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selling property in Barcelona

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Ficasso Real Estate Barcelona
C/ Pelayo, 11, 4E
08001 Barcelona, Spain

Tel. +34 933196176
E-mail: info@ficasso.com Website: www.ficasso.com



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Guide for Sellers of property in Barcelona

     
 
In the sellers section of our website we have outlined everything that you need to know about selling your flat, apartment or house in Barcelona.
 
     
  Property valuation – finding the right sales price  
  Ficasso sales commissions  
  Preparing your property in Barcelona for selling  
  Viewings of your property  
  The negotiation process  
  SOLD! Accepting an offer!  
  Initiating the Sale Process  
  The "Contrato de Arras Penitenciales" document  
  The Title Deed - “Escritura Pública”  
  Registering the property in the Property registry  
  Paying Spanish property taxes  
     
     
   
 

Ficasso Real Estate Barcelona Property valuation – finding the right sales price

 
  The valuation is an essential part of the selling process because it enables you to accurately forecast the financial aspects of your proposed move.

Ficasso will give you an up to the minute picture of the property market in your area and an accurate value of your flat, apartment or house in Barcelona.

We have extensive knowledge of buying, selling and renting property in all areas of Barcelona, Castelldefells, Sant Cugat and Sitges. We can tell you how much you can expect to get when you sell your flat, apartment or house in Barcelona and how long it will take.

A professional Ficasso agent will visit your home and meet with you at a time of your convenience.

This appointment usually takes between thirty and sixty minutes and will involve a detailed inspection of your property.

We will discuss your specific needs relevant to your own situation, market forces and current demand, previous transactions in your street and activity levels with other property similar to your own.

From this we will be able to advise you on the value range applicable to your property and anything we think you can do to enhance this value. We will then suggest an appropriate asking price and a comprehensive marketing strategy will be explained to you. Any questions or concerns you have will also be addressed.
 
     
   
 

Ficasso Real Estate Barcelona Ficasso sales commissions

 
  Ficasso are competitive on commissions. You only pay commission when we successfully sell your property and you’ll always have access to a specialist team dedicated to sales.

We explain exactly what we are doing to earn our commissions every step of the way.
 
     
   
 

Ficasso Real Estate Barcelona Preparing your property in Barcelona for selling

 
  Most buyers now use Internet property portals to find a new home in Barcelona. 75% of all our registered clients at Ficasso Real Estate Barcelona are introduced to us through the many different websites where we advertise our Barcelona property portfolio.

The Internet is a visual media and the visual imagery used with these listings are the first taste of your home a potential purchaser will have In many cases the photos of your property will be hugely influential on whether potential buyers contact us to arrange a viewing.

The photos probably the most important actions you can take to maximise your chances of attracting interested buyers. First impressions are important! Ficasso can advise you on preparing your home for photography as part of the selling process.

A Ficasso consultant will tell you how to prepare your flat, apartment or house on a room-by-room basis to carefully consider the best layout of furnishings, removal of personal items and the best aspects to capture.

We recommend that dimensions and details of each room be recorded and a floor plan of the property be made
 
   
 

Ficasso Real Estate Barcelona Viewings of your property

 
 

The Ficasso sales consultant will discuss with you the best times & days for viewing, the correct route to follow and what preparation you can make prior to a viewing.

Some owners prefer to supply Ficasso with keys whilst others choose to be at home during viewings.

If your property is in or near Barcelona then viewings usually take place at the following times:

Monday to Friday: 10.00 to 19.00
Saturdays: by appointment

Whatever you prefer Ficasso will work with you to meet your requirements

First impressions are always the strongest. At Ficasso it is our experience that a “planned and prepared viewing” will get the best results when selling your property in Barcelona and cause you the seller the least disruption.

We will recommend that we agree on a viewing procedure so that an agreed upon procedure and “guided tour route” will be followed when showing your property so that the best features of your property are shown in the best possible way.

Sometimes we will recommend that we use an “Open house” or “Back-to-Back Appointments” showing enabling us to have several potential buyers in a short period of time.



 
   
 

Ficasso Real Estate Barcelona The negotiation process

 
 

Any offer received will be put forward to you verbally at the first available opportunity, and in writing within twenty-four hours.

You will need to make a response to any offer. If the initial offer is rejected and the buyer decides to increase the offer, the process is simply repeated.

Your Ficasso agent advise you of any other information about the buyer that is relevant to your decision making. We will also discuss the likely timescale of any agreed transaction.

 
   
 

Ficasso Real Estate Barcelona SOLD! Accepting an offer!

 
 

If an offer is acceptable to you, Ficasso Real Estate Barcelona will check all aspects of your buyers status with regard to financing and laywers and recommend that the buyer either make a reservation or proceed directly to the signing of an Arras contract.

We recommend that both buyer and seller instruct a lawyer to represent them in the sales process.

 
   
 

Ficasso Real Estate Barcelona Initiating the Sales Process

 
 

Your Ficasso agent will oversee the sales progression. We will inform and advise you the seller of each step and what progress has been made.

Several things need to be in place before the signing of the Escritura which ultimately secures your sale.

