Selling your property in Spain, as in Belgium, takes time. This contribution will explain the sales process step by step.
Sell your property in Spain yourself or hire an estate agent?
It is perfectly possible to sell your property in Spain yourself. For example, consider selling to an acquaintance. However, this is easier said than done.
Of course, you can also work with an estate agent. An estate agent will estimate a realistic selling price and bring in more interested buyers. Also, you do not have to come on site for viewings. Of course, the services of an estate agent are not cheap and vary from region to region.
Before going to the notary: reservation contract and compromise
When the estate agent has found a buyer, you will sign the reservation contract. This makes the property temporarily unavailable to other interested parties. The buyer will then pay a 3,000 - 10,000 euro deposit so that he can start his legal research.
If the buyer no longer has any legal objections, the compromise is signed. With this, he will then pay an advance of 10%.
In some situations, the compromise is immediately signed. This is not always interesting as there may well be surprises for one of the parties. For example, we had a case where the compromise was signed while the property was still in an estate and the seller could not yet transfer the property.
At the notary: transfer of the keys
The next step is to sign the notarial deed in the presence of the notary. The balance is transferred to the seller and the buyer receives the keys. Payment is usually made by Spanish bank cheque. However, it can take a week for the bank to process the cheque and for the funds to appear in your account.
If you are non-resident in Spain, the buyer will deduct 3% from the sale price and transfer it to the Spanish tax authorities within one month. This deduction is an advance of the capital gains tax to be paid. If the 3% is higher than the actual capital gain, you can reclaim that tax.
If you took out a mortgage loan at the time of purchase, you should ensure that a representative of the bank is present to terminate the mortgage and pay the outstanding balance.
After the notary: completion of the transaction
After that the notarial deed is done, there are still some important formalities to be done. You need to pay the municipal plusvalia tax. In addition, you must either pay the remaining capital gains tax or reclaim the overpaid capital gains tax via modelo 211.
It is also important that the contracts for water and electricity are terminated. Finally, the co-owners' association and the municipality should be notified.
What documents do I need to sell?
You will need the following documents:
- Notarial deed of sale
- Note Simple
- Bills/invoices IBI and rubbish collection
- Utility bills
- Certificate of co-ownership confirming that all charges were paid
- Articles of association of the co-ownership
- EPC certificate
- NIE number
- Mortgage attestation
- Licencia de Primera Ocupación
- Bank details in Spain
- Inventory with furniture
- If resident: residence tax certificate
- If you are selling through a company: Acta de Titularidad Real
Last update: April 2022