A GUIDE TO BUYING PROPERTY IN MALLORCA

How I work

I listen carefully to your requirements, present a selection and sometimes I might surprise you with the unexpected. During your search I am at your side and assist you in the process with my experience and additionally with my well-tested contacts. Making the experience of buying property in a foreign country as transparent as possible for you is my objective.

Legal search

It is strongly advisable to instruct a local lawyer who speaks your language and will do the necessary searches to ensure that the property is free of illegalities or infractions, that all taxes and fees have been paid and that there are no charges or debts pending.

Fiscal Number

If you are planning to buy property in Spain one of the first steps is to apply for the N.I.E. Number (Número de Identificación de Extranjeros) at the Ministerio del Interior. This is the fiscal identification number that you will need for any kind of transaction concerning banks, taxes and property. It can take 2-6 weeks until it is issued.

Private contract

Once you have decided on a property and the basic terms and conditions are agreed between seller and buyer the property should be secured through a private contract that will stipulate the terms and conditions of the sale together with a reservation deposit, usually 10% of the purchase price. This takes the property off the market for an agreed time. It is important to keep in mind that in case the purchase is not completed the reservation deposit will not be refunded unless it is explicitly agreed that completion is to be conditional upon certain factors. However should the vendor decide to withdraw from the sale, the buyer usually has the right to reclaim his deposit plus the same amount as a compensation payment.

Notary

On completion the final balance of the purchase price is handed over and both parties sign a deed of conveyance (Escritura Pública) in the presence of a public notary, which makes the document legally binding.

Entry in the Property Register

The final step is the registration of the property by entering the deed of conveyance (Escritura Pública) at the land registry (Registro de la Propiedad), this is done by your lawyer.

At the same time electricity, water and telephone (where applicable) are being put in the name of the new owner.

This guide is provided for information only and is under no circumstances a substitute for sound legal advice. We make no representation or warranties as to the accuracy or completeness of the contents of this guide.