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I am looking for advice re the process and who is involved if we decide to sell our home in LA privately. Does a notary cover everything or do we require a solicitor too.
Any guidance would be greatly appreciated! TIA.
Posted: Wed Mar 9, 2022 8:24pm
Very helpful member
Kimmo22 wrote on Wed Mar 9, 2022 11:46am:
I am looking for advice re the process and who is involved if we decide to sell our home in LA privately. Does a notary cover everything or do we require a solicitor too.
Any guidance would be greatly appreciated! TIA.
It's not necessary for the vendor to have a solicitor for the sale of a property as it's the buyer's solicitor who has to do all the paperwork in order for their client to purchase the property. The Notary will need to have all the necessary documents in order to be able to transfer the ownership of the property to the new owner, so all you really need to do is to ensure that the buyer's solicitor is given all the documents that they ask for. I sold my property last year and supplied the buyer's solicitor with the last 3 electric/water/rubbish bills and receipts of payments, the last 3 months' community charges, and receipts of payment - plus a certificate from the President of the community that stated that I had no community debts. Last 3 years' IBI payment certificates. Plus the documents that should stay with the property, such as the Cedula de Habitabilidad, Boletínes for the electric and water connections to the property, copy of the relevant pages from your escritura, showing your name(s) Passport/NIE numbers and the date that you purchased the property. You don't have to give them the page showing what you paid for it but you will be liable for the Capital Gains Tax on the sale price and will also be liable for the Plus Valía, once the sale has been completed. A certain amount of money to cover these last two items will probably be retained by the Notary to ensure payment is made once the sale has gone through. Hope this helps!
Posted: Thu Mar 10, 2022 6:02am
Mags44 wrote on Wed Mar 9, 2022 8:24pm:
It's not necessary for the vendor to have a solicitor for the sale of a property as it's the buyer's solicitor who has to do all the paperwork in order for their client to purchase the property. The Notary will need to have all the necessary documents in order to be able to transfer the ownership...
Read more...
... of the property to the new owner, so all you really need to do is to ensure that the buyer's solicitor is given all the documents that they ask for. I sold my property last year and supplied the buyer's solicitor with the last 3 electric/water/rubbish bills and receipts of payments, the last 3 months' community charges, and receipts of payment - plus a certificate from the President of the community that stated that I had no community debts. Last 3 years' IBI payment certificates. Plus the documents that should stay with the property, such as the Cedula de Habitabilidad, Boletínes for the electric and water connections to the property, copy of the relevant pages from your escritura, showing your name(s) Passport/NIE numbers and the date that you purchased the property. You don't have to give them the page showing what you paid for it but you will be liable for the Capital Gains Tax on the sale price and will also be liable for the Plus Valía, once the sale has been completed. A certain amount of money to cover these last two items will probably be retained by the Notary to ensure payment is made once the sale has gone through. Hope this helps!
Thank you so much for this. You’ve put it so clearly that I can understand it completely. It’s very much appreciated!
Posted: Thu Mar 10, 2022 9:40pm
Helpful member
Mags44 wrote on Wed Mar 9, 2022 8:24pm:
It's not necessary for the vendor to have a solicitor for the sale of a property as it's the buyer's solicitor who has to do all the paperwork in order for their client to purchase the property. The Notary will need to have all the necessary documents in order to be able to transfer the ownership...
Read more...
... of the property to the new owner, so all you really need to do is to ensure that the buyer's solicitor is given all the documents that they ask for. I sold my property last year and supplied the buyer's solicitor with the last 3 electric/water/rubbish bills and receipts of payments, the last 3 months' community charges, and receipts of payment - plus a certificate from the President of the community that stated that I had no community debts. Last 3 years' IBI payment certificates. Plus the documents that should stay with the property, such as the Cedula de Habitabilidad, Boletínes for the electric and water connections to the property, copy of the relevant pages from your escritura, showing your name(s) Passport/NIE numbers and the date that you purchased the property. You don't have to give them the page showing what you paid for it but you will be liable for the Capital Gains Tax on the sale price and will also be liable for the Plus Valía, once the sale has been completed. A certain amount of money to cover these last two items will probably be retained by the Notary to ensure payment is made once the sale has gone through. Hope this helps!
Is it different to the UK where capital gains would only be if a second property was sold at a profit?
I assume if you sold a Spanish Property at a loss then there's no gains tax. What if the Spanish property is your only property, surely Capital Gains won't come into it.
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