We often see Belgians and Dutch people selling their Spanish property without an estate agent. The prospective buyer is then, for example, a friend, neighbour, colleague or family member. However, without preparation from the seller, such a transaction can take some time. Therefore, in this article you will find more information about selling Spanish property without an estate agent.
How do I get started?
First of all, you need to gather the necessary documentation. Think about your current Spanish title deed, the owners' NIE certificates, the EPC certificate, copies of the IBI, utility bills and some region-specific documents. The sooner you have these documents, the sooner you can schedule the deed of sale.
The next step is to determine the asking price. Of course, you are free to agree your own price. However, the Spanish government uses a minimum fiscal value, called the reference value, for every property in Spain. This is to prevent price manipulation.
This reference value is based on the registered deeds of similar properties in the neighbourhood. To avoid additional taxes, it is important not to sell lower than the reference price. If the reference price does not reflect reality, you should appoint an appraiser.
Drafting of contracts
The contracts you can use depend on your relationship with the prospective buyer and the degree of trust. If you do not know the prospective buyer, it may be interesting to draw up a reservation or option contract first.
We can also proceed directly to the drafting of the compromise. In the compromise, we include the terms of the sale. This protects your interests against the prospective buyer. In Spain, it is also customary for the prospective buyer to pay 10% of the purchase price in a compromise.
Determining the deed date
You can mutually agree on the deed date. There are no mandatory deadlines in Spain. The deed of sale should be signed by the parties before a notary in Spain. However, you do not have to be present yourself.
For example, we can sign the deed for you through a notarised power of attorney. Any outstanding documents or certificates can also be obtained via notarised power of attorney. This way, you do not have to travel to Spain and you can arrange the whole transaction from Belgium or the Netherlands.
When selling in Spain, you need to consider two taxes. First, there is the national capital gains tax. Here you are taxed on the capital gains actually realised.
There is also the municipal capital gains tax. This tax is calculated on the basis of the cadastral capital gain. Only if you do not realise an actual capital gain, no tax is due.
Do you have questions about selling Spanish property without a broker? Or are you planning to sell Spanish property to a private individual? Then feel free to contact on.