A chic apartment in Barcelona, a beautiful villa in Alicante, a nice flat in Malaga, or even a party pad in Ibiza. These are just some of the great properties in Spain. You might already own one or many of them! And if you ever decide to sell your
property in Spain, rest assured that there will be a lot who are interested. Of course, among many of them, you need to find the right buyer. And for them to get their hands on your property in Spain, you need to make sure the purchasing process goes smoothly. This guide will help you with that!
What Are The Costs of Selling Your Property in Spain?
When you sell your property in Spain, you won't just be earning money. You'll be spending some too. The process of selling your home in this country comes with a few costs. There are the
taxes you need to pay before you can legally put your property in Spin for sale. You'll also need to pay for the emergency performance certificate, which roughly costs around €150.00 to €500.00. And if you hired a real estate agent, you'll also have to pay them a commission. That alone is approximately 3% to 6% of the entire property value.
Should You Sell Your Property Privately in Spain?
Speaking of hiring a real estate agent, do note that you're not legally required to do so. You can
sell your property on your own if you want and many have already done so. This, of course, lessens your costs since you don't have to pay a commission to anyone. However, selling your home in Spain privately comes with a few more challenges. One of them is the fact that
real estate agents tend to work with other real estate agents. This means that if you didn't hire one, other real estate agents will be hesitant to introduce their clients (potential buyers) to your property.
How Do You Make a Property Valuation in Spain?
Property valuation is a must if you want to know how much your place should cost. When you put your property in Spain for sale, you'll need to set an initial asking price. And you can only get it if you get your place appraised. This is yet another benefit of
hiring a real estate agent since they can easily get this done for you. But if you sell your property on your own, it will be up to you to find reliable appraisers to do the job. There are those that do it for free but with certain conditions and those that will cost a lot.
How Do You Survey Your Property for Selling?
As you put your property in Spain up for sale, it's your responsibility to make sure that in tip-top shape. Conduct a series of surveys to see if there's anything wrong with the place. Check to see if there's asbestos, look into the overall structure of the property, and see into the current state of the foundation. All of these and more can make or break the transaction. As the current homeowner, it's also up to you to deal the repairs.
How Do You Market Your Property in Spain?
When your property is finally up to it, it's time to market it. This is practically your first step into selling it. And the best way to go about it is to have your place listed in the
top property portals in Spain. Since practically everything is on the internet nowadays, these websites are your best bet to capturing buyers' attention, not just in Spain, but in the entire world. And among the most popular,
Idealista is probably the most (pardon the pun!) ideal. Why? Because it caters to an international audience. Buyers from other countries can check out your property through this site!
What is The Process of Notarizing Your Property in Spain?
Although hiring a real estate agent is optional in Spain, hiring a notary isn't. You will need one if you want to put your property in Spain for sale legally. The role of the notary is to deal with all the legal aspects of the transaction. They'll help you gather all the documents you need for the sale, draw up the necessary contracts, and more. They'll also serve as your legal representative when communicating with the buyer and their party. Essentially, you can't sell your place in Spain legally without a notary!
What Documents Do You Need To Sell Your Property?
Now, let's get into the documents you'll need to provide to sell your property in Spain. Of course, you'll need the property's title deeds and make sure that your name is listed as the owner. If not, you'll have to work with the notary to make it so. You'll also have to show utility bills as proof that the place is working fine—no problem with electricity, plumbing, and the like. As far as taxes go, you will need to show your receipt of local municipal tax payments as well. And if applicable, show your residency card too.
How Do You Set Up the Sale & Purchase Contract?
Once you and the buyer have agreed on a final price for the property, it's time to sign the
contrato de arras, also known as the pre-sales agreement. Once signed, this document will legally bind you and the buyer to the transaction. On their part, this means that the buyer has to commit to purchasing your property in Spain. It's also where they will have to pay the deposit, which is usually around 10% of the final price for the property. So it's the part of the process where you will start to earn money.
What are The Legal Issues in Selling Your Property in Spain?
As you sell your property in Spain, do note that you will have to face
a few legal issues along the way. Paying the necessary taxes is one thing, as well as assuring the stability and state of the property. And as already mentioned, once you sign the
contrato de arras, it will legally bind you to the transaction. For your part as the seller, this legal document requires you to sell the property to the listed buyer only. If you ever decide to back out of the agreement, however, the penalty is paying twice the amount of the deposit back to the buyer.
How Long is The Process of Selling Your Property?
The length of time it will take for you to sell your property in Spain mainly depends on you. According to
Wise.com, the average time it takes is approximately six months, however, it can take longer if you're not fully prepared. More often than not, the longest part is procuring all the documents for the transaction. It's better to do all of that before you put your property in Spain up for sale. Once you do, the time between meeting up with the buyer, signing the pre-sales contract, and giving them the keys to the place can be as quick as three to four weeks.
What are The Best Tips for Selling Property in Spain?
Let's end this guide with
a few tips on selling your property in Spain. As you market your home for all the world to see, make sure to take high-quality photos of the place. Remember that your potential buyer might come from another country, thus, they can't visit the place as often as they want. The only references they can trust are the images and video clips you will provide. And speaking of the buyer, meet up and communicate with them as much as you can. These will be the people who will own your property next. Wouldn't it be better if you got to know them a lot more?
If you own a property in Spain and you want to sell it, know that you're going to have to do a lot to complete the transaction. It's going to be a bumpy ride but not to worry! This guide will help you every step of the way!
