Property Sale Pitfalls: Expert Reveals 3 Costly Mistakes to Avoid

Madrid, Spain – A real estate expert has highlighted three critical errors property owners must avoid when selling their homes to prevent costly legal and financial complications. The advice aims to protect sellers from unexpected claims and ensure a smooth transaction. Firstly, sellers are urged to thoroughly review the property's community status. "What you sell is not just an apartment, but also a share in the community," the expert stated. He emphasized checking for pending community debts, unfavorable technical inspections, or any activities that could be deemed bothersome, and ensuring these are contractually resolved with the buyer. Secondly, understanding the true financial outcome of the sale is crucial. "It's not what they pay you; it's what's left after taxes," he explained. Sellers should investigate all applicable taxes and explore potential savings before finalizing the sale, as tax implications can significantly impact the net proceeds. Finally, the expert stressed the paramount importance of verifying the property's legal standing. Many sellers overlook issues such as unregistered inheritances, unresolved usufructs, undivided ownership, or even mortgages and liens that, despite being paid off years ago, remain officially inscribed. He advised obtaining a 'nota simple' (simple note) from the Property Registry to ensure all legal aspects are clear and the property can be legally transferred without future complications. "It costs a lot of effort to remove them now," he warned regarding lingering legal burdens.