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Nowdays internet has become by far the most useful tool for those looking to buy properties and a net-based property search is usually the first step taken by any potential buyer. But, is it the right second step, once one sees a few desirable properties on diferent websites, to contact and make appointments with all the agents offering those properties, through professional Brokers who help the buyers to find the property of their dreams.
It is very important to consider, even while looking at everything on-line, might be to seek out as a first priority a really qualified, experienced agency to work with that has a large direct inventory of the kind of property you are looking for. There are several great agents in Spain to choose from, many who have outstanding credentials, long experience, excellent product and area knowledge, and adhere strictly to the agents’ code of ethics.
Additionally, choosing such an agent will assure that they pull out all the stops to spend plenty of time with you to get to know you and your special requirements as well as possible, sharing with you their market knowledge and recent comparable sales actually made, and who will eventually find just the right property for you. If it’s not in their own inventory they will go out and find that special property through their colleagues in other agencies on a commission-sharing basis.
Skyddad Holding always recommends that purchasers of property in Spain retain a qualified solicitor to represent them and qualified financial advisors to deal with tax issues. Once you have made a decision to purchase property here, even though you may not have found that special property yet, establishing a relationship while you are in Spain can be immensely useful if you start negotiating a purchase after returning to your country of residence, as it is clearly more difficult to choose a lawyer long distance.
* Having a lawyer,
* NIE number (a number issued to foreigners in Spain) in place, and
* Bank account opened strengthens a buyer’s position when negotiating as the buyer can put down an immediate deposit if an offer is accepted, since all the other details will have been taken care of already.
* TRANSFER TAX (ITP) Payable by the buyer for the purchase of any Real Estate (villas, flats, land, commercial premises, garages), provided the vendor is not a developer or normally trading in the business of resale properties (waiver to VAT exemption).
Reduced transfer tax for real estate companies or professionals that buy resale property and sell within 5 years.
In Andalucía is set at: 7% permanently for all re-sale properties 2%
* OR: VAT (IVA) AND STAMP DUTY (AJD)
* 10 % + 1.2%
* 21% + 1.2%
* NOTARY AND PROPERTY REGISTRY FEES. The cost increases according to the number of pages or complexity of the title deed, and value of the property. +/- € 3,000 MUNICIPAL ADDED VALUE TAX (PLUS VALÍA) This can be as little as a few hundred Euros or as much as many thousands of €uros on a property with a lot of land that has not changed hands in many years. It is a tax by the town hall based upon the increase in the index value of a property between the year of purchase to the year of sale. This tax corresponds, by its nature, to the vendor who is responsible for its payment, unless otherwise negotiated.
* LAWYER’S FEES. These are in the order of 1% of the selling price, more or less, depending on the lawyer and the price of the property. 1% + VAT.
The total official costs involved in purchasing a constructed residential property should be around 10-11% for resale properties or around 12% for new properties if VAT is paid on the purchase price, plus lawyer’s fees. A good agent will also be immensely helpful to you in negotiating the purchase of a property you are interested in buying.
It is important to remember that if your offer is too low it will not engage the interest of the seller, and might actually prove counter-productive. An articulate offer will generally capture the attention of a vendor. We recommend getting all your points together, rather than negotiating “piece meal.” Make your offer in writing if possible (of course, subject to contract). Points to include are not only the price, but also the deposit amount and when you are prepared to pay it, when you are prepared to complete the transaction, what you understand to be included in the price (for example furniture and fittings if applicable), and an often neglected point – that all technical equipment and installations should be in good working order. Also, if you have a second choice property you should certainly advise the vendor of this fact.
Your lawyer can also be consulted during the negotiation to ensure that the terms of the offer meets his or her legal criteria, and on occasion will also become actively involved in more complex negotiations.
