Selling property is far from easy, especially in a foreign country, where the language barrier and ignorance of law make it even more troublesome. The tripinvest real estate agency will properly guide you through all the stages of this process.
Prior to selling property it is recommended to devise a summary of all expenses to be involved in this process. Some amounts are possible to estimate since they are fixed - some of which are individual and depend on the property itself or its location.
Taxes:
The energy performance certificate is simply a reflection of energy consumption and energy efficiency of a given property. In order to obtain the certificate, an inspection by a licensed technician needs to be carried out. It will help estimate the property energy expenditure and will provide a number of enhancements in order to lower the possible costs of consumption. Having carried out the inspection, the specialist will have to register the issued certificate with the relevant public authority so as to obtain the energy label.
Not all properties for sale are in a very good condition. Therefore, when buying property, it is necessary to possess a registration that guarantees that the property meets all the conditions and is authorised for use. This document certifies that the property is ready to move in - i.e. meets all the minimum safety requirements i.a. measurements, lighting and ventilation.
This document is very frequently requested by the buyer - it is used to check whether the property is indebted, listed in the law of succession or has any other owners. It is not a mandatory document. However, it is not expensive and therefore it is advised to have it and allay all possible doubts of the buyer.
The deposit is one of the necessary documents when selling property. It protects both, the buyer and the seller in the event of resignation of one of the parties.
It is advised to look for a lawyer or a notary that will mediate between the two parties in relation to the costs of such a deposit in case of any financial inaccuracies, successions or divorce matters. Such a contract is devised by the real estate agency that intermediates in the transaction.
Notarial fees are regulated by the law and constitute a fixed amount, which applies to all notaries. Thanks to this method, the amount of notarial fees will differ depending on the property price, the length of the deed, the number of requested copies etc.
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The purchase value |
The sales value |
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Terms that increase the value |
The actual purchase price
The costs of land improvements
Costs and taxes related to the procedure |
The actual declared amount of sales |
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The terms that decrease the value |
Depreciation write-offs |
Costs and taxes related to the sale process |
To find out how much you will have to pay, subtract the purchase value and the sales value. Therefore, the following elements are taken into account to calculate this tax:
If the equation result is positive - one has to find out what the personal income tax amount will be. In order to do so, one must verify in which section their profit is located, in accordance with the taxes established by the Tax Office, currently ranging from 19% to 23%.
The next tax that must be paid in order to sell property is the municipal tax, which shall be paid in the City Hall. This cost pertains to the increase in the value of the land, not its purchase price.
It is especially connected with the costs that increased its value during its use. Therefore, the cadastral value of property is taken into account, as well as the period during which we lived in the property. The maximum period taken into account to determine the tax value is 20 years.
This tax is paid annually by the property owner. It is required that this tax is paid when selling property. However, it is worth remembering that the person who settles this payment is the one who has been listed as the owner of the house since the beginning of the year, i.e. 1 January. What happens if we sell property mid-year? Who pays the property tax in this case? Most of the times it is negotiated with the buyer to pay the tax according to the period that each party has spent in the property. However, there are transactions where the seller pays the whole amount of tax for the started year.
When deciding to sell property in Spain, many factors must be taken into account. A real estate agent may turn out to be a great help. Therefore, choosing the right person is one of the most important decisions that should be taken right at the beginning. The right agency can allay doubts and put our thinking on the right track. In case of lack of knowledge of native acts or laws and ignorance of the Spanish language, we have no other choice than to rely on a trusted agency. In the age of the Internet we are able to exchange different opinions and on the basis of our own research we can choose the best agency. It is also necessary to check the credibility of the agency, preferably by visiting the office and talking to the team.
The additional costs of using the services of an agent also need to be taken into account. The commission for this process is usually between 3% and 7% of the sales price. There is no regulation on this matter, so each agency sets its fees, taking into consideration the dynamics of the market itself. In addition, the percentage may also vary depending on the type of house, its location and whether it is new or used. For comparison, it is usually higher in major cities and large urban centres, where the market is very busy.
The Polish team is a great advantage of our agency. We are up-to-date with the Spanish property market and all the legal tricks. In case of signing the contract with tripinvest, the client not only does not have to worry about completing all formalities, but also about understanding them fully, as the language barrier in our case is not an issue.
Our agency cooperates directly with the client. We check every piece of information and explain possible fluctuations and obtain necessary data from the owner and the buyer. We always dispel all our clients' doubts by explaining the necessary procedures to them.
Our agents start working with the client by setting up a sales agency agreement itself, whether it will be implemented on an exclusive basis or not. If the owner has placed his offer in another office, a contract is signed for 12 months, in case of exclusivity for 6. If neither party terminates the contract by that time, it is automatically extended.
The next step for the client is to provide the agency with all necessary documents (listed in the points above). The final price of the property is determined, to which commission and tax are added. The signing of the contract is the end result.
It is also a very important arrangement and convenience for the owner to allow the agents to present the potential clients with the property without his/her presence (and possibly make additional keys). This will also allow for the free preparation of promotional materials. If the house needs cosmetic amendments or repairs, we urge the client to take action to eliminate them. When the owner is not able to do it on his own, we offer our assistance. We take care of the property as if it were our own.
Then marketing activities are carried out. We cooperate with a professional photo crew, thanks to which a film is recorded and a 3D walk around the property is taken. We respect the opinion of the owner, who will allow us to emphasise the value of the house and show it in the best possible light. The offer is available on such portals as Kyero, Spainhouses, Idealist, Facebook or Instagram. This gives it a greater international reach. We place great emphasis on promotion in the media and build our customer base there. The second possibility of procuring buyers is, of course, the interested parties themselves, who apply directly to the agency.
If a potential client appears, all information about the offer is passed directly to the property owner. Price negotiations are conducted by our agents. The client does not have to worry about this process.
As soon as both parties agree, the buyer makes an advance payment, and the rest of the amount after the agreed time. During the course of these events, our real estate agent accompanies you and takes care of the free flow of transactions.
If you wish to find out more, we encourage you to use the contact form on our home page or Facebook and get acquainted with the current offers.
Karola Bunscha 18, 30-392 Cracow
Poland
Calle Belgica 1, 03710 Calp
Alicante, Spain
Calle Rafal 43/1F, 03185 Torrevieja
Alicante, Spain
Calle Avda Ricardo Soriano 72
29601 Marbella
Malaga, Spain
tripinvest