Spanish real estate continues to be a buyer’s market, though prices have stabilised and are predicted to slowly rise in the near future. According to the General Council of Spanish notaries, there has been an annual increase of 4.01% in prices to Q2 2015. Almost 75% of Spanish estate agents have reported an increasing confidence in the market, with 58% reporting an upward swing in sales.
Property Selling Process in Spain
On signing your sales contract, you should obtain a non-returnable deposit (of between 5% and 10% from the buyer). Before the property is registered in the name of the new owner, you will need to bring a series of documents (listed below) to the notary, who will go through the documents and ask both parties to confirm that everything is in order before the paperwork is signed. The Land Registry is notified of the change in ownership on the same day, and receives the title deed in a few days.
At Winkworth International, we will help you through every step of the process.We believe in the importance of setting a fair price for your property. Setting a realistic price will increase your chances of a sale in this competitive market, yet ensure you obtain fair value. We can point you in the right direction and give vital advice that will increase your chances of sale.
Legal Requirements for Selling your Property in Spain
When you sell a property, you will be responsible for providing a clean title to the purchaser. You will need to present the purchaser with the following
• Title deed
• NIE certificate (the NIE identifies you with a number. It is given to anyone
who owns property in Spain or who resides there
• IBI (an annual property tax)
• Cadastral certificate (which describe the physical characteristics of the
• Proof of payment of latest utility bills (water and electricity)
• Proof of payment of last receipt of the Community of owners (if the
apartment being sold is part of a community of owners)
• A certificate from the Town Hall showing the property is free of fines from
the Town Hall
Costs of Selling a Property in Spain
Transaction costs (including the property transfer tax, notary fee and registration fee are paid by the buyer. The seller must pay the agent’s fee.The latter can be set at anywhere between 2% and 15%, depending on the area and the type of property sold.
Tips for Selling a Property in Spain
To make your property more attractive to prospective sellers, it is vital to take a few simple steps. Depending on the age and style of your home,refurbishment may be necessary, particularly of kitchens and bathrooms. Sometimes, a repaint or new furniture can totally change the look and feel of your home, which merits a small investment for a greater gain. It is also vital that you deal with an agent like Winkworth International. Our expertise and local knowledge of Spanish law and customs can make the sales process easy, quick and stress-free so register with us as soon as you make your decision to sell.
This information is for guidance purposes only and is subject to change. Winkworth recommend that prospective buyers or sellers of foreign property obtain professional legal advice.