Once the buyer have found the right property, and the buyer and seller have agreed on a price, a reservation contract is prepared. This means that the buyer typically pays around 6000 euros to reserve the property and it is taken off the market.

All the information of the property is reviewed by the buyers representative or solicitor to ensure that all permits and licenses are alright and make sure there are no any dept, costs, mortgages, taxes or tenants pending for the property.

In order to have a property in Spain it is necessary to have a Spanish tax identification number, known as an NIE number. Only then can you open a bank account and write properties. An NIE number can be requested at the Spanish police, the Spanish embassy or consulate in every country. We help you with all this process as well.

The buyer and seller will sign the private purchase contract (“Arras” or “Opcion a compra”) and the buyer pays a deposit of 10% of the total sales price of the property as part of the final balance, which is to be paid on the completion date.
This contract contains personal details of the buyer and seller, legal descriptions of the property, purchase price, estimated date of signing the title deed and other legal clauses.

The buyer and seller will sign the private purchase contract (“Arras” or “Opcion a compra”) and the buyer pays a deposit of 10% of the total sales price of the property as part of the final balance, which is to be paid on the completion date.

At the moment of the signing at the Notary, the seller receives payment from the buyer by means fo a nominative bank check, the most common and most advisable, or though a bank transfer. At this moment the keys are handed over to the buyer

In ICONESTATE we adapt each sales task so that you, as a customer, are sure to be as successful as possible with the sale of your home.
The first step is sign a contract between the seller and the agent. The agreement regulates the sales commission and more.
The second step and the most important, is the valuation of your home before is presented for sale. Many already have an estimated value of their homes, but many times the sellers overvalue their homes. We advise you with the right market price going to sales made in the area and references from actual sales of similar properties.

The seller must be able to provide all of the documentation for the property such as the certificate of ownership (nota simple), property tax information (IBI), CO fees and energy efficiency certificate that will be transferred to the buyer at the time of sale. In ICONESTATE we will help you with all this, since we have competent collaborators who prepare this type of certificates.

Property Taxes

In Spain you pay a municipal property tax (IBI) depending on the cadastral value. The tax rate varies between municipalities. You also have to pay a state property tax of about 0.21-0.5%, which is also based on the cadastral value assessment. This tax is variable annually

If the seller, is a taxpaying resident of other country than Spain, he/she will receive only 97% of the purchase price at the time of the sale. The buyer pays the remaining 3% to the Spanish tax office. This acts as a security to ensure that the seller fulfil his tax duties and declare any capital gains from his sale in Spain. Later, when you have met all the official requirements, the seller`s legal representative can help to get it partly or totally back, but it can take up to a six months before your refund comes through. It is also possible that the seller must pay the difference if he obtained a benefit from the sale of the property. In addition the seller need to pay the property tax, also called as the tax on the increase in the value of urban land “Plusvalia municipal” for the Town Hall in question. A preliminary estimation of taxes can be made by the agent, but the legal representative is responsible for the final declaration. This applies to property taxes, CO fees, capital gains, and agent fees.