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Selling Process

Looking to sell your property? You may be in a position of knowing the value of your property, if not it is advisable to consult a professional real estate agent for a free valuation. Your agent will take into account the size of the property, the age, the condition if there has been reform and upgrades it is an older property, and also the area and property prices comparable to yours in that area.

Once you have decided to put your property on the market at an agreed price, your agent can discuss the various marketing methods to find the right buyer. From web exposure and through professional real estate networks, local marketing and special events.

Paperwork involved when selling a property includes firstly your listing form which is the contract with your agent authorizing them to market your property with an intent to sell. Other documents required by law include a updated copy of the Deeds, (Nota Simple), A copy of the most recent IBI and Basura payments, recent utility bills and an energy certificate, the last being a more recent requirement by law. Your agent can advise you on acquiring an energy certificate.

Once you have an offer on your property that you are happy to accept and you are happy with the terms of the sale (timescale for completion date etc) It is normal that the buyer would put a deposit with the agent or his lawyer (this can be between 3000€ to 6000€). This shows that the buyer is serious and while both parties lawyers (buyers and sellers) do their checks and work on the deal the property should be placed as reserved and off the market for any further viewings.

At the completion which would take place at a notary of the buyers choice, new title deeds are drawn up and bank drafts handed over. Finally the keys to the property are handed over to the new owners.

Costs to the vendor when selling include his own legal representation and tax on the urban land increase (Capital Gains Tax) Also the commission defined in the listing contract payable to the real estate agent involved in the sale is also paid at the completion of sale and signing of the Title Deeds.