well as the payment of taxes:
- IRPF (paid only by tax residents of Spain). The percentage ranges from 19 to 26% and depends on the difference between the sale and purchase price, taking into account expenses, taxes, mortgage and other factors.
- IRNR. This tax is paid by non-resident sellers – it is 3% of the transaction amount.
- Plusvalia (tax on the increase in the value of urban land). The payment is calculated by a table of coefficients depending on the value of the property.
Contrato de arras – a contract for the payment of a deposit when buying real estate
Before signing the sale and purchase agreement, it makes sense to prepare a contract for the payment of a deposit. Its essence is to reserve the object with its subsequent acquisition at the price established at the time of making the pledge. As a rule, the amount of the deposit is 10%.
This is a private law contract, i.e. it is not mandatory to be drawn up according to the legislation of Spain. Therefore, its text can be freely stated, while both parties are independently responsible for the obligations they have taken.
The essence of this contract is that both parties undertake to complete the deal from the moment of its signing within a certain period (usually it is about 90 days). If the buyer does not fulfill his obligations, he loses the deposit he has made. If there is a violation on the part of the seller (changed his mind to sell, found another buyer, etc.), he must return the advance in double the amount.
Conclusion of the sale and purchase agreement
This is the final stage of the deal, during which the final settlement and transfer of keys are carried out.
The real estate agency “M2 Real Estate” helps in solving any controversial issues with real estate, so you can get a consultation and assistance from our specialists in preparation for the deal. On our website there are many offers not only for sale, but also for exchange of housing. Many of them are not published in the public domain, so we can send you interesting options by mail or any other convenient way.
