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LawTalk

Do I need a lawyer when I sell my property ?

The simple answer to this question is Yes . Why ? First and foremost , for peace of mind because things don ’ t always run smoothly . A lawyer ensures all paperwork is presented correctly and can swiftly deal with any unforeseen issues that may arise prior to the signing . Secondly , the taxation on sales of property is case specific ; whilst you may be given an estimate by the estate agents , each particular sale should be reviewed by a lawyer . Thirdly , the retention of funds - you don ’ t want to find monies are being retained indefinitely unless you understand why and have a lawyer who follows up on these matters .
For British clients there can be the additional worry about converting the funds into sterling from euros . If you are considering selling , it is a good idea to get legal advice early on to avoid any unexpected problems on the day .
In a number of transactions between British people , we have been able to undertake the transaction in sterling provided the Notary is satisfied they have evidence of the payment for the sale . If there is a mortgage on the property which will be paid off on sale , your lawyer will ensure that the bank is available on the day of signing the deed to cancel the mortgage . All
other debts such as Community of Owners bills , utilities etc can be settled on the day or retentions made to cover these costs .
For non-residents there is also a 3 % retention on the sale price which is on account of Capital Gains tax . If you have not made a capital gain and are up to date with your non-resident taxes you can apply for the return of this 3 %. Your lawyer can arrange this but in some cases you may have to wait some months before the return of the funds . There is still some uncertainty about the obligation to pay Plus valia tax to the Town Hall when you make a loss on the sale . There are currently two ways in which to calculate the Plus valía and your lawyer can guide you toward the more economical option .
If you are not able to be in Spain on the day of sale you can grant lawyers a Spanish form Power of attorney to act for you . A lawyer instructed by you can ensure all of the retentions are correct and provide you with an individual tailored service . Consultations are free at De Cotta Law when you are selling or buying property .
For more information contact De Cotta Law on 952 527 014 or email info @ decottalaw . net
De Cotta Law , Calle Diputación 11 Bajo ,
29780 Nerja , Málaga , Spain Tel : + 34 952 527 014
E-mail : nerja @ decottalaw . net
Our opening hours are 9am to 4:30pm Monday to Thursday ;
Fridays 9 am to 2 pm
De Cotta Law ( De Cotta McKenna y Santafé ) Mijas-Costa / Calahonda – Coín – Nerja – Tenerife
Nerja Office : - Calle Diputación 11 , 29780 Nerja www . decottalaw . com info @ decottalaw . net
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