7 golden rules to purchase or sell a property in Spain easily and without surprises

At Welex, legal & tax experts in Spain, the Purchase or sell a property in Spain does not have to be a too complicated procedure. Nevertheless, there is a series of recommendations that our Spanish law firm in Marbella would suggest to take into account when purchasing or selling a property in order to have all documentation correctly in order and to make the transaction easy:

1. The first thing to do is to get a “nota simple” (extract) from the Land Registry where the property’s identification is recorded, the owner or owners, surface and its nature, etc. Although the document is merely informative, it will give us important details to know, such as the correct registration of the owners or any possible debt on the property.

2. Secondly, you have to make sure that fees regarding garbage collection and rates (real estate tax) so known “Impuesto sobre Bienes Inmuebles” (IBI) are up to date. To find out whether there are no debts on the house is fundamental to avoid surprises.

3. It is also necessary to get the licence of first occupation; this is the document issued by the Town Hall and certifies that the building has been constructed according to the law and urban rules. The licence of first occupation is important in order to obtain different services such as water, electricity, sewerage, etc.

4. Another issue to take into account and equally important are the taxes and disbursements to be met a the time of the sale of a property is the calculation of the payment of the taxes on the Increase of the value of the urban land (IIVTNU) also called Plusvalía tax.

5. It is also compulsory to get the energy efficiency certificate. The owner must acquire said certificate and hand it over to the purchaser at the day of signing the public sales deed.

6. Likewise, we must calculate and take into account when facing the costs of a sale, the income tax for any possible equity gains. In case of non-residents in Spain, owners are subject to the tax on Income for Non-residents (IRNR).

7. Finally, non-residents in Spain and owners in this country who wish to sell their house must file each year by means of the required documentation, the payment of the Tax on Income for Non-residents.

Are you thinking of purchasing or selling your house, plot or property, Welex will give you the correct advice on taxes and expenses that might arise in the acquisition or sale of properties in Spain.

Furthermore, we will deal with all the documentation and legal formalities related to the purchase or sale, rentals, premises for business or plots to build on. Do not hesitate to contact our conveyancing law firm in marbella now!.