Let's say that you've had property in Spain for many years and it's time to let it go. Now, you want to sell it so you can earn money and ensure that your old place will be put in the right hands. Seems simple, right? Well, the actual process is anything but! This isn't to say that it's impossible, but to make sure that you don't get the short end of the deal, there's a lot you ought to remember. Advertising your property is one, as well as negotiating the price. Oh and don't forget to meet the buyer personally too!
Capture The Property as Best You Can
First things first, you'll need to catch a buyer's eye. An easy and common way to do it is to market your property on Spain's top property listing websites. Many of these platforms get millions of visitors each month, both from locals and foreigners alike. You have a better chance of getting a buyer through them, whether you work with a real estate agent or not. Though this all depends if you captured your place well. The pictures, videos, and other media you provide will determine if your property is good enough to get a buyer.
Appoint a Solicitor and Notary
Do note that you're bound to encounter a few legal issues when you sell your property in Spain. From handling important documents to paying taxes
, there will be a lot to deal with. Fortunately, you can leave all of that to your solicitor. It's their job to handle all the legal issues in this process. And once you've found the right one, you and the buyer will have to appoint a notary. They will write up the contracts and other legal documents needed for this transaction. Make sure to choose one that both you and your partner can easily meet.
Prepare The Important Documents
As the seller, there are many important documents you need to prepare. Firstly, there are the property title deeds, which should all prove that you are the homeowner. You should also provide utility bills—proof that the property is working well. Receipts for local municipal tax (IBI) should also be presented, as well as your residency card if applicable. If not, then your non-resident NIE number will do. And while it's not a requirement, it's better if you provide an inventory of all the furniture, appliances, and more that you will leave with the property even after it's sold. The buyer has the right to know about them.
Expect The Buyer to Negotiate The Price
Once a buyer has requested their interest in buying your property in Spain
, it's time to talk money. Before anything else, you need to set an asking price, of which the buyer will then have to pay 1% of it to legally express their intention of purchasing your place. Once that's all pair, expect that they will negotiate the final price. More often than not, they'll offer prices that are lower than your asking price and that's okay. As long as it's not so low that you feel like you'll get the short end of the deal, you can continue negotiating until you reach a final agreement.
Abide by The Contrato de Arras
As the seller, you have a lot more to lose if you don't abide by the contrato de areas
, or the pre-sales agreement. This contract will serve as the deposit, in which the buyer has to pay 10% of the total final price. Now, if the buyer decides to violate the agreement, you get to keep the 10%. However, if you, as the seller, violate the agreement, you will have to pay double the 10% deposit. And that's on top of all the other fees, taxes, and more that you already paid to get to this part of the purchasing process. In the end, you lost a lot more money and didn't earn any!
Meet in Person as Often as You Can
If you consider your property in Spain special, even when you're selling it, then it's best that you meet with the butter as often as you can. Generally speaking, you don't really have to, especially when you're working with a real estate agent. In this situation, it's your agent who will communicate with the other party. But if you want to make sure that you're leaving your property in good hands, there's no better way than to meet the buyer in person. It'd be great if you can do it many times before the final sale is done.
Looking to sell your property in Spain? It won't be easy! But it's not impossible either. As long as you remember a few important things, you'll have no trouble saying goodbye to your old place. You'll even earn a lot of money too!