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Sellers Quide
If you’re considering selling your Mallorca home, 3Vip Group – Luxury real estate will walk you through the steps.
The good news is that with careful planning and smart decisions, you may expedite the procedure and assist guarantee a seamless transaction without unpleasant surprises.
Why hire an real estate agent
You are not need to hire an estate agency, but it is highly advised because estate agents like 3Vip Group – Luxury real estate have a vast network of pre-registered clients and are very familiar with the Mallorca real estate market. We will provide you with a fair appraisal of your house and handle the entire sales procedure, so you won’t even have to be on Mallorca.
In Mallorca, the standard commission rate for estate agents is 6% (plus IVA). The seller is required to cover the fee.
There is nothing prohibiting you from working with more than one estate agency, but if you do, make sure they all list the home for sale at the same price to avoid confounding potential purchasers. In some cases, it makes sense to work with a reputable and well-connected agency, such as 3Vip Group – Luxury real estate, which offers specialized services for example we never advertise your property on any website or in any newspaper we only show it to potential and screened buyers what we think is appropriate for upscale homes and luxury real estate!
To not hesitate to get in touch with us to get to know more about our exclusive VIP luxury real estate service!
The property’s deed or title deed
It is the most crucial document because it attests to your ownership.
Authentication of the mortgage’s cancellation
The cancellation and costs must be paid so that the new buyer can register the property in his or her name even though the loan payment is still due. This procedure can be carried out at
at the same time as the sale is registered with the notary. The record showing that it has been amortized is sufficient if it has.
Property Tax in Spain (IBI)
It is a document that attests to the fact that your payments are current.
The portion that the seller is allowed to transfer to the buyer is based on how long each party has owned the property during the tax year.
Evidence that the Community fees have been paid
One day before the notary, the building manager or management business will provide you with a certificate of payment of the communal fees.
The most recent bills paid
The new owner needs these things to change everything to his name: electricity, gas, water, etc.
The energy certificate
Since 2013, obtaining an energy performance certificate is required. A copy of the energy performance certificate, which must be provided by the seller, must be delivered to the buyer at the notary.
Cédula de habitabilidad
The buyer must get this document from the notary in person. Before the notary, the buyer’s side will inspect the property to ensure that there are no illegal components, and you, the seller, may choose to renew it.
Fees and expenses
The typical estate agency commission is 6%.
(Between €150 and €500) for an energy performance certificate
If you sell something for more than you originally paid for it, you may be subject to capital gains tax (see details below).
Plusvala tax details are below.
(Typically 1% of the buying price) attorney
Please keep in mind that you will be charged an exchange rate if you transfer the money from the sale to any other nation that does not use the euro.
Tax on capital gains
The profit you have gained from the property is subject to capital gains tax.
It is the sale price less any charges you incurred, including those for the real estate agent, notary, attorney, renovations, etc. They may be subtracted before the calculation. Additionally, the tax office computes an annual allowance. The CGT rate for non-residents is 19%.
Plusvalía
When selling Spanish real estate, this municipal land tax is due based on the rise in the value of the land alone, excluding structures. It varies depending on the size of the local population and the term of ownership and applies to both residents and non-residents.
The plusvalia, which typically amounts to a few hundred euros, is the responsibility of the seller.
Taxes for non-residents
The buyer must send 3% of the purchase price to the tax authorities after the deal closes if you are not a registered resident of Spain. This will be deducted from whatever taxes you ultimately owe to capital gains tax. Within 30 days of the sale, you must settle any outstanding balance; otherwise, you may request a refund as necessary.
Please don’t hesitate to get in touch with 3Vip Group – Luxury real estate if you have any inquiries concerning the sales procedure. Additionally, we may recommend you to our professional partners for collaboration from our extensive network on Mallorca.