Actually purchasing a property in Spain is a relatively straightforward procedure. The “last word” in property ownership is the property registry, which will show immediately if the seller owns the property free of liens and encumbrances. Most frequently, unless an immediate payment of the full purchase price is made, a private contract of purchase is drawn up wherein the details of the purchase are reflected – the legal description of the property, purchase price, form of payment, date of completion, date of possession, etc. Upon signing the private contract, a payment on account of the purchase price is always made which can vary substantially according to the terms of the sale and the date of completion. A quite normal deposit for completion within 30 to 60 days would be 10% of the agreed purchase price.
New properties which are unfinished obviously are paid for over the construction period, and all payments on account before finishing must be guaranteed, according to LAW 38/1999, by a bank or insurance company: if the property is not finished by a certain date, a purchaser has the right to reclaim the monies paid, plus legal interests. Additionally, another law obliges the property developer to arrange a ten year insurance policy with respect to any basic building defects with the purchasers as beneficiaries.
When the entire purchase price is paid for the property, the seller will issue the public deed of conveyance (escritura) to the purchaser, free of liens and encumbrances. This deed is issued before a Spanish Notary, is passed from the notary to the tax office to be assessed for Transfer Tax if the property is a resale or second hand property, or assessed for Stamp Duty if the property is sold directly by the developer. It’s then presented to the Property Registry for inscription. A provisional inscription in the registry is made immediately upon issuance of the deeds.
Andalusia approved a Decree removing Wealth tax payable by those individuals with assets of 700.000€ (non-residents for Spanish assets) or 1.000.000€ for residents on their worldwide estate. Andalusia attracts buyers of properties and taking up residency with Visa options in Spain. In January 2022 government extended reduced 7% flat rate of property transmission tax – ITP – payable by the buyer. This, together with favourable inheritance tax rates for families in Andalusia, makes an clever place to buy property. Regarding Andalusia for new constructions you pay Iva at 10% at current levels. It is 21% for commercial property and plots of land. We deal with resales and purchases of newly constructed properties, can advise on all tax levels and obligations for buyers and sellers. There are also some very good tax incentives so it is worth enquiring about your individual case. Tax savings, great climate means also energy cost savings. Property market is regulated and property rights are protected by Land Registration and the Notarial system. Although a Deed is signed before a Notary it is still very important to have an independent conveyancing lawyer to check all aspects of a purchase including land registration, licensing, taxation aspects and contracts. Info: ceo@skyddadholding.com
THE PROPERTY SELLER’S GUIDE
We are sharing some essential points about selling properties, based on our own experience of 30 years of selling properties in Spain.
Marbella is not a large city like Paris, Barcelona, or Madrid with a captive market within 40 kilometres of the centre. Instead, it’s a small city with a mostly secondary housing market and a buying public spread out all over Europe and the world – a subtle but important nuance.
Most buyers are not looking for a primary residence here, but a second, or even a third home. This makes Marbella real estate less of a need and more of a luxury in which people are not drawn to property close to centres of work but to the quality of life a property can offer them. As a result, one characteristic of a secondary housing market is that especially luxurious properties can take a longer time to sell, though in our experience this is considerably shorter where both buyer and seller are serious in their intent.
"The right asking price is perhaps the most essential ingredient in the art of selling real estate."
Andrew Wallenberg
If you’re selling your property
The most important thing to establish is a ‘sales strategy’, at the heart of which is the asking price. In other words, if you ask too much for your property, people will not bother to view and it will linger unseen. Ask too little for your property, and you are potentially throwing away money. The right asking price is perhaps the most essential ingredient in the art of selling real estate and is the result of thorough market research.
Do not opt for the figure you would like to hear, find out the true market value, taking into consideration: what sales of comparable properties have been accomplished, and at what price?
The more unique a property, the more an owner can ask for it and the stronger they can negotiate when trying to seal a deal. The less unique a property, the more the owners are going to have to resign themselves to the fact that there is a large supply of similar properties, and that they will have to price it competitively.
One thing to avoid, if you intend to use agents to market your property, is listing on a net basis, where you want a fixed sum with the agent’s commission added on top. You can end up with a property marketed at several different prices, leading to confusion among potential buyers. Wise sellers will form a team with their agents and protect their agents’ commission, as they too expect to be protected and advised by their agents, and fix one sole asking price for the property, inclusive of commission.
