10 steps that are good to know when buying property in Mallorca
Before you go ahead and browse our list of properties for sale on the West Coast of Mallorca, we advice you to read this list of valuable information. For more about our approach to helping you buy your dream home on Mallorca, read here.
I you are looking to sell your property, then you might fancy having a look at our sellers guide.
1. If you’re not already a Spanish resident, you’ll have to obtain an NIE tax number, which your lawyer can help with, and provide certified copies of your ID – usually your passport.
2. Once you agree a price on the property, this is a good time to engage with a local lawyer if you haven’t already done so. The lawyer will liaise with the sellers representative to draw up an ‘option contract’ to secure the property with a 10% deposit.
3. You may wish to include other conditions within the contract.
4. After all checks have proved satisfactory, a public deed is prepared that gives all details of the transaction.
5. If you pull out at this stage, you may not get your deposit back. Should the vendor back out, they normally refund your deposit as well as a penalty.
6. Your lawyer will do all the necessary searches to make sure the vendor actually owns the property, there are no debts against it and check the legal status.
7. If you’re taking out a mortgage with a Spanish bank, your lawyer may well be the person who makes a recommendation and liaises with them on your behalf.
8. Your lawyer will advise you on taxes.
9. You’re expected to be present with the official notary when the final contracts are exchanged. If you’re unable to attend, you can give your lawyer power of attorney to act on your behalf.
10. The deed is signed in front of the Spanish Notary and the transaction goes on record in the land registry under your name.
TIP – If you are exchanging currency we recommend you use a broker to avoid the high bank charges.