What is the process for selling a property in Spain?

What documents do you need to sell a property in Spain?

The documents you need to sell your house in Spain

  • Purchase Title Deed.
  • Receipt for Notary Fees.
  • Receipt for Local Rates/ Council Tax (IBI)
  • Latest water bill and contract (or the contract reference number)
  • Receipt for the last payment of the Community Fees.

Do I need a solicitor to sell my house in Spain?

Finding a solicitor in Spain

Although it’s not compulsory, you’ll probably want to engage the services of an English-speaking solicitor to oversee the sale and advise you on tax issues and so on.

What fees do you pay when selling a property in Spain?

There is no fixed fee when it comes to selling a property in Spain as there are many factors that influence the amount of taxes to pay. Generally speaking in Spain on average the buyer will end up paying around 12%-14% on fees and taxes and the seller around 23% on the profit made from selling the property.

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Do you need a lawyer to sell a property in Spain?

Although it is not mandatory to sell property in Spain assisted by a lawyer, it is highly advisable that you do; particularly if you are a non-resident. Lawyer and regular contributor Raymundo Larraín Nesbitt takes us through the advantages of having legal representation when you sell a property in Spain.

Do I need a Spanish bank account to sell a property in Spain?

You will need a bank account in Spain to pay the utilities invoices and the fees of the Community of Property Owners. In the case that you obtain finance to buy the property, you will also need a bank account for the mortgage monthly repayments.

How much is Capital Gains Tax in Spain?

Capital gains obtained in Spain by non-residents without a PE are taxed at a rate of 19% when they are generated from transfers of assets otherwise they are taxed at the general NRIT rate of 24% (for residents of other EU member states or EEA countries with which there is an effective exchange of tax information, the …

Do you have to pay capital gains when you sell your house in Spain?

This means that capital gains tax is one of the main taxes you will be charged if you sell your property (e.g. your house) in Spain. In countries like the UK, the CGT works independently. However, in Spain capital gains is integrated with the IRPF (personal income tax) in accordance with the Spanish tax system.

Is it a good time to sell a property in Spain?

According to an idealista/data analysis for the third quarter of 2020, the time to sell a house in Spain has increased to an average of 6 months due to the coronavirus pandemic. … In order to close a property sale and purchase transaction in Spain, a homeowner must know how long their home might remain on the market.

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What happens if you own a property in Spain after Brexit?

Buying property in Spain after Brexit will not cost you any more money. The cost of buying a property in Spain is the same whether you are a Spanish national, a national of the UK, or a national of the USA or China. The costs of buying a property are not affected by your nationality.

Who pays notary fees in Spain?

If nothing is agreed in the purchase contract, or if it is said that the fees will be paid according to the law, then the expenses should be paid in accordance with article 1455 Cc and the majority of the notary expenses will be the responsibility of the seller.

Who pays property transfer tax in Spain?

The transferee must pay the tax at a rate up to 10 % of the purchasing price, depending on the region where the property is located. In case of purchasing a movable or personal property, rates also depend on the region where the purchase takes place.

What are the pitfalls of buying property in Spain?

Some of the common pitfalls of buying a property in Spain include deposit, purchase tax, issues with off-plan properties and properties being built illegally. During your research into buying a property in Spain you will have come across many stories of purchases in Spain gone wrong.