sale contract

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23 Jun 2010 00:00 by chicadeb Star rating. 32 posts Send private message

Hello,

If someone is selling a property privately (without an agent or solicitor) and finds a private buyer, and the buyer wants it, what is the normal procedure from this point?

Is there a standard contract that can be found on the internet that can be used for a normal sale?
Does the notary have a standard contract or is it up to the seller to organise that?
Who normally pays for the notary fee?
Should the seller ask for a deposit if the buyer wants to buy it cash and within a few weeks?

Many thanks




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24 Jun 2010 17:22 by claire T Star rating in Torremendo, Orihuela. 698 posts Send private message

EOS Supporter

Hi Chicadeb - I would not advise going without both an agent or lawyer.  By your questions you clearly know nothing about the process.

I know people are very sceptical about agents and lawyers but they do perform checks to make sure you are protected and the sale is properly processed and recorded.  You also need someone to calculate the Capital Gains Tax, Plus Valia and the 3% retention, if applicable. 

My advice is, since you have a buyer already, then do without an agent but find a good lawyer - personal recommendation is the best way to make sure they will do what they are supposed to do.

If you chose to go it alone - well the best of luck, cos you will need it!



_______________________

Claire

 

 

For great value properties in southern Costa Blanca

 

www.realcostablanca.com

 




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24 Jun 2010 17:24 by chicadeb Star rating. 32 posts Send private message

Ok Claire.  Thanks for your advice.





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24 Jun 2010 23:47 by Roberto Star rating in Torremolinos. 3552 posts Send private message

Roberto´s avatar

A lot may depend on your relationship with the buyer. If you are confident in them then maybe a contract and deposit aren't necessary. Theoretically you do not need a lawyer; the buyer has more need for one really, and if they do have one, they will no doubt let you know what is expected. There are various documents you will need to provide, such as a certificate from your town hall for the rates, another from the community (if applicable), but none of this is difficult if you have the time and inclination to DIY. Plus valia is simple - after the sale just go to your town hall and ask. CGT isn't an issue at the time of the sale either if you are resident, and a gestor can handle that for you when you do next year's tax declaration. If non-res, the buyer's lawyer should sort out the 3% retention.

The notary fee is normally paid by the buyer, as well as any other fees or taxes (except the plus valia). Make sure this is clearly agreed upon before heading to the notary!

But I agree with Claire, since you are presumably new to all this, you may feel more confident using a recommended lawyer. Just be sure to get a quote for their services before instructing them to act for you. You don't want any nasty surprises later on.

Good luck.



_______________________

 

"First get your facts; then you can distort them at your leisure"

Mark Twain

 

 

 




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25 Jun 2010 10:15 by chicadeb Star rating. 32 posts Send private message

Thanks for that, Roberto.





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25 Jun 2010 14:35 by joanmalaga Star rating in Costa del Sol. 424 posts Send private message

Do not buy or sell without a lawyer:

If you are the buyer you may not know about all the possible debts on the property and then be liable for them (Ie: electric, water, gas, IBI, basura, other debts) check the nota simple for mortgages, personal debts ... etc

If you are the seller it is not that difficult but i really recomend using a lawyer

There are hundreds of contracts online but most of them lack something or other and therefore you can find yourself in trouble

Quite honestly most of them charge 1% of the price as their fees and it is woth it for piece of mind

You may even get many lawyers to drop their fees, everyone needs money at the moment!

Joan





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25 Jun 2010 19:19 by Roberto Star rating in Torremolinos. 3552 posts Send private message

Roberto´s avatar

For buying, 1% seems to be the normal charge (though I've never understood why their fee should be a percentage of the sale price, since the amount of work they do has nothing to do with how expensive the property is), but for selling, charging 1% on, say, a €200k sale.....for what? The last time I paid someone to represent me at a sale, he turned up late (went to the wrong notary in Malaga) and since the buyer refused to wait any longer, it was all signed sealed and delivered by the time he arrived. He looked over all the paperwork (too late to alter anything) and said yes, that's fine, and left (with his outrageous fee).

I agree if it's your first time, for peace of mind, you may prefer to have someone to guide you through the process, but really, as long as you leave the notary with the correct money firmly in your grasp, what else do you need to worry about? Ask for a fixed fee before hand. Unless it's a very cheap sale, I suggest 1% is a ridiculous fee for selling. Just my humble opinion.



_______________________

 

"First get your facts; then you can distort them at your leisure"

Mark Twain

 

 

 




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25 Jun 2010 19:27 by chicadeb Star rating. 32 posts Send private message

No, I totally agree with you Roberto.  I have an advantage that I speak a very high level of Spanish, my disadvantage is that I haven't sold a property in Spain before, but that's why I'm looking into it now to prepare myself should I find a buyer (someone looked at it a couple of days ago which prompted/panicked me into thinking about if they actually wanted to buy it (ojalá) , then what would I do!!).  I appreciate the time you´ve spent on replying to me.





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