Selling your Spanish property

When you want to sell your property, usually you would go to an estate agent and ask them to put your house on the market. The estate agent will ask you for a number of documents which he, according to Spanish law, must be able to produce to potential buyers.

Make sure you have the following documents:

 -Description of the property, including address, floor area, rights which rest on the property (e.g. right of way)

-Asking price

- A document called Nota Simple: an recent excerpt from the registry. This shows that you’re the actual owner and whether or not there are debts and obligations of the property (mortgage etc.).

- Last paid water- and electricity bills.

-Receipt that shows that all property taxes have been paid.

-In its case: information on the contribution to the Association of Owners.

In case of a property built after 2003, the estate agent might ask you for a Certificado de inexistencia de expediente sancionador, which shows that the property is not involved in legal actions caused by illegality. This can be obtained from the town hall, by paying a fee.

 

 When there is a mortgage on the property, this must first be cancelled before the buyer will accept the property. This proceeds at the Notary Public, in the same meeting when you sign the escritura for selling/buying. You should organize with the bank that their staff is present at the notary to cancel the mortgage as soon you pay the outstanding.

 

The seller has to pay tax on the supposed profit that he has made by the sale, which is 18% on the difference between the price you bought for and the selling price. When you are not a tax resident in Spain, the buyer is responsible for paying a deposit on the aforementioned profit tax of 3% of the selling price. Normally the buyer will force you to take this off of the selling price. This is not applicable when you are a tax resident, which you must show in front of the notary by a certificate from the Agencia Tributaria. When you are a tax resident and you invest the money from the sale in buying another property in Spain, you get your capital gains tax refunded.