PROPERTY SELLING COSTS

Regarding selling a property, the costs are as follows:

Tax payment - This very much depends on the personal circumstances of the vendor and is based on their tax position at the time. The most common tax is that of a "tax deposit" which is a payment made to offset against any tax due. ie If the vendor is not a official resident of Spain then he/she will be required to pay this tax. Based on 3% of the purchase price this is a gaurantee against any tax liabilities. Should this sum be more than the required amount then the difference can be claimed back.

Plus Valia - This tax is calculated on the increase in the property value from the current declared selling price and the previous purchase price as stated in the current escritura ( property deeds )

Estate Agent fees - Dependant on the agreed amount between the parties at the time.

Debts - Any debts you have on the property need to be cleared before the sale. This should include any mortgage, local property tax, water, electricty and telephone charges. Please note that searches are conducted by the notary prior to the sale to ensure these are in fact paid in full.