Have you sold your house and don't know what else you need to do? Although selling a property may seem like a great achievement, it is important to know that there are still some things you must do after finding a buyer. In this article, we present you with a guide to the steps you must follow after selling your house in Spain.
Signing the sales contract: Once the buyer has accepted the sale price and the terms of the transaction, it is necessary to sign a sales contract. This contract establishes the terms of the sale, including the sale price, delivery date, and other relevant aspects of the transaction.
Property handover: The next step is the handover of the property to the buyer. The date and time of delivery must be established in the sales contract. Before delivery, it is important to ensure that the property is in the same condition as when it was shown to the buyer. This means that the property must be clean and without additional damages.
Mortgage cancellation: If you have a mortgage on the property, you must cancel it before delivery. The cancellation must be done in the Property Registry, and once it is completed, you will receive a mortgage cancellation deed that you must deliver to the buyer. A real estate agent can advise you on how to carry out this process.
Payment of the sales tax: In Spain, there is a sales tax on properties called Transfer Tax and Documented Legal Acts (ITP and AJD). The buyer must pay this tax within 30 days from the signing of the sales contract.
Change of ownership in the Property Registry: Once the property has been delivered and the corresponding tax has been paid, it is necessary to carry out the change of ownership in the Property Registry. This can be done in person or online, and it is necessary to present the sales deed and the tax receipt.
In summary, selling a property in Spain requires several additional legal and administrative steps after finding a buyer. It is important to follow each of these steps to complete the transaction successfully and legally. Do not hesitate to contact us if you have any doubts in the process and ensure that everything is done correctly and without any issues.