· What is a recognised Estate Agent in the Canaries?
In Spain a licensed Estate agent is a member of the Agrupación técnica profesional de asesores de la propiedad inmobiliaria de España (ADPI) and will have an official membership number. GoldAcre Estates are licensed and you can learn more on this and our membership number in our section on accreditation.
· What is a Notary in Spain?
A Notary is a lawyer who has had special training and passed examinations to qualify them to cover a large range of legal matters not just property transfers. Once a document is signed by a Notary he becomes legally responsible and is duty bound to enter the details into public records.
· We have a tenant in our Spanish property can we sell it?
Yes, you can. Prospective buyers will want to view the property so we advise that you inform the tenant and make sure they understand that the property is for sale and that there will be viewings. Call GoldAcre Estates for more advice on what could be a tricky situation and to ensure that all the legal requirements are complied with.
· We don't live in Spain and own a property in the Canaries can we sell it without being there?
Yes, we will market the property for you without you being here. All potential buyers wishing to view your property are escorted by a GoldAcre Estates property consultant and we will hold your keys in a secure safe. Any staff member who takes keys is recorded. You may wish to employ a Property Management company to ensure your property is always looking its best.
· What taxes am I liable for when I sell my property in the Canaries?
As the vendor you will have to pay the 'Capital Gains' and the 'Plus Valia' tax on the sale of the property. If you are not a resident of the Canaries Islands 3% of the purchase price is retained and paid to the tax office on account of any potential liability to Tax owing. Read more on the tax implications when selling a property.
· Do I need to attend the Notary when the property is exchanged?
No, you can grant 'Power of Attorney' to someone to act on your behalf when the property goes to Title at the notary. Read more on Power of Attorney safeguards in our legal section.
· I've heard that vendors under-declare the value of the sale. Can I do this?
In the past this was common and vendors would declare a sale price much lower than the property`s market value in order to reduce the tax they were liable to pay. Tax inspections have since become more rigorous and penalties may apply for vendors that have under declared. GoldAcre Estates can provide you with advice on property pricing. If you have any questions on purchasing property thensend them to usand we will find the answer for you and add them to this list of FAQ`s to help others.