When you think about selling your property, you are making one of the most important decisions of your life. At Maonlof, we are aware of this and that is why we accompany you in everything you need during this process. Taxes, fees and costs must be well known and valued before starting the selling process.
I want to sell my apartment, what do I need?
If you decide to sell your home, the first thing that may come to your mind is: at what price do I sell? or what documentation do I need to sell a house?
The first thing you need to know is how much my apartment is worth. For this, you will need to know the cadastral value of your property, a data that you can extract of the Cadastre and Registry of the Property.
At Maonlof, we help you to simplify this process of valuation of the apartment, since we know closely this professional and ethical process that knows very well the procedure to sell a house. We will help you to make a correct valuation and, in addition, we will provide you with continuous advice.
3 key steps to sell your place
It is essential to set up your home / flat so that you can have a good ad and your home receives many visits.
Making a good first impression is a crucial factor in making a quick and successful sale. Keep in mind these professional tips to achieve it:
- Tidy up and clean thoroughly: lighten the space by removing some items, collections and other personal belongings. This way, the buyer will be able to imagine and «own» the space.
- Repair everything that needs to be repaired: it is a matter of making an effort to fix flaws and flaws.
- Ventilate the house before visitors come: it is important to open blinds or curtains to let in light and create a pleasant atmosphere. In the same line, you can use aromatic candles or some plants.
Your home may receive many visits and arouse interest in the market when you have a good advertisement.
And… what documents do I need to sell my house?
At the administrative level, to be able to begin the commercialization of the property, the real estate agency will need a series of documentation, which are:
- Certificate of habitability (expires after 15 years).
- Energy certificate.
- Plans of the property. It is very important to have them so that the possible buyer can project himself in the house, and it is fundamental in case the house is to reform.
When it begins to be marketed and at the moment in which there is an offer, it will be notified that there is a reservation on the part of a possible buyer. This is a necessary step, since it serves to make sure of the interest in your property and the will to reach an agreement.
The reservation fixes the maximum price, as well as the deadline for acceptance and the date on which the earnest money contract will take place.
While that date arrives, you should pay attention to prepare all the necessary documentation to sell your apartment and to formalize the contract.
The taxes to sell a property that are essential are:
- Nota simple registral: which proves that the seller is the owner of the property. This document is also proof of the charges that weigh on the property, as it could be a mortgage or a seizure.
- Previous deed of sale of the property.
- Cancellation of the mortgage, if any: the new buyer must always receive the property free of encumbrances. Thus, the seller must pay the notary fees and cancellation of any previous mortgage. It could even happen that the mortgage is amortized but not cancelled and in this case, it will also be the seller who will have to assume the cost of this management.
- Receipt of IBI and community fees: the seller must be up-to-date with the Real Estate Tax (IBI) and also with the garbage tax. On the other hand, at the moment of the purchase, the owner must have paid the receipts of the community and of the possible spillages that the neighbors’ meeting has approved to execute before the date of sale of the housing. But, who pays the IBI in a sale?
- ITE Certificate: for buildings older than 50 years, the certificate of Technical Inspection of the Building must be presented.
- Municipal Capital Gains Tax: the Tax on the Increase in Value of Urban Land (IIVTNU), known as municipal capital gains tax, is a tax that is paid in the town halls and is calculated on the cadastral value of the property and the number of years that it has been owned. It is a complex tax to calculate, therefore it is advisable to consult an advisor.
Requirements to sell a house
Once you have all the documentation to sell a house in order, you can formalize the earnest money contract (which is usually done in the first month from the date of reservation of the house).
This document summarizes the final agreed price, the conditions of purchase and the date of the public deed at the notary. The amount to be paid by the buyer at the time of signing normally corresponds to 10% of the agreed price.
Subsequently, the formal contract of sale and purchase will be executed before the notary and the total amount of the transaction will be received.
Depending on the conditions of each process, the time may vary between 1 and 3 months, approximately. Remember that, when selling a house, the income must be declared and taxed for them in the Personal Income Tax (IRPF).
Only in certain cases, when a habitual residence is sold and the proceeds are invested in another first residence, or in the event that the seller is over 65 years of age, it is not necessary to assume any cost.
Summary
There are a series of steps that must be taken into account when making a decision of these characteristics, ranging from the necessary documents to sell a house to the requirements to sell an apartment.
In Maonlof, we will be happy to guide you, advise you and accompany you in all the procedures involved and in the daily management of housing, providing the honesty and warmth that characterizes us.
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