Selling your property in Spain
SELLING YOUR MARBELLA PROPERTY
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When it’s time to sell your property in Marbella you must consider the best options available to you. If you decide to use a real estate agent you must feel comfortable that the company you choose to represent you will work in your interest to find a buyer efficiently and professionally and to achieve the best price acceptable to you.
In a cosmopolitan area like Marbella with real estate agents from different nationalities and languages it may be prudent NOT to list your property EXCLUSIVE as a wider market place for your property may be achieved from a few agents of different countries listing your property. No agent as access to all buyers therefore to spread your chances it makes sense to allow a few agencies list your property.
At Marbella Homes we like to give a personal service to villas, townhouses and apartments that we list and can offer special marketing advice to sellers in order to increase their potential to sell.
There are documents that we require by Spanish law in order for us to list your property so please be aware and if you do not have these document to hand then please make arrangements to do so.
- A current copy of a Nota Simple from the land registry office. Your lawyer will be able to supply this easily for a few euros.
- A copy of your last annual payment of the IBI “Impuesto sobre Bienes Inmuebles”, ( local authority rates). IBI has to be paid annually at the Patronato de Recaudacion offices of your local Ayuntamiento ( Town Hall).
- An energy certificate. (This only needed once you have a buyer and is required to be produced at the completion of the sale).
If you would like Marbella Homes to list your property then please contact us on the form below in order to make an appointment for us to visit your property.
SELLING YOUR PROPERTY – EXPENSES
The seller is responsible for paying the commission of the real estate agent. On the Costa del Sol the normal commission rate is 5% plus IVA.
The seller is also obliged to pay the “Plus Valia” municipal tax which is based on the increase in the value of the land since it was last sold. It is important have the information on this tax before negotiations are completed on the sale as this tax in certain areas can be quite considerable. Ask your lawyer to check this before you have agreed the price as this may influence the agreed purchase price.
As from 1st January 2013 proof of payment for the “Plus Valia” tax must be provided in order to register the sale of new ownership at the land registry.
If the seller is non-resident in Spain then they will be subject to a 3% retention withholding tax at the time of the sale on account of any capital gains tax that is due. The capital gains tax in Spain is 21% and this is applied to any profit on the property. The profit is the difference between the purchase price and the selling price plus any purchasing expenses and improvement costs to the property. If the total capital gains tax is less than 3% then you can apply for the difference to be refunded alternatively if the tax is higher you will be expected to pay that.
This retention withholding tax of 3% does not apply to Spanish residents and companies.
All taxes, community fees and utility bills should be calculated up to the date of completion of the sale.
The information given in this guide is for information purposes only and not be taken as legal advice which must be sought.
SELLING YOUR PROPERTY – VALUATION
You may have an idea of what your property is worth however as is often the case the seller may think his/her property is worth more than the current market price.
The agent who visits your property to give advice will take into account many factors before giving you an indication of the value. He/she will base his recommendation which on the size of the plot/ land, the construction size, the condition of the property, the area it is located, the replacement value of the property and any other factors plus or minus that seem to be relevant. He/she will try to establish the price of comparable properties that have been sold in that particular area in the last four months and will come up with a price. The owner must then take into consideration the real estate agents fees and also an amount that the buyer may want to negotiate. This will then achieve an asking price.
If you find that the agents price and the price that you thought is wrong then it is a good idea to employ and independent valuer who will give you an official valuation. This may cost a few hundred euros but it will give peace of mind that you are selling at the correct price if you are in doubt.
Be aware that if you price your property too high this can put off potential viewings and the longer the property is on the market the more difficult I twill become to sell.