The time needed to get to this stage is dependant on many variables, but Ficasso will work with you to speed up the process as much as possible.

 
   
 

Ficasso Real Estate Barcelona The "Contrato de Arras Penitenciales" document

 
 
The next step, Step 3, is the signing of a document called “Arras Penitenciales”.

This means literally “down payment with penalties” and is a private contract between the buyer and the seller.

The purpose of the Arras contract is simply have a formal and signed agreement in place until the final step of the purchase, ( the signing of the Escritura / public deed of purchase) is ready to be signed officially.

The Arras is essentially a simple document in which the seller confirms their intent to sell, and the buyer confirms their intent to buy the property at the agreed price and specific conditions

At this initial signing the final property purchase price and the signing date of the title deed (Escritura) are agreed.

When you sign the Arras you as buyer must pay a down payment on the final property price, typically 10 per cent of the sales price of the property

Once you have signed the Arras contract you are legally bound to the sale and there will be penalties if one of the parties pulls out of the deal, hence the name.

The Arras should include article 1.454 of the “Spanish civil code” which states that in the event of you the buyer backing out of the deal after signing the arras contract, then you will lose the full down payment amount.

If the seller backs out, they have to pay you the buyer, double the Arras amount.

Many buyers choose to come to Barcelona to sign the Arras agreement in the presence of the sellers and the lawyers, but you can also sign in the country of your residence or give your lawyer power of attorney to sign for you.

 

 
   
 

Ficasso Real Estate Barcelona The Title Deed - “Escritura Pública” also known as Escritura de Compraventa

 
 
The title deed document is called the Escritura. This is the document that proves who the owner of the property is and which contains a detailed description of the property.

Under Spanish law the transfer of property from seller to buyer must be certified by a Spanish public notary. Your lawyer or Ficasso wil recommend a good public notary for you.

At the signing of the Escritura, which typically takes place 4-6 weeks after the signing of the Arras contract (step 3) the notary will check every aspect of the sale.

First proof of identity (or power of attorney) of both parties is checked.

Then your lawyer or Ficasso representative will ask the seller to provide copies of the following documents:

The title deed of the property

Copies of receipts of payment of previous IBI payments. The IBI is an annual real estate tax called IBI ("Impuesto sobre bienes Inmuebles") which is charged by the local town hall and paid either annually or every six months to the town council, where the property is located

Proof that community charges (gastos de comunidad) have been paid up to date When there is common ownership or sharing of facilities between owners, Community of Owners must be established through which community charges can be shared.

Community charges cover things like the roof, stairways, facades etc.

Latest copies of domestic bills so that you can take over the services such as electricity and water

Then all the final payments are made at the signing of the Escritura, either by bank cheque or by electronic transfer in the presence of the notary.

Proof of such payment will be then incorporated into the new title deeds of the property by the notary.

The Notary's fees must also be paid at the Escritura. The Notary fees for the execution of the Escritura are fixed on a sliding scale established by law

Before proceeding to the final signature the notary has the obligation to check that the property is free of any debt.

The buyer and seller sign the contract and beneath their signature, the notary signs using his firma protocolizada certifying the authenticity of the document.

Now you have formally taken possession of the property and will be handed the keys.

This completes the sale and the public deed is ready to be registered and for taxes to be paid.

 
   
 

Ficasso Real Estate Barcelona Registering the property in the Property registry

 
  Immediately after completion, the notary will fax details of the title deed to the local Land Register to inform them of the identity of the new owner.  
 


 
   
 

Ficasso Real Estate Barcelona Paying Spanish property taxes

 
 

In Spain when a property transaction takes place, as in many other countries, taxes and fees have to be paid promptly. Failure to do so will mean that the registration of the Escritura at the Property Registration cannot take place.

To own a property in Spain, you will need a Tax identification number called a Número de Identificación de Extranjeros (NIE). This identifies you to the tax authorities and allows them to calculate your tax liability.

It is a simple procedure to apply for this and this should be done prior as early as possible. It usually takes from 1 to 4 weeks to obtain a NIE number.

The fees & taxes you must pay are as follows:

Taxes and fees to be paid by buyer:

The buyer pays a Transfer tax (ITP: impuesto de transmisiones patrimoniales). If the seller is an individual, the tax to be paid is 10% added to the price specified in the Escritura. If the seller is a real estate developer or a company the tax to be paid is 10% as VAT tax (IVA: impuesto sobre el valor añadido) instead of ITP.
The buyer must also pay 1/2% stamp duty.

 

Taxes to be paid by seller:

Plusvalia Tax - The Plusvalia tax is based on the assessed increase in the official value of the property from the date of the previous sale to the date of the current sale. The amount payable varies widely since it is based upon the assessed increase in the land's value and the lapse of time since the prior transaction. The amount payable also depends on the location of the property and the applicable scale.

In accordance with Spanish law the Plusvalia Tax must be paid by the seller.

Capital Gains Tax - This must not be confused with the above-mentioned Plusvalia Tax, as it is not based on the official value of the property like the Plusvalia Tax, but on the real value.

The Capital Gains Tax is based on the increase in the purchase price and the sales price.