Selling a house or apartment is a process that requires patience and a lot of dedication. Therefore, the best thing you can do to keep your nerves is to know in advance what the step-by-step process of the sale is and what documentation you will need to carry it out.
In this way, you will be able to anticipate any difficulties that arise and you will definitely save time and money.
Today the real estate experts of nphp.com.pk want to help you gather all the necessary documentation to sell your apartment. In addition, guiding you through the step by step of the buying and selling process to make the procedures easier. Go for it.
Step by step to sell a house
It is always better to start with the general idea and then go deeper. Therefore, in this first instance, we decided to make a summary with the step by step that will take you towards the sale of your apartment. Let’s see what it consists of.
To sell your apartment you must take into account a multitude of procedures and strategies so that the process is quick and successful. All of them can be summarized in these items that we present to you in chronological order.
- Gather all the necessary documentation.
- Carry out an appraisal of your home and define the price.
- Advertise your property on real estate portals.
- Make visits to your property and negotiate the conditions of sale.
- Prepare the reservation document or signal payment.
- Draft the Arras contract.
- Inform the community manager of the sale and request a certificate showing that you are up to date with your payments.
- Make the public deed of the house in front of a Notary.
- Settle the taxes corresponding to the transmission.
- Celebrate, because you will have already achieved your goal.
Do not worry if some of these steps generate doubts, keep reading that it is now when we will delve into each of them.
Documents needed to sell a house
We told you before that the first step to sell your house is to gather the necessary documentation. But you are probably wondering: what is the documentation I need? To answer you, we will see each one of them in detail.
National identity document
Although it seems obvious, it is important to know that, to contract real estate services, sign the deposit contract or carry out the public deed of the property, they will ask for your identity document, be it this DNI, NIE or passport. If it has expired, you will not be able to perform any of the aforementioned operations. That is why it will be important that you verify it before starting.
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Deed of your property and Simple Registry Note
When we talk about the Public Deed, we refer to the one that you created when you bought your property. You will need it throughout the sales process.
In addition, although it is not mandatory, it is very common that the future buyer requests a Simple Note of your property. It contains three pieces of information that may be of interest to you. They are: the ownership of the property, the charges to which it is subjected and the description of the property. If you want to know more about the Simple Note, you can read this post.
Certificate of occupancy
The certificate of habitability is an administrative document issued by the town hall of the place where your home is located. It guarantees that the property meets the minimum requirements to be inhabited. Its presentation is mandatory only in Catalonia. Therefore, if you have not done it yet, it would be better to request it.
In addition, the certificate of occupancy expires every fifteen years. Therefore, in case you have it, we advise you to verify it. Well, its usefulness will be null if it is expired.
Energy Efficiency Certificate
Another of the mandatory documents that must be attached to the sale contract is the Energy Efficiency Certificate. And not only that, but it will also be mandatory to report the energy rating of your property in the publications you make on real estate portals.
Real Estate Tax Receipts
You must also show that you are up to date with the IBI or Real Estate Tax. To do this, you will have to present the latest payment receipts for it. At Capital Smart City the team makes sure that you have all of these receipts at hand.
Other additional documentation that the buyer may request
On the one hand, the buyer will most likely apply for a mortgage to make the purchase. To do this, they will ask you for an appraisal of the property and will surely ask for the plans of the house. Therefore, it will be important that you have them on hand before starting the buying and selling process.
On the other hand, it is more and more frequent that buyers request the statutes of the neighborhood community. Well, in this way they will be able to know what are the rules that regulate the coexistence and maintenance of the property.
None of the latter is mandatory, but having them will be a plus to help your buyer in completing the operation.
Property appraisal
Appraising a property involves studying its characteristics, its location, and the points of interest of the environment, the demographics and the prices of the houses in the area. From this report, a minimum and a maximum price are established for the sale of your property.
As you can imagine, it is one of the most difficult steps to take if you do not have enough knowledge about the real estate market. In addition, a bad appraisal could bring you two drawbacks:
- That you sell your property at a lower price than it is really worth.
- That you establish an exorbitant price and no buyer is interested in carrying out the operation.
If you want to make a free appraisal and without obligation, you can contact us. We will provide you with all the information you need.
Advertising on real estate portals
If you choose to sell your apartment through a real estate agency, she will be in charge of publishing your properties on her website and on all the portals that exist on the internet. Well, in the 21st century, a good description of the property accompanied by quality photographs will ensure the success of the sale.
Visits from potential buyers
When it comes to visiting the property, there are many tips that will help you impress your clients. Applying home staging is one of them, but it is not the only one. If you want to know more, we invite you to read this article: Tips for selling your property.
Reservation document
When a buyer is interested in your home, but needs time to confirm the purchase because they must complete the mortgage procedures, a reservation document is usually signed.
In this writing, the buyer agrees to continue with the sale if the mortgage loan is accepted. To guarantee compliance with this commitment, you must pay an amount of money that is around 1% of the sale price.
If the selling party decides not to proceed with the operation, it must return this money to the buyer. If, on the contrary, it is the buyer who decides not to proceed, the reservation amount will be retained by the owner.
Deposit contract to sell a house
The deposit contract is an agreement prior to the sale contract where both parties agree that the operation will be carried out within a specified time limit.
The buying party, on the one hand, delivers a significant sum of money that is around 10% of the price of the house. By doing so, you agree to move forward with the purchase.
The selling party, on the other hand, guarantees the continuity of the sale of the property. If you don’t do your part, you could sometimes be penalized with a large amount of money.
Neighborhood community
Notifying the community of neighbors that you have sold your property is mandatory. In fact, in this post we tell you all about it: Community of neighbors, should you tell them if you sell your property?
Public deed of sale
The public deed is a document that details all the information related to the purchase-sale contract that has been signed. It must be done before a notary.
Although it is not mandatory, doing it is important because it will give legal certainty to both the buyer and the seller. In addition, it is very likely that the buyer will need it, since they will ask for it at the bank when applying for the mortgage.
Payment of taxes corresponding to the transmission
The last step will be to pay the corresponding taxes for the transfer of the property. The most immediate will be the municipal capital gain, which you must pay at the town hall of the district where you made the sale. But, in addition, within the first thirty business days after the sale, you must pay the Property Transfer Tax.
On the other hand, you will have to pay IRPF. In this regard, there are multiple variables that could even exempt you from paying this tax. If you want to know more, keep reading this article: Taxes on the sale of your house.
Finally, you must pay the IBI for the year corresponding to the sanle date of the property. Well, if you pay the Real Estate Tax every three months and you have sold your apartment on January 1, 2021, you will have to pay the IBI for all of 2020.
Special features
There are properties whose sale will consist of some additional steps and procedures. We refer to Officially Protected Homes, repossessed houses and inherited properties.
In the first case, you will have to present additional documentation that certifies that you are authorized to sell your property.
In the second, the process will be more complex because few buyers are inclined to properties with pending foreclosures. But this does not mean that it is impossible. Here we tell you more about it: How to sell a foreclosed home.
In the third, it will be mandatory that you figure as the owner of the property in the Property Registry in order to continue with the sale of your apartment.
As you can see, selling a house is a process that requires a lot of dedication. Doing it on your own is a viable option, but the procedures will be much easier if you have the right advice.
At Sky Marketing we have more than ten years of experience in the real estate market and we have helped thousands of clients sell their property.
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