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How to Sell Your Home in Spain

How to Sell Your Home in Spain

3. Price and Conditions

Before meeting the first buyer, you must have decided on price and conditions for the sale. We have mentioned the possibility of discussing with a local real estate agent to get an idea on the price you can expect, or by having an evaluation done. We recommend you establish two sums in your mind:

the asking price that should give room for negotiations with the buyer, including eventual sales commissions, and the bottom price that is the net you will want to receive for the property, under which you are not willing to sell.

You may fix the price in any currency you prefer. Maybe the best alternative is to do it in the currency of the country where you will be depositing the money and eventually use it. There are no legal or other obligations forcing you to establish the sales price in any specific currency. If payments are made in another currency, they will have to be calculated at the rate of exchange on the day they are being made, so that you can be sure to get the agreed value. As a foreigner you can sell your Spanish property in any country outside Spain, fix the sales price in a foreign currency and receive the money abroad. You can even make a title deed (escritura) to the buyer stating that you have been paid in foreign currency and abroad. Foreign currency or Euros can be mentioned in the title deed. However, keep the following in mind:

On signing a private contract, you as the vendor, should insist on getting a non-returnable deposit of 5-10%, for taking the property off the market. This is normal.

If the buyer is willing and able to pay a bigger amount when signing the contract, without this constituting the full price, the solution may be the following: The 5-10% non-returnable deposit is paid to you, while the rest of the money is paid into the clients account of a lawyer or a bank, with clear instructions that at the signing at the notary's office, when the rest of the total purchasing price and title deed is signed in the name of the buyer the money from the lawyer/bank account be paid to you.

According to the new Notarial Rules, the notary now has the obligation to check the registration of the property being sold, before the signing of the deed. Additionally, he must fax the new title deed immediately to the property register. This is good legislation, and vendor and buyer should make the notaries comply with their obligations.

To this Short Information we include a proposal for a private sales/purchasing contract, fair for both vendor and buyer. However, one contract form cannot cover all types of circumstances, so it is only a basis for you and must be adjusted to your particular situation.

 

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