Buyers Guide

The process of buying a property in Mallorca is easy but it is important to know the basics of the process before you start.

We always recommend firstly to contact a good lawyer who specializes in property matters, if you wish we can put you in touch with a reputable English speaking lawyer.

When you have decided on a property to buy, put in an offer and agreed a price the next step is to request an N.I.E. number. This is a Spanish identification number and is needed for all legal transactions. We can easily assist you with obtaining this if so required.

An options contract will then be drawn up and when all parties are happy with the content it is then signed by the buyer and the seller and a 10% deposit of the agreed price is paid by the buyer. The property is then taken off the market and a final completion date agreed.

The lawyer meanwhile will be doing all the relevant checks with the land registry to ensure all is in order with the property.

You will then need to open a bank account in Mallorca and this is fast and easy. You will have to show your current passport, two other forms of ID, and your N.I.E. number. We can assist with all aspects of this if required and recommend a reputable English speaking bank.

If you are needing a mortgage we work with a number of big name, trustworthy and dependable banks on the island and as we are completely independant can offer financial advice and make the relevant introductions if so required.

The property purchase tax in Mallorca ITP is as follows :

Purchase price up to             400.000€                                ITP is 8%

Purchase price from             400.001€ to 600.000€             ITP is 9%

Purchase price from             600.001€ and more                 ITP is 10%

 

We advise you set aside 10% of the cost of the property to cover everything involved with the buying process.

The Notary will charge his fee which is between 600€ and 2.000€ - again subject to purchase price of the property for sale. The fee to register the property is generally approx. between 300€ and 1.200€.

If a lawyer is used ,which is highly recommended, the fees are usually between 0.5% and 1% of the house for sale purchase price, depending also, however, upon the complexity of the transaction.

On completion, and when the purchase funds are in place, we will accompany you to the final signing of the deeds ( in Spanish “La Escritura” ). This is always signed at the Notary’s office, where your lawyer will also be present.

Normally on signing or a few days later the new owner will receive a ”Copia Simple” of the new deeds and the official deeds are delivered in 3-6 months.

Please contact us if you have any questions about buying or renting a property in Mallorca.

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