Easy steps to Selling your Property or Business in Spain


STEP 1. Engage a Sales Agent

Orbit Properties are constantly looking for new properties to add to our portfolio, and through our agency network system are able to market your property or business throughout the Costa del Sol, by our collaboration with other real estate agents here in Spain, Holland and the UK. We continually advertise in local papers and magazines, and our website is regularly updated to ensure that the latest property information gets seen by potential purchasers.
If you decide to sell your property or business through Orbit Properties, we will visit you to take full details and photographs, to discuss a selling price, along with our terms of sale and commission charges. Our aim is to guide you through the whole process of selling your property, from your initial contact with us, through to a satisfactory conclusion, with a sale achieved!

STEP 2. Preparation and Presentation of your property

When you have taken the decision to sell your property or business, it is normal to want it to happen as quickly as possible, We cannot give you a definite answer, as to how long it will take, but our many years in business tells us that there are a number of simple and easy things that you can do, to help make a quick sale more likely.
Before presenting your property or business to a prospective purchaser, try to ensure that:-
- those small repairs you have been meaning to do have actually been done
- any redecorating that is needed, is done ready to create a clean and fresh look.
- you clear away any un-neccessary furniture or clutter to give more space.
- any outside space or garden is neat and tidy, since the first thing the purchaser will see when viewing your property is the outside. First impressions are definitely the MOST important!
- you consult a Solicitor or Gestor, especially, if you will be away from Spain at the time that the sale will be made, when you might need to give your representative a Power of Attorney to be able to execute the sale on your behalf.
As experienced Estate Agents, we are quite happy for you to leave the showing of your house or business to us, but it is can be helpful if you are available to answer any questions which may arise. Always speak positively of your asset.
It is particularly helpful that we have a copy of all documents, which may be needed at short notice, should a client be interested in purchasing your property. For example.-
1) Escritura (Title Deed) or Lease or Rental contract
2) Receipts for payment of IBI and Basura (council taxes)
3) Most recent income tax declaration to prove that property taxes have been paid
4) Receipts for community charges
5) Receipts for payment of utility bills - electricity, gas,water, telephone,etc.
6) Any licences, permits or maintenance agreements for pool or garden, satelite or cable tv etc
7) Receipts for payment of any retentions or deposits – electricity gas, water, telephone etc.
8) Itinerary of any furniture, fixtures and fittings that you are including in the sale of your property
Orbit Properties will provide a “FOR SALE” sign free of charge, to put up outside your property, which can prove useful in encouraging a quicker sale! Many potential buyers drive around the areas that they are interested to buy in, and if they can see a telephone number will usually ring it to elicit information about the property and then make arrangements to view it.

STEP 3. Negotiating the offer

Any prospective purchaser will make an offer through us (the agent). As we will have an understanding of the needs of both yourself (the seller) and the buyer, we will be in an ideal situation to negotiate a price which will suit both parties. Moreover, we are able to smooth the path for potential buyers – especially those that need a mortgage - with all our many years of experience and advice that they need in order to acquire a property in Spain.

STEP 4. Contracting the Sale

Once an offer has been made by the purchaser, and accepted by yourself, it is normal for us to ask for a refundable holding deposit from the buyer. This is a show of good faith and that the buyer is serious about your property. This allows time to take the property off the market whilst the actual purchase contract is being prepared and searches carried out. Usually, the Sales contract is ready for both parties to sign within two weeks when the agreed deposit (normally 10% deposit and non-refundable, if the buyers simply change their minds about continuing to purchase) will be obtained. At this stage both sides will agree on the time and place for completing the sale before a Notary Public, generally upto six weeks is considered normal, especially if there is a mortgage involved.

STEP 5. At the office of a Public Notary

Completion of sale will take place when the Deed or ' Escritura de Compraventa ' is signed before the Notary Public. Both the vendor and purchaser, or their representatives need to be present to sign the sales documentation to complete the sale. At this stage the buyer will pay over the outstanding balance of the purchase price, get the keys to the property and take vacant possession of it; whilst the seller receives the balance of monies, thus concluding the transaction.

STEP 6. The Selling Costs

You, as the seller, will normally be responsible for the following costs at the time of sale:-
1) The 'plus valia' It is a local municipal tax and is based on the assessed increase in the value of the land since the last time the property changed owners.
2) Estate Agency sales commission.
3) Solicitors and/or other legal fees
4) Capital Gains Tax. The difference between your declared buying price and selling price is classed as profit. This profit will be adjusted according to the length of time between buying and selling - the longer the time the less the profit. The profit is then taxed as a capital gains. Non-residents pay 18% capital gains tax on the profit and residents also pay 18%. If you are a non-resident, your buyer will be required to lodge 3% of the purchase price with the Spanish tax office as a deposit.
We hope this information has been helpful and that you will consider using Orbit Properties to help sell your property or business.
If you would like to sell your property through us or if you have any other queries, please contact us now and we guarantee you won't be disappointed.