We specialise in assisting clients with selling property in the Valencia region and also in the Murcia region at Molina Solicitors, ensuring all legal aspects are handled efficiently and transparently.
Whether you are selling in the Valencia region to upgrade, relocate, or cash in on your investment, now is a good time to consider selling, given the steady demand for properties in the area.
Why Sell Your Property?
Key Steps in Selling a Property in Valencia
- Preparing Your Property for Sale. Before listing your property, ensure it is in optimal condition to attract buyers. Consider making minor repairs, decluttering, and staging the home to enhance its appeal. Professional photographs and a well-written listing can also make a significant difference.
- Setting the Right Price. Research the local property market to determine a competitive price. Overpricing can deter buyers, while under pricing may result in financial loss. Consulting a local estate agent can help set a realistic and market-driven price.
- Obtaining Necessary Documentation. To sell your property, you need to ensure you have all the necessary legal documents, including:
• Escritura (Title Deed): Proof of ownership.
• Nota Simple: A land registry extract confirming legal status.
• Energy Efficiency Certificate: A mandatory document assessing energy consumption.
• IBI (Property Tax) Receipts: Proof of up-to-date municipal tax payments.
• Utility Bills: To verify no outstanding debts.
• Habitation Certificate: Required to prove the property meets living standards.
• Energy Efficiency Certificate: Required to prove the energy efficiency of the property.
• Community Certificate: Certificate issued by the Administrator who takes care of the community of owners to confirm there are no debts.
At Molina Solicitors, we can assist in obtaining and verifying these documents to ensure a hassle-free sale.
- Signing the Reservation Agreement. Once a buyer is found, a reservation agreement may be signed to secure the property while due diligence is conducted. A small deposit (typically €3,000-€6,000) is usually required at this stage.
- Signing the Private Purchase Contract. The next step is signing a Contrato de Arras (private purchase contract), which formalises the sale terms. The buyer typically pays a 10% deposit at this stage. If they back out, they lose the deposit. If the seller backs out, they must refund double the deposit.
- Finalising the Sale at the Notary. The final transaction occurs at the Notary, where the Escritura de Compraventa (public deed) is signed. The buyer pays the remaining balance, and ownership is officially transferred. The Notary will then register the property transfer with the Spanish Land Registry. Usually for a small outlay it is well worth signing a power of attorney to allow us to assist with most matters relating to the sale easily.
Costs and Taxes Involved in Selling
Sellers should be aware of the following costs and taxes:
• Capital Gains Tax: Based on the profit made from the sale. Exemptions may apply for residents reinvesting in another primary residence.
• Plusvalía Tax: A municipal tax on the increased value of the land since the last sale.
• Estate Agent Fees: Typically 3%-5% of the sale price.
• Legal Fees: Solicitor fees apply for handling paperwork and legal compliance.
• Mortgage Cancellation Costs (if applicable): Includes Notary and registry fees for removing any existing mortgage from the land registry.
Common Pitfalls to Avoid
• Not Having Proper Documentation: Missing documents can delay or complicate the sale
• Underestimating Tax Liabilities: Ensure you budget for capital gains and other applicable taxes.
• Using the Agent’s Solicitors: Choosing an independent solicitor ensures unbiased legal representation.
• Not Clearing Debts on the Property: Any outstanding debts, such as unpaid taxes or community fees, can transfer to the buyer and affect the sale.
How Molina Solicitors Can Help
At Molina Solicitors, we provide expert legal assistance throughout the property sale process. Our services include
• Conducting legal due diligence to ensure a smooth transaction.
• Drafting and reviewing contracts to protect your interests.
• Calculating and advising on tax liabilities.
• Representing you at the Notary to finalise the sale.
• Ensuring the correct registration of the transaction with the Spanish authorities.
Conclusion
Selling a property in the Valencia region requires careful planning and legal expertise. With the right guidance, you can navigate the process efficiently and maximise your return.
At Molina Solicitors, we are committed to providing our clients with comprehensive legal support. This helps make their property sale in Spain as smooth and stress-free as possible. We can also help with local reputable agents and currency companies who can save costs significantly on receiving your funds. Let us know how we can assist you in your sale.
