Your essential guide to buying a property in Mallorca
How to buy a property in Mallorca – If you’re wondering about this, read on for a detailed guide on the legal steps involved. While this guide provides an overview, it’s advisable to have your lawyer explain the details. We also recommend exploring our resources on real estate trading in Mallorca and the costs associated with owning a home.
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Owning a property in Mallorca offers stunning Mediterranean views, a warm climate, and a relaxed lifestyle. Enjoy a thriving expat community, vibrant local culture, and excellent investment potential. Mallorca’s diverse landscapes, from beaches to mountains, provide endless outdoor activities, making it an ideal location for both living and vacationing.
All you need to know about the real estate market in Mallorca.
Please take a moment to watch the brief presentation in the video below:
Get a NIE Number in Mallorca
A NIE number (Número de Identificación de Extranjero) is essential for buying a property in Mallorca. It serves as your personal Spanish identity number, required for property purchases, registering a car, opening a bank account, and more. Palmallorca.com can assist you in obtaining your NIE number, or you can apply directly with the police in Spain.
Read about NIE Number in Mallorca here at Palmallorca.com
Initial process of how to buy a property in Mallorca
In Mallorca, properties are sold as-is, meaning there is no mandatory condition report or change of ownership insurance. If you want a condition report, hire a construction expert to review the property for defects before signing any agreements.
Reservation Agreement – “Contrato de Reserva”
Paying a deposit (typically 3,000-6,000 euros) can reserve the property, taking it off the market for 2-4 weeks while your lawyer reviews the legal documents. Note that the deposit is usually non-refundable if the transaction does not proceed. Always consult your lawyer before signing any documents.
Property Check
Your lawyer will verify the legality and ownership of the property, checking for sales restrictions, debts, missing approvals, and whether the home can be used year-round. Avoid signing preliminary sales contracts without legal advice to prevent complications.
Legal report – “Nota Simple”
Once the property is cleared, a “nota simple” is drawn up, detailing the registered information about the property. Ensure your NIE number is ready for registration with the Spanish tax authorities.
Purchase Contract – “Contrato de Compraventa”
The purchase contract outlines the details and price, with a 10% deposit typically required within 5 days of signing. This deposit should be held by your lawyer, notary, or broker, never paid directly to the seller. The final notary meeting date is then set.
More about How to buy a property in Mallorca after the Video section
Video (will be updated)
Final Deed – “La Escritura”
At the notary meeting, all parties sign the deed, and the final payment is transferred. You receive the keys and a copy of the deed (“copia simple”). If there’s a mortgage, the bank retains the original deed until the loan is paid off.
Registration of Ownership
The final step is registering your ownership at the property register, which can take up to 3 months. This ensures you pay the property taxes and have the sole right to sell the property. Registration costs are usually around 0.4% of the purchase price.
Quick Guide – how to buy a property in Mallorca – 5 Steps
1. Obtain a NIE Number: Secure your Número de Identificación de Extranjero, essential for any property transaction in Spain.
2. Set a Budget: Determine your budget, including property price, taxes, and additional costs like legal fees.
3. Find a Reliable Agent: Choose a reputable real estate agent who understands the Mallorca market and can guide you through the process.
4. Legal and Property Checks: Have your lawyer conduct thorough checks on the property, including legal status and any debts.
5. Sign Contracts: Finalize the purchase with a notary, ensuring all documents are correctly signed and the property is registered in your name.
For more detailed information, visit Palmallorca.com – Mallorca Community.
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Remember to explore our travel guides to Mallorca’s captivating destinations, from the vibrant city life in stunning Palma to the sun-soaked shores of Alcudia and Puerto de Pollença. Don’t miss the charming mountain villages of Sóller and Deià, where nature and tradition blend harmoniously. Also take a look at the hot spot for wine lovers – Binissalem.
Pictures to How to Buy a Property in Mallorca: © Nate Meepian | Dreamstime.com
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