1. Make sure that your property is looking its best and consider undertaking some refurbishment if needed.
2. If you are not always available for viewing appointments, give a set of keys to Winkworth so that we can show your property if you are not there.
3. Ensure that you have all the paperwork related to the property at hand. This includes the escritura and nota simple.
4. Make sure all the utility bills are paid up to date. This includes property taxes, rubbish collection and community fees. You will have to provide original proof of payment at the time of signing the Escritura. Sellers have to pay the IBI (Council tax) for the whole year they are selling in.
5. Understand the financial ins-and-out of selling your property. Every seller has to pay plusvalia, a tax based on the incremental value of the land which the property occupies over the amount of years you have owned it.
6. If you have a mortgage remember that you will have to pay mortgage cancellation fees. Your bank will probably have anywhere from a 0.5% to 1% cancellation charge on the balance of your outstanding mortgage
7. You should also ensure that your mortgage is cancelled at the Notary and Registry. This may cost anywhere from 600 Euros to 1000 Euros and is an amount that will probably be retained by the solicitor to ensure this is done.
8. If you are non-resident in Spain, the buyer of your property will also have to retain 3% of the Escritura Sales Price to pay directly to the Spanish tax man (Hacienda) on your behalf towards your Capital Gains Tax. Fiscal residents do not have any retention made on them, but they may have to pay tax on the sale in the following year through their tax returns.
9. Make sure that you use a good lawyer. Winkworth can recommend a local, reputable firm of lawyers.
10. Don’t forget to factor in our fees to your calculations.