Process of selling a home

1. THE CONTRACT WITH THE REAL ESTATE AGENT
Before starting a sales process, an order contract is concluded with the real estate agent. The contract regulates the sales order.

2. THE EARNEST AGREEMENT OR THE PURCHASE OPTION
When the seller has reached an agreement with the buyer, a purchase contract is entered into, the so-called Deposit Contract or Purchase Option. From the contract arises the price, the date of entry into possession, etc. When the contract is signed, the buyer makes a payment on account of the balance, which is paid on the date of entry into possession. This contract is then replaced by a new notarized contract.

3. PUBLIC DEED OF SALE
On the day of entry into possession, you and the buyer will meet with the real estate agent and the attorneys-in-fact before the notary. The buyer chooses the notary and is responsible for making an appointment. The identity of the buyer and the seller, as well as the legal status of the home are verified before the notary. The buyer then receives the so-called Public Deed of Sale.

4. PAYMENTS
The notary receives the payment and is responsible for paying the taxes, fees and delivering the balance to you. You hand over the keys to the buyer, who after the meeting can take possession of the home.

5. TAX DEDUCTION
If you, the seller, have your tax residence in a country other than Spain, you will receive only 97% of the total price at the time of sale. The remaining 3% is paid by the buyer to the State Tax Administration Agency of Spain. This is a way to guarantee that you will comply with your tax obligations and declare capital income from your sale in Spain. Then, when you have met all the requirements related to the authorities, that 3% or part of it is returned. Your agent will help you with the return of "your" share, but it may take up to a year before it is done. The real estate agent can make a preliminary estimate of taxes, but the legal representative is responsible for the final declaration. This applies to real estate tax, homeowners association fees, capital gains tax and real estate agent fees.

General expenses to sell a home

Capital gain

IBI of the current year

If you have a mortgage:

Banking expenses

Notary expenses (mortgage cancellation)

registration fees

Lawyer or legal adviser expenses

Documents needed to put a home

Deed (and mortgage if any)

ID or passport (and NIE for foreigners)

Valid habitability certificate (it is valid for years in Orihuela Costa and we can process it for you)

Energy efficiency certificate (we can process it for you)

Water and electricity bills

SUMA (IBI) receipt

Last payment receipt of the Community of Owners

Inventory of all things left in the house (included in the sale)

Complete set of keys

We hope that all this information is useful when buying a home, the process is not easy and that is why we recommend using an intermediary. As a general rule, a person from outside the sector carries out a maximum of 2 real estate transactions in their entire lives. On the other hand, we professionals carry out several a year, so we must keep ourselves informed all the time. Know that if you have any questions regarding the buying and selling process, you can contact us by mail or by phone.