Our Concierge-Style to Selling in Mallorca
Thinking of selling? We can help.
We understand the challenges and the big emotional decision of selling a property. We have successfully helped multiple property owners achieve great results with the sale of their property and can assist you during this exciting journey.
Our Useful Tips for Preparing to Sell in Mallorca
1. Make an Appointment with one of our agents
Selling a property is not a matter of luck and can be surprisingly challenging. Our agents advise you on the right marketing strategy that will increase the value of your property and work with you on a realistic price range and timeframe.
2. Compile all necessary Documents
For a smooth sale, check that you have all the following documents relating to your property:
- Copy of Passport of each owner and NIE (Spanish tax number)
- Energy Certificate (Mandatory since 2013. Required before the property is offered for sale)
- Certificate of Habitation “Cédula de Habitabilidad” (Compulsory document needed in Spain when purchasing, selling/renting a property or applying for a tourist license)
- Most recent Urban Rate Receipt “Impuestos sobre Bienes Inmuebles” (IBI)
- Any recent utility invoices/contracts (electricity, water, telephone etc.).
- Building License “Licencia de Obra”
- Final Works Certificate “Final de Obra Arquitecto” (only necessary for new construction)
- Inventory List (Only applicable if furniture or other items are included in the sale of the property)
- Garbage Tax Receipt “Rocogida de residuos”
3. Property Preparation: A good first impression is important!
Our agent will schedule a time with you to visit your property to make a written description, highlight all the features and take professional photos/videos to market your property at its finest. Please inform us of what you know about the property and of any imperfections and features equally.
Before our visit, we recommend that you clean and remove some personal items for your privacy and to create a warm and welcoming atmosphere. Remember, less is more. After all, this material will be used for marketing your property on our website as well as several other marketplaces, both nationally and internationally.
4. Property Viewings
Being present at viewings or not is up to the seller. If you can contribute any valuable information throughout the viewing, we recommend that you be present. This, however, is completely up to the seller.
Before any viewing, we recommend tidying up the property so that it matches the marketing material.
- Open up the blinds/windows to reveal natural lighting and to showcase any spectacular views.
- Tidy and minimise clutter so that the buyers can visualise the space.
- Check that all installations are working (water, electricity, heating, air conditioning, pool pump, irrigation system, etc.)
5. Signing the Contract
There are a variety of contracts to sell a property in Spain and below are the most common;
An Option Contract for the sale of a property in Spain is unusual but can be useful from time to time. In return for a deposit, the potential buyer effectively has the first refusal on a property purchase for a specified time frame (usually between 1-3 months) and must be defined in the contract.
The potential buyer can take up the option to buy the property anytime during this period, but if the buyer withdraws from the purchase, they lose their deposit. On the other hand, the buyer can exercise their right to purchase anytime within the stipulated time frame but if the seller is not in a position to sell, the buyer is entitled to the full refund of their deposit.
This is similar to the sort of contracts you would expect when buying a property in the UK. The Private Purchase Contract in Spain commits the buyer to purchase the property and binds the vendor to sell to the buyer and outlines the price, conditions, property description, timeframes for particular issues and any other arrangements deemed appropriate to the sale.
In Spain, it is commonplace to pay a 10% deposit of the purchase price upon signing a Purchase Contract.
If the buyer withdraws from the purchase, they normally forfeit their deposit, although in some circumstances the buyer may be limited to only lose a percentage of their deposit. In the case where the seller may abstain from the sale of the property, they can incur a penalty of paying double the amount paid in respect of the deposit. These contracts are known as arras of withdrawal “Contrato de Arras Penitenciales”, because they allow the termination of the contract legally, losing the deposit when the buyer refrains from the purchase or paying double the deposit when the seller withdraws from the contract. They are only considered as penitential when expressly stated in the contract.
Signing at the Notary: Once you have signed the contract, your lawyer/solicitor will organise the procedures with all parties involved and oversee the final signing of the deeds at the public Notary.
6. Fees and Taxes
Buying a property in Spain entails certain costs in addition to the purchase price. As well as taxes, you’ll need to pay fees for professional services.
Below, we list the fees and taxes involved in purchasing property in Spain and provide comparative rates of what you can expect to pay for each one. Laws and tax rates change over time, and the information we provide here may be out-of-date. We recommend you consult a tax specialist or the tax authorities for the latest rates. There are no guarantees that this information is correct and up-to-date. Please, use this information as a gauge only.
Whether the seller is a Spanish resident or not, they must pay Capital Gains Tax on the profit realised when buying or selling a property. Upon selling the property, the vendor will be subject to tax on any profits made.
Any Capital Gain from the sale or transfer of assets located in Spain is 19% for non-residents from EU/EEA countries or 24% for non-residents from other countries. According to Spanish tax laws, if you are a resident, you apply a scale between 19% – 23% and can also get tax relief if you have lived in the property for at least three years before selling it.
Municipal tax is payable to the local council “Ayuntamiento” and based on the increase of the official value of the property between the purchase and the sale dates.
This is the commission percentage you agree upon with your agent and is usually around 5%.
If you are a non-resident, you will be facing a 3% retention of the selling price. This amount goes directly to the Spanish Tax Office.
Mandatory since 2013, and is usually issued by an architect or technical house engineer. It will vary depending on the square meters of your house but expect something between 100 – 500€.
This can vary between 0,5% and 1,5% of the purchase price. If need be, we can recommend our highly regarded multilingual solicitor partner, who will support and guide you through the entire process
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What Clients Say About Us
Sell your property today! Contact us to start your Journey.
Our agents have helped multiple property owners with the big emotional decision to sell and achieved successful and great results with the sale of their property.