Should you give an exclusive sales agreement to an agent? If you are an absentee owner, or if you don’t feel like playing a co-ordination role among various agents, granting exclusivity to a leading agent can make your life a lot easier. It also provides the agency in question with the confidence to fully dedicate its energy and resources to the marketing and promotion of the property.
A professional agency will propose a coordinated strategy based on its experience and adapted to the specifics of your property.
This will include the creation of quality marketing material and targeted promotional campaigns.
A responsible agent will try to avoid taking a sole agency unless he sincerely feels that the asking price is correct and that he or she is truly capable of selling the property within the time frame allocated by the seller.
Providing agents you trust with easy access to the home is important in order not to lose potential buyers, though a good agent will screen interested parties first. They will also offer advice on how best to present the property for viewings and approach the negotiation process.
The standard agency fee in a resort area such as Marbella is 5% plus VAT, which covers the marketing, promotion, and listing of properties and the arranging of viewings, follow-up with prospective buyers, property searches, providing background information and support throughout the buying process and beyond. Agents don’t give keys out to clients, they always show properties personally and will spend a great deal of time to find the right buyer.
"A professional agency will propose a coordinated strategy based on its experience and adapted to the specifics of your property. This will include the creation of quality marketing material and targeted promotional campaigns."
* My property has been on the market for months and I'm hardly getting any viewings.
* All the clients that agents bring to my property are time-wasters.
* How much negotiation room should I build into my asking price?
* I really need to sell my property NOW.
First impressions count. When agents take clients to view your property, ensure that curtains and shutters are open to let lots of light flood the property.
Check your agent’s website to see how your property is presented, in terms of the photographs, the description and the accuracy of the information provided. While photography should be representative, it should also present your property as well as it can, enthusing potent ial buyers. To stand out from the crowd you may need professional images, especially indoors.
If there are any small repairs or repainting that would enhance the overall appeal of the property, it’s well worth getting this work done now to eliminate any small ‘objection factors’. Also, make sure your home is spotless for photography and viewings alike.
Get your main agend to put up their ‘for Sale’ sign
This always results in enquiries. Many potential buyers drive around different residential areas before going to an agent. Without a sign, they wouldn’t know your property is for sale. Not allowing a sign to be placed is to block one of the many proven paths for reaching the market place. Our experience is that signs still help significantly in selling properties.
Facilitate viewings on as short a notice as possible. If you leave your keys with a neighbour who plays golf three times a week, you are losing a vital chance to show the property at the client ’ s convenience. Bear in mind that the first propert ies that agents tend to show are the ones for which they have the keys. Properties that need appointments to be set up in advance will generally be shown less.
Points to consider when a negotiation is taking place
All these items should be agreed upon at the outset befor e lawyers are instructed.
Taxes
Make sure that you are fully aware of your tax obligations when you put your property on the market. Meet with your lawyer and tax advisor, and find out your options to ensure there are no surprises when you enter into negotiations.
Negociating a Sale
Let your agent form a team with you in handling negotiations, checking points with your lawy er and tax advisor when necessary. This is your agent ’ s job and one of the reasons you pay the agency ’ s fee, and experienced real estate professionals are generally far better at negotiating the commercial points of a deal than lawyers. Once this is accomp lished, your lawyer should take the lead role (in coordination with your agent), draft the sales contract and supervise the completion of the sale. If you are frequently travelling, it can often make sense to leave a Power of Attorney enabling your lawyer to sign a private contract on your written instructions. You can negotiate the details of the sale with your agent by telephone and email, and your lawyer can then take the ‘ first step ’ towards the sale by signing a private contract without delay.
Don ’ t a llow yourself to be pressured by your agent or anyone else to accept an offer! A good agent will simply point out your options and offer advice based on his experience, but once you decide to proceed it is good not to waste time and risk losing the buyer.
In summary, selling a property can be as easy or as complicated as any task involving one ’ s personal affairs. Competent, honest, professional help from agents, lawyers and tax advisors can go a long way to help you manage your sale objectively and easily.
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