Selling

AvailableNOW offer you a personalised service and the ability to reach people who are qualified to purchase your property. Once listed we will arrange and facilitate viewings and ensure regular and clear communication with you and update you regularly on sales activity giving feedback from agents and buyers. We will advise you on the correct price to market your property at to help you to achieve a satisfactory conclusion.

When deciding on the asking price you should consider the following guidelines.

  • Price your house realistically
  • Take into consideration how much you are willing to accept
  • How long you are willing to wait
  • The asking price must be realistic when comparing to current market conditions
  • Be aware of prices being asked for properties similar to yours in comparable locations
  • How long have comparable properties currently for sale been on the market
  • Find out how many comparable properties have been sold, and at what price and over what time span
  • Once a market value has been established you can then determine how your property compares.
  • Is it unique, which will allow you to ask a higher price?
  • Although it will incur an expense a vendor can always obtain an official valuation from an independent firm of valuers. This valuation will cost a few hundred Euros but is most useful especially if the potential buyer requires a mortgage to acquire your property.

AvailableNOW have a wealth of experience in the local market, and extensive knowledge of property values on the Coast which enables us to assist setting an asking price for your property. Fixing the right price is important to reduce the time your property will be on the market.

 

Decree 218/2005

Decree 218/2005 is a law passed by the Andalucian government in 2006 aimed at improving the rights of those consumers buying property or renting long-term, and providing more tightly controlled codes of practice for property professionals operating in Andalucia. It is now being strictly enforced by the authorities throughout the region. Under Decree 21/2005 a vendor MUST supply the following documents to their real estate agent in order to market their property for sale:

  1. Receipt of IBI payment (annual property tax, obtainable from your local town hall)
  2. Receipt of Basura payment (annual rubbish collection tax, obtainable from your local town hall)
  3. Community Fees statement (proof of payment, bank receipt or receipt from your community administrators)
  4. Copy of recent Electricity and/or water bills
  5. Nota Simple (Public document that describes general details of the property and title registry information. It must be dated within the last 3 months. Your lawyer can obtain this and we can also assist)
  6. Energy Efficiency Certificate (We can help you arrange this)
  7. Signed Agency Sales Agreement (We will provide this)
  8. First occupation Licence

 

SELLING COSTS AND TAXES

Lawyers fees for sales are normally 1% but these can vary should you require power of attorney.

Capital Gains tax is payable on profits earned on the difference of the property value between the year of purchase (purchase price plus costs) and the year of sale (sales price minus costs).Capital Gains Tax for residents is set at 19% for the first 6.000€ and at 21% for the amount exceeding 6.000 €.

Retention. All non-resident sellers, regardless of when they acquired the property, are subject to 3% retention of the sales price, paid to the Tax Office by the purchaser on account of the seller, and applied against the seller’s capital gains tax. If the seller’s liability is less than the 3% withheld at the time of the sale, the seller can claim it back from the tax office. If higher, the seller will have to pay the difference to the tax office. There is one exception regarding the 3% retention: when the property has been owned by the vendor, at the date of 31st of December 1996, for more than 10 years and when the vendor is an individual (not a non-resident company). Also there is no retention when the vendor is subject to the normal income tax for residents or to companies’ tax.

Notary fees are fixed by law on the basis of a scale.

Plusvalia – is a tax to be paid by the seller, although it may be subject of negotiation with the purchaser. It is a municipal tax on the increase in value of the land alone. Note that if the seller does not pay this “plusvalia” tax, it will fall on the property.

Other property taxes – such as I.B.I, garbage collection tax, community fees if any as well as normal running costs such as electricity, telephone, water, etc. should be paid by the vendor up to the date when the property is transferred to the new owner. If these cannot be calculated exactly on that date, it is customary that the buyer or his/her legal representative requires that an amount of money is left in deposit to guarantee these payments.

Want to find out how we can help you sell your Marbella, Benahavis or Estepona property? Complete the form below and we will get straight back to you.

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