Buy & Sell Guide
STEPS TO TAKE INTO ACCOUNT AT THE TIME OF THE PURCHASE OF A PROEPRTY IN SPAIN (buying guide)
- Seek the property that suit’s with your dreams and economic conditions.
- Consult with an efficient property agent and obtain advice on the property of your dreams.
- Prior to make a down payment, consult with a Lawyer in Spain who will advise on the legal status of the property and all the steps to be followed in the process of buying your home.
- Duly advised by your Spanish lawyer, book your property with settlement of a deposit and signing a private contract.
- Application for your Non-Residence Certificate and NIE document, for any action you make in Spain with financial implications.
- Having obtained your NIE certification, please sign up to the Spanish tax authorities and obtain your digital certificate, which will facilitate your actions with the Inland Revenue.
- Open a bank account in Spain for future direct debits supplies on the purchased property.
- Grant the Purchase Title Deed. Following the terms of the Private Contract or when agreed with the vendor, attend the Notary meeting to grant the Purchase Title Deed, where you become the owner of your dream home. At this stage, in the presence of the Spanish Notary, you pay the price of the sale and get the keys of your new home. But the process does not end here.
- Once, granted the Spanish Purchase Title Deed, its time to settle the taxes and to register the property at the Land Registry where the home is located.
- Notify your Town Hall, that you are the new owner of the property for the purposes of settlement the Plusvalia tax.
- Registration at the Cadastral Office.
- Notification to Community of owners that you are the new owner of your home.
- Contracting the different supplies on the property with direct debit on on your Spanish bank (electricity, water , telephone , gas , alarm,….)
- Enjoy your new property in Spain and Congratulations!
The whole process indicated above, can be a nuisance for you. Arcos & Lamers Asociados will guide you in this process for the purchase of your home is really a dream. Avoid complications and contact the professionals of this multilingual law firm in Spain now!.
STEPS TO BE TAKEN INTO ACCOUNT AT THE TIME OF THE SALE OF A PROPERTY IN SPAIN (A SELLER’S GUIDE)
If you have decided to sell your property in Spain, the multilingual lawyers of the multilingual law firm in Spain Arcos & Lamers Asociados would advise you to proceed with the reading of the following tips. Here, you will learn what documents should be prepared, who must sign the sale’s Title Deed in Spain and what Spanish taxes you must settle at the time of the sale.
First, we advise that you contact a real estate agent. As a professional, he will be able to help you to find a buyer for your home, and will advise you about the sale, market circumstances and preparation of an inventory of the items that will remain in the property.
The documentation to be prepared for the sale should include the following:
1. The Purchase Sale Title Deed granted when you acquired your property
2. Identity documentation, passport and NIE number certificate
3. IBI (rates) and receipts for other supplies on the property, such as water and electricity
4. Community certificate stating that there are no debts owed for the community fees associated with the property
5. Energy certificate
All owners must sign the Purchase Sale Title Deed. If the property was acquired using the common assets of a married couple, both the husband and wife should sign. Both must sign if the property is the marital home.
With reference to the Spanish taxes arising with the sale, you will have to take into account the following:
a) Plusvalia tax (Impuesto sobre el incremento del valor de los terrenos de naturaleza urbana) This tax is to be paid to the Town Hall where the property is located, and is based on the increase of the value of the land and the time lapsed since the acquisition of the property.
b) Vendor capital gains tax In the event that there is a gain resulting from the sale of your property in Spain, this income is subject to tax at a rate applicable to 21%, based on the difference between the transmission and acquisition values of the property.
In the case that you are non-resident taxpayer in Spain, the buyer, whether or not a resident, is obliged to retain and deposit to the Public Treasury 3% of the purchase price. This amount is considered payment of the capital gains tax of the seller resulting from the gain.
If there is no gain, or if the retained amount is higher than the quota of the tax to be settled, you will be entitled to claim for a reimbursement of the excess, or the total paid amount, as appropriate.
Should you wish to obtain more information, please do not hesitate to contact one of the English-speaking efficient lawyers with our firm in Spain. At Arcos & Lamers Asociados, your Spanish accountant lawyer and tax adviser are under one roof, we will assist you throughout the process of selling, collecting the necessary documentation, and advise you on all taxes and expenses arising from your sale.