Listing your property In Spain
The first step to selling a property is establishing the asking price. The market on the Costa del Sol is very competitive so it is important to find the right asking price for every property in order to get a quick sale. First Choice Spain will organise a free property valuation in order to find the right price. We encourage our clients to get their property ‘market ready’.This means sorting out any necessary repairs and cosmetic changes before going to market. Once a client’s property is market ready, then photographs must be taken so that we can begin marketing the property. This would ideally be done by a professional property photographer, which can be arranged by First Choice Spain.
Before listing a property, clients will be asked to send us the required documents which will be kept on file so they can be easily accessed when a potential buyer shows an interest in the property.
Sale Agreement
Once a buyer has been secured and a sale price has been agreed then we will request a deposit from the buyer to reserve the property. A sale agreement will then be signed by both the buyer and seller and both parties will then agree on a completion day which usually takes between six and eight weeks.
Costs
Generally the costs and taxes involved in selling a house are between 10 and 15% of the sale price. The main costs to consider are:
- Plus Valia Tax
A municipal tax based on the official increase in the value of the property since the last transfer. The town hall will assess the value. - Mortgage redemption charges
It is common to find early cancellation fees of 1% (or more) of the value of the mortgage if a loan is still outstanding at the point of sale. - Retention Tax (only for non-residents)
If you are a non-resident seller, then the buyer will keep 3% of the property value to pay the Spanish Authorities retention tax on your behalf. - Capital Gain Tax
Capital gain tax is set at 21% on to all properties that are sold at a profit from the original purchase. - Notary & Registry Fees
Notary and registry fees are generally calculated at 1% of the purchase price, although sometimes they can be considerably lower. - Estate Agency Fee
The agent’s fee will be agreed on when first listing your property and it depends on the price of property and service required.
For more information, about listing your property in Spain, see our Frequently Asked Questions section.
