Selling a property in Spain.

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22 Jun 2009 00:00 by Pinkie Star rating. 3 posts Send private message

Hi, Looking for help in the costs in selling my ,property purchased in march 2008.Any help very much appreciated.Thanks.





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22 Jun 2009 23:29 by Roberto Star rating in Torremolinos. 3871 posts Send private message

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If you sell through an agent, you should not accept commission of more than 5%. (IMHO)

Plus valia tax - payable to the local town hall; should be negligible, possibly zero, since you've had the property little more than a year. You can go to the town hall yourself to get the bill.

Capital Gains Tax: if you're non-resident, 3% of the sale price will be retained at the notary in lieu of any CGT due, which is 18% of any paper gain you make (less original purchasing costs). If the gain is zero (or negative) you can claim back the 3%.

Bank charges - if there's a mortgage to be cancelled there may be fees; if your bank wants to charge you for depositing the proceeds, negotiate!

Other than these, the costs involved should be met by the buyer. I can't think of any other costs you would incur, unless you choose to use a legal representative. Not really necessary in my opinion, especially if you sell through an agent - make them do the work!

 

 



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23 Jun 2009 00:11 by Team GB Star rating. 1186 posts Send private message

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Further to Robertos answer

Remeber any unpaid bills or debts on the property will be withheld, and  if use an agent the fee will will be plus IVA, I think this 16%., Roberto?



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23 Jun 2009 06:26 by mariadecastro Star rating in Algeciras (Cadiz). 8580 posts Send private message

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Pinkie: Have you tried the owner to owner facility here in EyeonSpain?



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23 Jun 2009 19:01 by Roberto Star rating in Torremolinos. 3871 posts Send private message

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Team GB - true, if the agent is legit they should charge IVA on their fees. Whether this is included in the agreed commission figure, or in addition to, should be clarified with the individual agent. Remember, they are negotiable!

I didn't mention outstanding bills, as these are not really costs related to selling as such, but remember that you will need certificates from both the town hall (for IBI) and the community if any, stating all fees are paid up to date, and usually you will be expected to produce latest utility bills as well.



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23 Jun 2009 22:50 by Team GB Star rating. 1186 posts Send private message

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Roberto

I know that outstanding bills are not really costs but I reckon OP Pinkie wanted the bottom line, without any nasty surprise.

I bought up the subject of unpaid bills because of our experience when we completed in February, we were in the notaries office with the vendors, they seemed shocked with the amount of there final cheque.

It turned out that although they had told us that there were no outstanding debts, in fact there was several, our lawyer had picked up on this and had made the necessary adjustment.After hasty talks with there lawyer they soon agreed.

Steve



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