Selling Property in Tenerife

Selling a property in Tenerife

Now you have decided to sell your home, we will visit your property and happily explain the whole process to you. We will provide you a valuation and a breakdown of the fees and costs of selling and buying, so you can understand the whole process. Giving you a clear understanding of the selling price and the amount you will receive after all fees and costs. We will show you some examples, and a print out of the costs on a spreadsheet.

There are many factors to help your property sell, of course it must be priced right. Using our years of experience, we can provide you with the best possible valuation of your property. Taking into consideration the property type, if it's situated in a touristic area/complex and the pros and cons which must be taken into account to determine the price. If it's situated in a residential area/complex the pros and cons which will drive your price up.

With our experience, we will look at the condition of your property, any recent refurbishments you have had, the size of your property, living area and outside area. Views from your property, parking availability, local amenities, local community etc

First impressions really do count, potential buyers look around and look at any work that may need doing. If you know a room needs a lick of paint, a door handle needs fixing or a cracked tile needs replacing, we can help and advise you to get your property to a high level of appearance. We can recommend professionals to carry out these jobs, we will share with you other suggestions to help your property sell.

Another very important part of the process of selling your house successfully, is how it is presented and marketed. We will take many high-quality photos, using the latest digital cameras, videos and drones to capture your house at its fullest potential. Presenting your house in a very professional manner, across portals, social medias and our website.

When we bring clients to view your property, they will be well qualfied, with all the knowledge of your home, the area and local amenities. They will fully understand the fees/costs involved in buying. We will always try to give you 24 hours notice, when bringing clients for viewings.

FAQ

What are my deductions when selling?

You are looking at approximately 10% of the sales price, That is made up of 3% rentention tax, agents fee, Plus Valia and any legal fees if using a lawyer.
What is 3% retention tax?

As a non-resident seller you must pay 3% of the sales price. This tax is levied on the profit that the non- resident obtains with the real estate transfer. This capital gain is the result of subtracting the sale price and the purchase price ( expenses and taxes included)
How much are agents fees?

5% of the selling price.
What is Plus Valia?

It's the increase of the value of the land, once a property is sold. Each amount will vary, it will depend on how long you have been the owner of the property, its location and square meters. When the seller is a non-resident in Spain, its usual for the buyer to be liable to pay this tax. Because if the seller fails to pay this, as not living in Spain, the Spanish tax authorities will go after the new owner. Its usual for the buyer to retain this money of the property price to pay it on
behalf of the owner. It must be paid within 30 days after the sale
What documents do I need to sell my property?

A copy of your property deeds ( Escritura)

Information regarding the community fees and facilities if on a complex

Last IBI receipt ( annual tax, similar to council)

Last Basura receipt ( rubbish)

EPC (CEE) Energy Peformance certificate

Passport and Nie number

Community Certificate to show your community is paid up to date
When I decide I wish you to list my property for sale with you, what will you do first ?

Once we have agreed a price to sell your home at, you will ask you to sign a contract, which will show all your details. A simple contract between ourselves allowing me to market your property, taking photos and publish them on the internet. The sales price will be on the contract also. We can show you
an example of one these, along with a breakdown of the amount of money you will receive after selling.
Once a buyer has been found, and a price has been agreed. A Sales contract will be drawn up, with yours and the buyer's details. The buyer will deposit 10% of the selling price to their chosen solicitor/lawyer. After 3 months the balance will be paid. On the day of signing, you will receive a cheque or banker's draft.
What if I can't be in Tenerife to sign?

You can appoint the estate agent, a lawyer or friend or family member to sign on your behalf, giving them power of attorney.
What if the buyer pulls out or I decide not to sell?

If the buyers should pull out, they will lose their 10% deposit. If you decide not to sell, you will need to pay the buyer twice the deposit.
How will I get my money back to my country?

This can be sent back via your bank, however there are usually hefty fees from the banks both ends. We can recommend a money transfer company to you, who will give you a
much better rate than any bank.
Do I need a lawyer/solicitor to work on my behalf?

Usually no, as the Estate agent works on your behalf, however in some cases its best to have a lawyer/solictor to oversee everything, and for that extra peace of mind.