Comprehensive Guide to Selling a Home in Spain

Spain’s Property Selling Procedures

The first step is to choose a reputable  property portal or real estate firm who markets worldwide.

Sales of luxury properties in Spain‘s main cities and most sought-after vacation spots are the speciality of top property platforms, a market leader when it comes to selling Spanish homes to international purchasers. Professionalism, industry expertise and experience have earned us a reputation for excellence. Your home will be sold quickly and for the best price by a team of bilingual Sales and listing agents committed to the cause.

 

For your convenience, our partners across Spain have the following services available for you:

  • assessment of your home in the current market based on current sales data you can trust
  • Professional listing photos
  • drafting up floor drawings for a house
  • Inspect and revise any sales-related papers such as the Certificate of Occupancy, the Land Registry Certificate, and so on.
  • Inclusion on our eleven different language websites (each receiving an average of 135,000 unique visitors each month)

 

GLOBAL MARKETING IS A MUST.

The most efficient approach to selling your home is to market into all countries buying in Spain. By marketing a property through many agents, the value and uniqueness of the property might be diminished. We’ve also found that houses that are more exclusive sell more quickly.

 

In the case of unique instructions our partners offer the following additional services at no additional cost:

  • most prominent property
  • Leading national portals feature this property as a highlight.
  • The assertion in our twice-yearly property catalogues
  • Our Property Lounge displays will show a professional film of your property, and the video will be shared on social media.
  • A remodelling project is simulated using 3D renderings.
  • PR and media initiatives that are tailored for both domestic and international audiences

 

Sign the property.

The Notary office must process the following papers for a new owner:

  • Acknowledgement of Possession of an Occupancy Permit
  • Certificate of Energy Efficiency (CEE)

 

The Letter of Intent to Reserve and the formal offer

Your real estate agent will provide you with a possible buyer’s offer on your property, whether orally or in writing. A written Letter of Intent stating the parameters of the purchase agreement is required by a notary before any money is sent into the escrow account. Using this method, we can show that the buyer is genuinely interested in purchasing the property, and it allows us to distinguish genuine bids from speculative ones. This isn’t common practice in the business, but we’ve found that it improves the formality of the offer process and increases the likelihood of a successful negotiation.

 

It is instantly converted into a private Reserve Agreement, and the Good Faith Deposit is converted into a Reserve Fee, removing it from public view after an offer has been accepted. Concerning good faith deposits and reserve fees, the range can vary widely, although it is often in the €5,000-€10,000 range. Returned Good Faith Deposit payment occurs if an offer is rejected and talks do not agree. When the Reserve Agreement is signed, the terms and circumstances of the transaction will be laid out in detail for a period of 7 to 10 days.

 

The Arras Agreement (Contrato Privado de Arras)

When the seller and buyer reach a private agreement to sell and buy a piece of real estate, they agree to conditions that are acceptable to both parties.

In the Private Arras Contract (Contrato privado de arras), you will find all the important information, including the property description, the purchase price, the payment plan, and the completion date.

To finalise the transaction, the buyer will be required to submit an initial payment. 10% of the negotiated purchase price is typical in Spain, which is paid straight to the seller’s bank.

Penitential Arras (Arras Penitenciales) is an optional penalty provision used in Private Arras contracts that states that if the buyer backs out of the deal, the seller will keep the whole down payment. A buyer can get two times their down payment as compensation if the seller backs out of the deal. As a result, the chance of a Seller accepting a greater bid from a third party is reduced.

To sign the Private Arras Contract, both parties need not be present. The contract can be signed remotely in your local embassy with an official witness and then exchanged between the parties or their agents in original form.

 

The Deed of Public Sale (Escritura de compraventa)

Any outstanding mortgage balances must be paid in full on completion day (sales price fewer amounts paid to date and any outstanding balances owed by the seller’s bank). It is also necessary to terminate any current mortgage debts to transfer the property free of debt. The seller’s bank often attends the signing, receives a check from the buyer for the outstanding balance of the loan, and grants the mortgage cancellation deed. Loans can be terminated and registered in the Land Registry in this manner. As an alternative, the seller’s bank may subrogate the mortgage, allowing the buyer to take over the current debt.

The public purchase sale deed (Escritura de compraventa), the property’s title deed, is signed by both the seller and the buyer. A Notary Public gives buyers a Public Purchase Sale Deed in front of the Spanish Tax Office, and Land Registry that validates the property transfer, and a copy of the Public Purchase Sale Deed will be sent to both.

In Spain, a Notary Public is a government official who must sign the sale document. However, Sellers should seek the advice of an expert and independent legal counsel to update contracts and preserve their rights.

To sign the Public Purchase Sale Deed, both the buyer and the seller must be present. It is possible to get a Power of Attorney issued to a lawyer, spouse, or other representatives to act on your behalf if you are unable to do so yourself.

 

Contact is today to buy or sell a property in Spain.

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