Spain's law allows you to put your real estate for sale through as many agencies as you want, at the same time. However, many of those agencies will just list your property and wait for a buyer to come. At Spanish Homes, we have a quite different proactive approach to you as a real estate seller and a buyer.
When selling a property in Spain, most of the work is done by the lawyers of the buyer, it’s not mandatory for you to have a lawyer when selling, however, it is advisable.
The first part in selling your property is listing it with a real estate agent, you will need to make sure all your documents are up to date and that any alterations that have been made are registered with the municipality.
The documents required to list your property
To sell your property you will need to prepare the following documents:
- The title deeds to the property.
- Receipts for the local municipal property tax (impuesto sobre bienes inmuebles or IBI)
- Copies of utility bills.
- Details of the community statutes.
- A list of any items of furniture etc which will be included in the sale.
- Your Residencia card if you have residency status.
Along with these documents our agent will take pictures and write a unique description for your property for sale and enter it into our real estate database, then you can sit back, relax and leave the rest to us.
The due diligence report
When the agency has found the right buyer for your real estate and a price has been agreed, you will need to take a lawyer/solicitor. They will help you translate the contracts and documentation, and will translate for you at the notary at the final deed. The lawyer will help you check if you have all the needed documents, and would help you or advise what additional documents you may need.
In the next step, the buyer's lawyer will carry out a due diligence report on his behalf and draw up the promissory contract. This usually takes between 2-10 days but can be different depending on the situation.
Promissory Contract
After the due diligence period, the first legal binding contract on selling property is signed. This contract is signed by you and the buyer, and is the first legal binding contract. On a promissory contract, you will receive the deposit, which is usually between 10-30%. As this contract is legally binding, the deposit is non-refundable.
Final deeds
About 30 to 60 days after the promissory contract, depending on the situation, the final deed is signed and the remaining balance is paid. This process involves the seller, the buyer, the lawyer, and the notary. Your lawyer will be there mainly to check the contract on your behalf and to translate into your preferred language. The notary guides the process for both parties at the final deed, after which you have officially sold your property!
If you have a property you would like to sell with Spanish Homes.com please fill out the form below and one of our agents will contact you shortly.
