Selling a property in Spain proceeds differently from selling Belgian property. The notary's role as adviser there is largely filled by your adviser and estate agent. Here are the five steps of the buying process.
Step 1: Find a broker
If you do not live in Spain yourself, the services of a local estate agent are quasi essential. After all, you cannot always travel up and down for a mere viewing. Moreover, an estate agent often has an international audience and a buyer can be found more quickly. An estate agent's commissions vary greatly by region. For example, you will pay more in the Costa Blanca South than in the region around Almería.
Step 2: Find a legal firm
A legal firm will assist you with the negotiations for the compromise and draft deed. They will also take care of the preparation of the legal file and the collection of the necessary documents. For example, think about the EPC certificate or the certificate of conformity. It may also happen, for example, that the buyer asks for additional guarantees (for old houses) or that the municipality has to confirm that no urban development violations were found.
You will also be assisted after the sale for the declaration of the national capital gains tax, the plusvalia muncipal and any outstanding personal income tax.
To make the whole procedure run smoothly, you can also work through a notarial proxy. This allows your legal office to handle the entire process without you having to travel to Spain.
Read more about the necessary documents for selling a property in Spain.
Step 3: The property is for sale
Once the legal file has been prepared (to transfer to the buyer's counsel) and the estate agent can put the property up for sale, it is of course waiting for a buyer. When a potential buyer applies, a reservation contract will be drawn up. This prevents you from offering the property for sale to third parties for a certain period of time. In return, the buyer pays a deposit.
Step 4: The negotiations
During the reservation period, the buyer will make his enquiries. However, it is unusual for the buyer to raise points to reduce the agreed price. The price in the reservation is usually fixed. However, one can ask for certain defects to be put in order before the deed is executed. This should then be included - along with the cost allocation - in the compromise.
Upon signing the compromise, you will normally receive 10% of the purchase price into your own account.
Step 5: Deed execution
Selling your property in Spain is final when the deed is executed. This is where you hand over the keys and receive a Spanish bank cheque. It takes about a week for the bank to process this bank cheque and you will see the balance appear in your account. Also bear in mind that the buyer must withhold 3% of the purchase price for the Spanish treasury.
Read more about the sales process in Spain.
Do you have any questions about selling your property in Spain? Feel free to contact on.
