By Carlos Baos (Lawyer) • 04 May 2023 • 10:17
Image - Friends Stock/shutterstock
The sale of a property in Spain is not always an easy transaction. Complications, last-minute problems, and misunderstandings are very common. In today’s article, we would like to offer our readers a brief compilation of useful tips to follow in order to sell your property in a simple and straightforward way, avoiding the most frequent mistakes.
Knowing what you are selling (Land Registry, Cadastral, Urban Planning status of the property)
It is essential to know in detail the legal status of your property and make the same checks that a properly advised buyer will most likely do. Land Registry, Cadastre, Town Hall, etc. If the property had a mortgage, and it has been paid off, it is important to verify if it has also been cancelled in the Land Registry. It must be checked if the property has a licence of first occupation, if there is any type of infringement procedure open in the town hall, etc. A thorough knowledge of all these issues, will allow you to address them proactively, saving time and frustration if these matters have to be tackled afterwards, against the clock. At White-Baos we have a pre-sales service in which we take care of reviewing all this documentation, in order to leave as much paperwork as possible in order.
Know the taxes that you must pay in Spain as a vendor
The main taxes that you will have to face are two: Capital Gains Tax and Municipal Plusvalía. The capital gains tax is calculated through the difference between the acquisition and transfer value, although there are several scenarios in which this tax can be exempt. The Plusvalía must be paid to the town hall, and its amount may depend on several factors. The years that have passed since its acquisition, the price for which it was bought and for which it is sold, etc.
The role of the independent lawyer in the negotiation and preparation of the contracts to be signed
The preparation, negotiation, and oversight of all the documents to be signed throughout the sale are crucial. The sales authorisation is to be signed with the agency (so that they can advertise the property), the contract of sale or “arras”, the title deed to be signed before a notary, etc. An independent lawyer with expertise in conveyancing will keep you informed each step of the way, preparing a contract that adapts to your circumstances and protects your interests.
At White Baos Abogados we are experts in conveyancing and real estate law. If you are thinking of selling your property, and you have any questions or doubts, please do not hesitate to contact us. We will study your case and offer you expert legal advice.
You may be interested in the following services and articles:
What does an owner of a property in Spain need to do, when their property belongs to another person on the Land Registry?
Is the Energy Performance Certificate (EPC) always necessary when buying or selling properties in Spain?.
Responsible declaration of a second occupation. Common problems. Legal advice
Carlos Baos (Lawyer)
White & Baos.
Tel: +34 966 426 185
White & Baos 2023 – All Rights Reserved.
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Lawyer Carlos Baos has been advising on variety of expat-related legal issues for years and weekly column offers free weekly insights.
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