Legal aspects that as a seller you should be aware of before selling a house in Fuerteventura and that affect both the sale process itself and the months after the signing of the title deeds.
When a person decides to sell their home, one of the things that generates the most uncertainty are the legal aspects: documentation, tax obligations, tax payments… Selling a property is a major decision that requires having the whole process under control in order to live the transaction from a calm perspective and without unforeseen scares.
Below, we leave you with a series of aspects that you should take into account before selling a house in Fuerteventura to be able to do it with all the security and efficiency that the process requires. You can find these and other aspects that we at Destiny consider essential for selling a house in Fuerteventura in the Destiny Home Owner’s Guide.
Legal aspects during the sale process
To begin with, make sure you have under control the legal aspects directly related to the sales process. The following elements would fall under this heading.
Required Documentation
Before selling a house in Fuerteventura you must gather all the necessary documentation for the sale.
Documentation to be submitted by the seller:
- Photocopy of the DNI / INE of the owners of the property.
- Simple note of the property and title deed
- Photocopy of the last IBI receipt
- Photocopy of community and mortgage receipt
- Photocopy of contracts and/or last utility bills (water and electricity).
- Energy efficiency certificate.
Documentation to be provided by the real estate agency in case of contracting one:
- Video or photographs of the property
- Recruitment form / Data sheet.
Documentation to be presented at the Notary’s office:
- Originals of all previous documentation
- Certificate of the bank debt of the mortgage of the house on the date of the deed.
If you have an agency such as Destiny Home to manage the sale of the property, it will be in charge of managing all this documentation.
Purchase and Sale Agreement
Another of the legal aspects that you must take into account when selling a house in Fuerteventura is the Sales Contract, a document that includes all the agreements reached between the seller and the buyer in which the price, the method of payment, the delivery terms and the conditions of the transaction must be included.
The Sales Contract will be drafted by the Notary, however, you can ask your real estate agency to request a draft of the same so that you can know your rights and obligations as a seller, and, in case you need it, ask your real estate agency any doubt that may arise in this regard.
Legal aspects after the sale
Your obligations as a seller do not end on the day of the signing of the Contract before a Notary. Once the property is already in the name of the new owner, you will have to continue to deal with a series of legal aspects.
Payment of taxes
One of your fiscal obligations after selling a house in Fuerteventura is the liquidation of taxes. At the time of selling, there are two taxes you will have to face:
- Municipal capital gains tax: it is calculated based on the cadastral value of the land and the time that, as owner, you have been in possession of the property.
- Capital Gain: it is generated by the difference between the price for which you acquired the property and the price for which you are selling it. The capital gain is declared in the IRPF at the time of making the Income Tax Return.
In addition, you also have to take into account the expenses you may have to pay for paying off a mortgage on the property you are going to sell.
Hidden defects
As the seller you will also be responsible for any hidden defects that may arise once you have sold your property.
A hidden defect is a serious defect that was not visible at the time of sale and that affects the use or value of the property.
The law establishes that the buyer has a period of 6 months to claim against the seller for hidden defects. To avoid problems on this issue, it is important that as a seller you report any problems with the property to avoid future litigation. In this sense, a real estate agency will be in charge of informing the buyer of everything that it considers important to avoid unforeseen future surprises.
Other aspects of the sale to be taken into account
In addition to the legal aspects, to sell a house in Fuerteventura you need to ask yourself a series of questions as a seller:
- How to set the right price?
- How can I make my home more attractive?
- Is it correct to manage the sale with several agencies?
In order to answer these and many other questions that surely as a seller will cross your mind, in Destiny Home we have created the Owner’s Guide. A PDF that brings together all the information that we at Destiny Home think you should know before selling a house in Fuerteventura. Download the Guide that we have prepared for you and, if you still have unresolved questions, do not hesitate to contact us.