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Blog IMPORTANT INFORMATION

IMPORTANT INFORMATION

BUYING PROPERTY IN MALLORCA


Buying real estate is always a big decision. El Limon will help you find the apartment, house or business of your dreams. We will also guide you through the laws, rules and procedures necessary to make the property legally yours. Some steps in the process will certainly be different than in your own country. Below we have set up a simplified list of the steps needed to give you a picture of the procedure.

5 STEPS TO BUY PROPERTY:

1. CHOOSE A LAWYER AND A  BANK

It is possible you do not normally use a lawyer for buying and selling properties in your own country. El Limon recommends- and put you in contact with lawyers who specialize in this field. If you decide not to use a lawyer, El Limon will help and guide you safely through the process. We can also help you find a bank if you want financing through a Spanish bank. It is wise and safe to have financing in place before the process starts.

2. INSPECT THE PROPERTY

Inspect the property as many times as you need, and ask as many questions as you wish. If you buy after blueprint, you can get the details of the property's financial status from The Spanish Property Register (Spanish Property Registration Office). From this office, you will receive a Nota Simple, a document that indicates whether the property has debts or liens. El Limón will do this for you.

3. AGREEMENT

Now it is time for negotiations on price and terms with the current owner. All this will be properly documented in order to avoid future misunderstandings.


4. RESERV THE PROPERTY

Once you have found a property and have reached agreement on price, the next step is to reserve the property until the official trade will happen. The seller will need a deposit, normally 10% of the amount, to sign the official booking document. Now both parties are protected. The seller will retain the deposit if the buyer withdraws. If the seller wants to stop the trade, he must pay double the deposit to the purchaser.


5. SIGNING THE PURCHASE AND REGISTRATION

The signing of the official purchase contract will be made with the notary present. After this the transaction will be recorded in the local Land Registry. Once the purchase contract is signed, you will have to pay some taxes. The amount depends on the property you are buying.