Things you shouldn't forget to do after selling your house
Selling a house is an exciting and significant experience in anyone's life. However, before fully immersing yourself in your new chapter, it's essential to make sure you have completed a series of important tasks to leave everything in order. From legal procedures to fiscal aspects, here is a list of things you mustn't forget to do after selling your house.
Below you will find an initial list (there are probably more things you can't overlook, but these are the ones we recommend) of things you should remember to do after selling your house:
1. Empty the property and organize your belongings:
Before handing over the keys to the new owner, make sure the house is completely empty. Conduct a thorough check and remove all furniture and belongings you wish to keep before the transfer of ownership.
2. Gather all keys and copies:
It's essential to hand over all keys to the new owner at the time of sale. Make sure to retrieve any copies you may have given to family, friends, or neighbors.
3. Attend to the utilities:
Consider utilities such as water, electricity, gas, etc. It's common for the buyer to opt for a change of ownership to avoid the additional cost of reconnection. Make sure to clarify this directly with the new owner or proceed to cancel the services if necessary.
4. Notify the homeowner's association:
If your property is part of a homeowner's association, it's important to notify them about the sale. This will prevent future issues and potential joint liabilities in case the new owner incurs any debts.
5. Cancel the mortgage if applicable:
If the sale takes place before you have fully paid off your mortgage, make sure to cancel it. Inquire about the remaining balance and any potential fees for early cancellation with your bank or lending institution.
6. Pay the municipal capital gains tax:
The payment of the municipal capital gains tax must be made within a maximum period of 30 days. Ensure that you accurately calculate the amount, as it is based on the increase in the property's value over time.
7. Share the property tax (IBI) expenses:
If you have sold the property during the year, you may need to share the expenses of the Property Tax (Impuesto de Bienes Inmuebles, IBI) with the new owner proportionally based on the time each of you owned the property.
8. Settle matters with the income tax authorities:
You must declare the sale of the property on your next Income Tax Return (Impuesto sobre la Renta de las Personas Físicas, IRPF). Ensure that you accurately calculate any capital gains and pay the corresponding tax if applicable.
9. Update your personal documentation:
Don't forget to update your personal documentation with the new address, including your identification card, tax records, social security, and any other relevant organizations. It's important to notify the change of address to ensure you receive notifications, correspondence, and relevant documentation correctly.
10. Inform your real estate agent or lawyer:
It's important to inform your real estate agent or lawyer about the sale of the house once it is completed. They can assist you with any additional inquiries or procedures, such as delivering legal documents or resolving any issues that may arise after the sale.
11. Update your mailing address:
Make sure to notify all relevant organizations and entities about your change of mailing address. This includes postal services, banks, insurance companies, telephone, and internet service providers, as well as any subscriptions or memberships you have. This way, you'll ensure that your correspondence and billing reach the correct address.
12. Organize and keep documents related to the sale:
It's advisable to keep all documents related to the sale of the house in a safe and easily accessible place. These documents may include the sales contract, deeds, payment receipts, and outstanding debt certificates, among others. Keeping these records organized will assist you in case of future inquiries or reference needs.
Remember that selling a house involves a series of responsibilities and procedures that must be fulfilled to ensure a smooth and uncomplicated process. It's always recommended to seek appropriate advice from real estate professionals, lawyers, and accountants to ensure that all legal and fiscal obligations are properly met.
