Properties In Ibiza

A Guide to Selling Property in Ibiza

1Get your property valued. Always get a second opinion and make sure you agree with the pricing before putting it on the market.

2Put your property with an established estate agent such as Properties in Ibiza. Do not sign an exclusive agreement - this will tie you to one agent and severely limit your options.

3Most estate agents will charge approximately  5% commission to sell your property. This is always negotiable and may well be lowered during the selling process.

4Your property is only worth what somebody is prepared to pay for it so be ready to negotiate.

5Ensure that your property is clean and presentable before showing prospective clients around.

6Once an offer is accepted by you ensure that a ¨compra-venta¨ contract (literally translated means buy/sell) is signed between buyer and seller. This ties all parties in to an agreement and specifies a completion date.

7The contract will stipulate that a 10% deposit is paid to the seller. The estate agent in a clients account usually holds this until completion of the purchase. This 10% is taken off the outstanding amount at time of purchase.

8If the compra-venta contract is broken by the buyer then the seller keeps the 10% deposit less any applicable fees.

9If the compra-venta contract is broken by the seller then the buyer is entitled to a full refund of all the deposit plus the same again less any applicable fees.

10On the agreed date all parties will meet at the public notary and sign all the deeds over and the seller will hand the keys over to the buyer.

Important Notes for Sellers

Residents of Spain have to include the property sale in their next tax return. Non-residents have to pay a 3% tax on the money received for their property sale. Usually the buyer will only pay the non-resident seller 97% of the agreed price and pay the other 3% directly to the Hacienda (Tax Office). The emphasis is then on the buyer to pay the tax not the seller.