Selling a Property in Spain

Are you selling your property?…. is your paperwork correct?

If so, it is important to ensure that all your paperwork is tidy, so that when the time comes for someone to buy your house, there is no hitch!

Points for thought:

1) There are cases when someone purchased a house on a plot of land some years ago and never realised that the Deeds only mention the “land” and not the “building”. If this case occurs, you must sort out the “Declaration” of the house so that your Deeds are tidy. Please note that it is VERY IMPORTANT to obtain correct legal advice on “how” this should be done and “what value” should be used in the new Deeds. DO NOT go it alone!!! It is essential that you follow the correct steps (including the use of the correct values for the constructed areas………) because, when you sell, these details will play an important part in any Tax Declaration calculations.

2) If you know that your house “is” contained in your Deeds, are you sure that the “description” of your property actually reflects the true description of the property as it stands today? On many occasions, when someone buys a property and later “adds” extra area, builds another floor, builds a pool or garage, etc. a new Deed is not drawn up to reflect this new/added area. All construction areas should be correctly contained in the Deed. Professional help and advice is essential.

3) Another item for thought is to check that your correct municipal address is reflected on the RECEIPT for the payment of Rates and the Rubbish Collection Fees. There are many occasions where the Rates bill/receipt reflect the “old” address and not the new street name and number. Sometimes the new street name is correct but the number is different. For a new buyer, it is important that all documentation relating to the property is in order. See advice!

As always PLEASE CONSULT a qualified solicitor or legal advisorto ensure that you receive the correct advice and guidance.

Are you aware of the TAX implications when you sell a property?

Are you a resident? Are you a non-resident? – whichever the status, it is most important for you to understand the procedure of sale, the likely costs and the tax implications.

There are factors which have to be taken into account for a non resident vendor and different factors for a resident vendor. Do take the time to find out so that you know the correct situation as it is today. Consult your tax advisor on this matter.

With current tax legislation, the rules are being “tightened up” and you need to be sure of the current legislation which affect the sale of your property.

Seek correct professional advice so that you know what taxes apply (Municipal tax, personal tax……..) when you “sell the property” whether you are a resident or a non resident, forearmed is forwarned! The time factor plays a vital part so do not “assume” all is well, do FIND OUT! Avoid having to pay an unexpected tax bill, because you did not check out the correct information PRIOR to your sale!

SEEK PROFESSIONAL ADVICE REGARDING TAX AND LEGAL ASPECTS RELATING TO THE SALE OF YOUR HOUSE, so that your sale is carried out correctly and you are aware of all steps of the procedure.

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