Selling a property in Spain

Listing your property
The first step to selling a property is establishing the asking price. The market on the Costa del Sol is very competitive so it is important to find the right asking price for every property in order to get a quick sale. First Choice Spain will organise a free property valuation in order to find the right price. We encourage our clients to get their property ‘market ready’. This means sorting out any necessary repairs and cosmetic changes before going to market. Once a client’s property is market ready, then photographs must be taken so that we can begin marketing the property. This would ideally be done by a professional property photographer, which can be arranged by First Choice Spain.
Before listing a property, clients will be asked to send us the required documents (link to FAQ) which will be kept on file so they can be easily accessed when a potential buyer shows an interest in the property.

Sale Agreement
Once a buyer has been secured and a sale price has been agreed then we will request a deposit from the buyer to reserve the property. A sale agreement will then be signed by both the buyer and seller and both parties will then agree on a completion day which usually takes between six and eight weeks.

Costs
Generally the costs and taxes involved in selling a house are between 10 and 15% of the sale price. The main costs to consider are:

  • Plus Valia Tax
    A municipal tax based on the official increase in the value of the property since the last transfer. The town hall will assess the value.
  • Mortgage redemption charges
    It is common to find early cancellation fees of 1% (or more) of the value of the mortgage if a loan is still outstanding at the point of sale.
  • Retention Tax (only for non-residents)
    If you are a non-resident seller, then the buyer will keep 3% of the property value to pay the Spanish Authorities retention tax on your behalf.
  • Capital Gain Tax
    Capital gain tax is set at 21% on to all properties that are sold at a profit from the original purchase.
  • Notary & Registry Fees
    Notary and registry fees are generally calculated at 1% of the purchase price, although sometimes they can be considerably lower.
  • Estate Agency Fee
    The agent’s fee will be agreed on when first listing your property and it depends on the price of property and service required.

F.A.Q.: Frequently asked questions about selling a house

  • What documents do I need to sell my property in Spain?

    We require the following documents to put your property on the market:

    Mandatory
    • Copy of NIE, Passport or residencia
    • Nota Simple of the property
    • Copy of last community fee receipt
    • Copy of last IBI payment receipt
    • Copy of Energy Performance Certificate
    • Latest utility bills: water, electricity, gas and telephone

    Advisable
    • Interior floor plans
    • Mortgage-related documents
    • Installation certificates

     

  • When is the best time to sell my property in Spain?

    The best time to sell your property depends on its location, size as well as the asking price. Current market rates and currency exchange rates must also be taken into account when putting a property on the market. At First Choice Spain we have seen a shift in buyer habits, budgets and tastes when looking to purchase a property, which all affects when a property should go to market.Please get in touch, to discuss when the best time to put your property on the market is.

  • How much will it cost to sell my property in Spain?

    Before deciding on a sale price, owners should take into account all the associated costs and taxes with selling a property. Generally the costs and taxes involved in selling a property are between 10 to 15% of the asking price.

    The main costs to consider are:
    • Plus Valia Tax
    • Mortgage redemption charges
    • Retention Tax (only for non-residents)
    • Capital Gain Tax
    • Notary & Registry Fees
    • Estate Agency Fee

     

  • Who pays the estate agent’s fees when selling a property in Spain?

    When selling a property in Spain, the general rule is that the seller will be responsible for paying the estate agent’s fees, unless otherwise agreed prior to the sale. The fee will be built into the sale price, unless the buyer has agreed to cover the cost prior to sale.

    If a buyer uses a search agency then a search fee will usually be paid by the buyer. Agents usually charge between 2% and 15% of the sale price.
Tel.
0034 952 817 369
Mob.
0034 616 249 972
Email:
info@firstchoicespain.com
Emergency:
0034 650 600 496

Or fill in your details and we will get in touch

Name:
Contact No:
Email:
Comments: