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News
What to do after selling a home
 21

  DEC

What to do after selling a home

What to do after selling a home

Once the deed of sale has been signed in front of a notary, certain subsequent procedures must be followed, e.g. B. paying taxes, submitting the document in public registers or notifying a change of ownership of the property.
 

  1. Taxes and Expenses

A person residing in Spain who offers their property for sale at a higher price than what was purchased must pay personal income tax. The tax authority Agencia Tributara believes that the sale of a property constitutes a capital gain and as such must be included in the income statement. The percentage of income tax payable depends on the amount of capital gain. The maximum amount you have to pay is 23%, which equates to a profit of more than € 50,000.

Another tax that must be paid is the municipal capital gain or the tax on the appreciation of residential property. It is a tax payable at the town hall where the property is registered. The percentage depends on the value of the house itself and is calculated based on the cadastral reference and the number of years the house has been. Since it is a council tax, each city council sets its own fees. A July 2018 ruling by both the Constitutional Court and the Supreme Court exempted taxpayers from paying this tax in the event of a sale at a loss, but left the door open to levy it when it comes to profits.

 

On the other hand, the buyer also has to pay a number of taxes. You have a maximum of 30 working days from the date of the deeds to make the payment. If it is a newly built home and it is the developer's first sale, then VAT must be paid. The current VAT on home purchases is 10% of the purchase amount, a house with official protection is only taxed at 4%.

If the house is a “second sale”, the property transfer tax will be charged between 8% and 10% (according to the municipalities) of the purchase price or tax value set by the tax authorities for that location.

Ultimately, the buyer must face the tax of the Documented Legal Acts. The percentage between 0.4% and 0.75% of the amount also depends on the act.

Depending on the specific case, you may eventually have to make other payments, e.g. B. Real estate registration, administration, valuation and other costs.

 

  1. Presentation of the document in public records

Once the tax has been paid, the paper copy of the deed is submitted to the land register for registration. It can be processed by the notary or carried out personally. The buyer registers the property in their name and receives a copy of the deed with proof of payment of the tax and a name change.

The following documents must be presented in the registration:

- Authorized copy of the public deed.

- Proof of income for the relevant tax.

- Last IBI receipt.

With all these documents, the registry carries out the necessary checks within a period of about three weeks.

The buyer bears the notary's fees. It's about the deed of purchase, and if a mortgage has been applied for, you have to pay for the two deeds and the home valuation.

 

  1. Change of ownership

- Change supplies such as water, electricity, gas and others that affect the house on your name. In the case of direct housing by a building contractor, ensure that the bulletins for the allocation of water, electricity and gas are also delivered.

- Go to the president or administrator of the real estate community to identify yourself as the new owner, keep you informed of the current situation and give him an address for any notification.

- Keep all certificates, documents, energy efficiency certificate, invoices, receipts and original guarantees for your purchase as you may need these if you decide to sell.

- Check the property in the cadastre. You just need to know within 6 months that you have received the confirmation letter for the change in your habitual residence.


 
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