Formalities and recommendations when selling your property in Spain
Are you thinking of selling a property in Spain? If so, you must consider a series of requirements with which you must comply, to ensure that everything is handled legally. Apart from our other recommendations, we will also advise you to help you ensure a smooth sales procedure for the property. Our process is outlined below:
- The first thing you need to do is to apply for a nota simple (extract) from the Land Registry. This is an informative document that certifies certain details on the property, such as the identity of the owner, the surface, possible charges on the property or other debts.
- Next, you must provide the last receipt for the payment of the rates (IBI in Spanish). This is the local Spanish rate tax that is paid once annually to the corresponding Town Hall and the tax on the collection of rubbish. All must be up to date in payments, to avoid there being debts related to the property.
- Likewise, it is recommended that you have a copy of the licence of first occupation. The function of this document is to prove that the building fulfils complies with current urban and environmental legislation.
- The Plusvalía Tax must also be calculated; this is the tax on the increase of the value of the land. This local Spanish tax encumbers the increase of the price of the property, assuming the tax base at the time of settling this tax and complying with the terms and possible exemptions.
- Likewise, the possible Spanish capital gains tax must be calculated; this is the tax that is the consequence of selling the property. Always consider this cost when selling property.
- You must have an energy performance certificate. This is an obligatory document related to the energy features of the property. It must be handed over to the purchaser when signing the public deed before the notary.
- Sellers with a fiscal residence outside Spain must assure their payment of the self-settlements of Income Tax for non-Residents.
At Welex, we rely on notaries of trust and lawyers to draw up all deeds at the time of a property sale, and we employ a team of professionals in legal and tax issues who will guide you through the full sales process.
Welex Lawyers & Accountants
C/ Ramón Gómez de la Serna 23, Local 7, Marbella
Tel. (+34) 952 775 521