Re-selling Process?

angel22

Having purchased on LJDF sometime ago (my 2nd property in Moroc), I'm now thinking of selling before the property is completed. Can anyone help and let me know how I can do this and also how much it’s likely to cost?

investingary

Hey angel

Two ways to do it:

a) DIY - i.e. advertise yourself through papers, online, etc. and try and resell it
b) Give it to agents to resell.

If you DIY, cost is likely to be minimal. If you give to an agent, there will be a percentage commission involved in the sale.

Personally, I'd go with an agent as it may be a lot quicker than trying to resell it yourself. As long as you know how much you want for the property, make that clear to the agent so that their commission is also included in the price.

I'm not entirely sure on the other taxes, capital gains, etc. though. Best to check that out before you finally decide.

Good luck.

fuzzbear

Angel,

If you are talking specifically about LJDF, which I assume you are; you can sell your property to a third party once you have paid the initial 20% deposit (which I assume you have already done so). A 1.5% administration fee plus VAT will be charged by Property Logic Morocco for and resale’s not done via them. From my last conversation with Property Logic, they were charging a fee of 5% + VAT for direct introductions. Selling you property is very easy and pretty straightforward via a transfer contract arranged by your solicitor.

octanorm

The best way to sell your property is via an agent. If you are not a resident of Morocco you will pay 20% taxes of the difference between you buy cost and you sell cost . Because the fiscal administration know that we give wrong figures you must pay at least 3% taxe if you sell with no profit because the fiscal don't believe you

Popcorn

There's a sub-forum on saidia and you are welcome to post details there.

moroccobound

Angel22

To save yourself a lot of grief, I would sell through an agent. The fee is only 2.5% of the selling price and he/she can if good, show you how to minimise your taxes which is worth the fee in itself. You may also be able to sell through the developer directly as some will be happy to do this.