If you are thinking about selling your house in Mallorca, Living Feeling Mallorca will give you an overview of the process.
The good news is that careful preparation and smart decisions on your part can help to speed up the process and help ensure a smooth transaction with no suprises.
You are not obliged to use an estate agent, but it is highly recommend as estate agents like Living Feeling Mallorca have a huge network of pre-registered clients, international marketing campaigns and know the real estate market in Mallorca very well. They will give you a realistic valuation of your property and take care of the whole sales process, so you even don‘t need to be in Mallorca.
A good starting point is to ask for recommendations from people you know who have used an estate agent recently. Look for someone with experience in the real estate business in Mallorca and a good knowledge about the local market and the specific areas.
Estate agents in Mallorca normally charge fees of 6% (plus IVA). The fee has to be paid by the seller.
There’s nothing to stop you from using more than one estate agent, but if you go with more than one estate agent make sure they all put the property on the market at the same price to avoid confusing buyers. Sometimes it makes sense to go with one professional and well connected agency like Living Feeling Mallorca which is offering special services for excluisve properties and is cooperating with all the other agents in Mallorca.
Do not hesitate to get in touch with us.
This is the most important document as it confirms that you are the owner.
If the loan payment is still in effect, the cancellation and expenses must be made so that the new buyer can register the property in his or her name. This operation can be done at
the same time as the registration of the sale at the notary’s office. If it has already been amortised, the document proving this is sufficient.
This is a certificate that proves that you are up to date with your payment.
The seller has the right to request reimbursement for a part of the IBI from the buyer, proportional to the time of the current year the property is owned by each party.
The manager / managing company of the building will give you a certificate of payment of the communal fees one day before the notary's appointment.
Electricity, gas, water, etc. are important for the new owner to change everything into his name.
An energy performance certificate is mandatory since 2013. The seller must provide the energy performance certificate or a copy thereof, which shall be given to the buyer at the notary.
This document needs to be handed over to the buyer at the notary. Before the notary's appointment, it will be checked by the buyers side to ensure that the property in its current state has no illegal parts and might have to be renewed by you, the seller.
Also, please don’t forget that if you are transferring the money from the sale back to the UK or to another country which is not using EURO, you will be charged an exchange rate.
Capital gains tax is a tax on the profit you’ve made on the property.
It is the property's selling price minus whatever you've paid for the sale, such as the estate agent’s fees, notary, lawyer, renovation costs, etc. These can be deducted before the calculation is made. Aditionally, there’s an annual allowance which is calculated by the tax office. The CGT rate is 19% for non-residents.
This is a local land tax levied on the increase in value of the land, excluding buildings, when selling Spanish property. It applies to residents and non-residents alike and varies depending on the size of the local population and the length of ownership.
The seller is usually responsible for paying the plusvalía which is a relatively modest amount of a few hundred Euros.
If the seller not an official resident of Spain, the buyer is obliged to forward 3% of the purchase price to the tax authorities on completion of the sale. This will be offset against any taxes the seller ends up owing in respect of capital gains tax. The seller needs to pay any balance owed within 30 days of the sale, or can apply for a refund where appropriate.
If you have any questions about the sales process, please do not hesitate to contact Living Feeling Mallorca.