When selling a house in Mallorca, it’s important to know all the charges included in the transaction. The majority of the costs are often borne by the buyer. Selling property in Spain comes with a number of additional costs for sellers. There are a number of examples, including fees for the land registration, notary, and gestora (legal agency). The following expenses can account for anywhere from 10 to 15 percent of the final sale price when selling a home:
Renewing the cédula de habitabilidad, or certificate of occupancy
The cédula de habitabilidad is an official certificate that certifies that your property meets all of the legal requirements to be livable. An occupancy certificate is a statement from your local government that your house has met all of the local construction rules and property laws. When it comes time to sell your home, you’ll need a new certificate of occupancy, which is good for 10 years from the date of issuance. It costs around 100 euros to get a certificate of occupancy (cédula de habitabilidad).
Certificate of energy efficiency.
Since 2013, you have had to obtain an energy efficiency certificate in order to rent or sell your Mallorca home. The notary must see your property’s energy certificate on the day of the transaction. An architect or engineer’s services aren’t expensive, but you’ll need their aid to conduct an energy efficiency assessment of your home. A Spanish energy certificate might take a while to issue, so it’s best to get yours early. Depending on the size of your home, an energy certificate might cost anywhere from $100 to $400.
Fees for paying off a loan early or cancelling a mortgage early
If you bought your house with a mortgage, you may have to pay a cancellation fee if you decide to sell it before paying off the debt. Before you put your house on the market, it’s usually a good idea to study your home loan agreement. The bank must be notified in advance of the sale of a house in Mallorca with a mortgage, as it might take several weeks to produce the necessary paperwork. Depending on your financial institution, cancelling a mortgage in Spain might cost up to 1% of the original loan amount.
Fees for cancelling a property’s registration with the state’s
The expenses of clearing your property’s mortgage and all other related liabilities are often included in property registry cancellation fees. In order to prove that the property is completely free of charges at the property registration, the seller must pay this fee. In most cases, it’s a quick and painless treatment that takes anything from a few days to five weeks to complete. When a buyer is financed by a house loan, the bank often commissions this operation.
Land registration cancellation costs range from 100 euros and above depending on the transaction.
The certificate of debt-free status
The bank or financial organisation that granted your mortgage must issue an official zero or no debt certificate once the final contract has been signed before the notary of your choice. For the bank, this certificate will offer an overview of your property’s debt condition at notary. If your bank asks for a fee for the issuing of this legal document, it will be added to the overall costs of cancelling your mortgage later on in the process of the process. You should expect to pay between €90 and €120 for a no-debt certificate, depending on your bank.
Other legal costs, such as notary
The buyer typically pays the bulk of the notary’s costs. However, the seller pays for the mortgage cancellation. Your mortgage is paid off, fresh public deeds are issued, and the property is registered once the final contract is signed at the notary, when the property sale procedure comes to a conclusion. After the final signature, these documents must be registered with the Spanish land registration, which normally necessitates the assistance of a gestora (legal agency) that also handles the seller’s taxes. A few hundred euros normally covers the notarial and legal fees, which vary according to the transaction.
Fees and commissions for real estate agents and brokers.
In order to sell your home, real estate agents demand a commission. Because they handle so many tasks on your behalf, experienced real estate agents may save you time and money by handling everything from professional appraisals to time-consuming viewings to constant communication with your notary. They can even help you locate a buyer. Starting with a free property valuation.
A competent real estate agent should be consulted in order to get an exact assessment of all the costs involved in selling a home in Mallorca. For many years, esalesinternational has been helping sellers market worldwide. We’re here to help you every step of the way, so don’t hesitate to contact us with any queries. If you’re trying to sell your home in Mallorca, we’ll be able to help you get it in front of a global audience.
