Discover the 7 steps to selling your "finca rústica" and avoid the mistakes that could cost you thousands of euros.
If you're looking to sell a country house or estate in Spain, you're in luck – you've found the right post.
Due to the legal nature of a "finca rustica", many people feel overwhelmed by the steps involved in selling. It's not easy. But following the correct process can save you thousands of euros.
At Cottage Properties, we have over 25 years of experience in selling country houses in Spain, achieving an average sale price of over €1 million.
So, if you want to learn how to sell your rural property for the best price... keep reading!
Want a professional valuation of your rural property?
At Cottage Properties, we are the leading estate agency in the Spanish country house market. We know how to value your property and sell it quickly at the best possible price.
Click here to request a consultation.
1. Prepare all the details of your rural property
It's often the case that a homeowner with a country estate is pressed for time.
At Cottage Properties, we get many phone calls from people who have inherited a property and soon realise that the maintenance costs are higher than expected. Others need to recover the capital they’ve invested in taxes after inheriting the property.
But let's take a step back.
Having all the details ready in advance is important. Complete documentation saves time, builds buyer confidence, and avoids delays in the selling process. Additionally, any irregularities discovered by the buyer (or their conveyancing solicitor) could result in renegotiating the price.
Selling a rural property is not something you will likely do a lot. Based on our experience, it’s worth preparing all the necessary documentation.
In most cases, this means:
Hiring an authorised surveyor to measure the property and confirm the boundaries and dimensions.
Preparing clear and precise plans to prevent disputes with buyers.
Gathering key details such as land registry references, access points, easements, infrastructure, and available services.
2. Resolve discrepancies and document the buildings
What surprises might you find after completing step 1?
It’s common to find irregularities in rural properties. In fact, a few years ago, Spain’s tax authority conducted a national study and discovered over 3 million irregularities across properties nationwide. These included:
1.1 million extensions and renovations carried out without permission.
600,000 unauthorised refurbishments.
150,000 undeclared swimming pools.
You can sell a rural property with irregularities. But they will negatively impact the sale price. Also, if the buyer discovers an undeclared issue, they could use it as leverage to renegotiate the price.
We have encountered cases where the property wasn't listed in the Land Registry as a residential property.
This creates a significant amount of risk for the buyer.
That’s why it’s worth resolving any irregularities before putting the property on the market (if you can).
This may include:
Correcting land registry errors.
Legalising any undocumented constructions such as houses, barns or sheds.
3. Get the deeds and the "Nota Simple"
The Nota Simple is an official document that provides registered information about the property.
It includes details about the current owner, property characteristics and any outstanding charges or legal restrictions.
To get , follow these steps:
Request a Nota Simple from the Land Registry.
Ensure it confirms your ownership.
Check that the property is free of debts or encumbrances.
If the property is inherited, the process for obtaining the Nota Simple may differ.
Ensure that ownership is properly updated in the Land Registry following the inheritance process. If multiple heirs are listed, all must agree to the sale and sign the sales agreement.
4. Verify legal and financial documentation
You can sell a rural property with minor irregularities.
But you cannot sell it without the essential legal and financial documentation.
On the signing date, the notary is responsible for ensuring all required documents are in order. Without them, the transaction cannot go ahead.
Essential documentation includes:
Proof of up-to-date payment of property taxes (IBI) and other charges.
Receipts for utilities and maintenance costs.
An energy certificate and necessary technical reports.
Documentation of agricultural rights, such as CAP subsidies, if applicable.
Resolution of any inheritance or co-ownership issues.
5. Set a competitive price
Price is one of the most important factors in attracting buyers.
A competitive price can make the difference between a quick sale and months of waiting. However, valuing a rural property can be more challenging than you might think. In fact, these types of properties are in high demand among buyers looking for tranquillity and nature.
Therefore, finding the right balance between a competitive and appropriate price is crucial.
Typically, this is achieved by:
Hiring a professional appraiser to assess the property accurately.
Considering the location, size, facilities, and potential uses.
Comparing prices of similar properties on the market.
Want a professional valuation of your rural property?
At Cottage Properties, we are the leading estate agency in the rural property market in Spain. We know how to value your property and sell it quickly at the best possible price.
Click here to request a consultation.
6. Plan for the costs involved in selling
Selling a property involves certain costs.
Knowing these costs will make you stronger when negotiating with buyers and will help you avoid unexpected surprises.
Typical costs include:
Notary fees and Land Registry charges.
Appraisal and technical documentation.
Taxes such as IBI, income tax, or transfer tax.
Estate agent fees.
Solicitor fees, if you choose to hire one.
7. Promote your property effectively
Many sellers choose to list their coutnry house or estate on online portals such as Idealista or Milanuncios.
But they are often unprepared for the number of messages they will receive. Some will be spam, others from estate agents offering to sell the property on their behalf, and many from people wanting to view it.
Sellers don’t expect that a tiny percentage of enquiries will be genuine.
This means you could spend months responding to messages, arranging viewings and still not secure a sale.
So, what’s the best way to sell your property?
At Cottage Properties, we are market leaders in country houses in Spain. We have a constant flow of serious buyers looking for these types of properties. Additionally, we filter all enquiries and conduct pre-consultations to ensure that only genuine buyers view your property.
Thanks to our specialised marketing, extensive international client base, and expertise in valuing and selling rural properties, we consistently achieve sale prices of over one million euros.
If you’d like a consultation, contact us today.
Post published 18/12/2024 in Rural properties
