Useful tips for selling property in Majorca
To ensure that the sale of your property in Majorca goes through smoothly, you should bear a few things in mind. We have put together the most important points for the legal sale of a property in Majorca in our guideline “Useful Tips for Selling Property in Majorca”.
Please note that this guideline does not constitute legal advice, but is purely for information purposes. Depending on the individual case, it is recommended that you consult a solicitor in Majorca before selling. Porta Mallorquina Real Estate has been working with reputable solicitors for many years and will be happy to give you suitable recommendations.
For a smooth sale, you should have the following documents relating to your property:
- The Deed of Purchase (escritura pública) which is recorded in the Land Registry.
- Land Certificate which provides information about ownership, encumbrances or charges (nota informativa simple).
- Contracts with electricity, water and other utility companies and receipts for payments made to them.
- The receipt confirming that the property tax (I.B.I.) has been paid.
- The certificate of habitation (cédula de habitabilidad) and proof that all registrations have been made for the property.
- Energy certificate (Certificado de eficiencia energética de edificios existentes). Since 2013 possession of an energy certificate has been mandatory before a property may be put up for sale.
If furniture is to be sold with the property, all items should be listed in an inventory.
Taxes on the sale of a property in Majorca
Revenue from the sale of a property in Spain is subject to Spanish tax law. During and after the sale of a property, the following taxes apply in Spain. If a property is sold by a private individual, the same rate of tax applies to both residents and those who do not have their main residence in Spain. However, non-residents are already liable to pay a part of this tax at the time the Deed of Sale is signed at the notary’s office.
If the property being sold is the asset of a legal person, capital gains will be subject to corporation tax.
Apart from taxation on capital gains, the sale of properties on urban land (designated as “urbano”) is also subject to a tax on capital appreciation (Plusvalia).
The Porta Mallorquina Real Estate Team is at your disposal if you have any further questions about the sale of property in Majorca. You can call us seven days a week on +34 971 698 242 or send an e-mail to Email Porta Mallorquina. More information about Majorca and about properties in Majorca is available in our blog at Blog Porta Mallorquina