If you are considering buying a property in the area it is most definitely a move in the right direction! We highly recommend you use the services of a professional agent and a local lawyer that can communicate with you in your own language. Today’s market is a buyer’s paradise, with a large number of varying properties being offered, probably most important to consider when searching are; type, age and size of property, location and any extras that you wish to have and of course most of all your budget. From our point of view, fore knowledge of these factors improve the chance of finding your perfect home; don’t be shy, the more information we have the more helpful we can be. When you make an enquiry, personal contact with you is extremely important; it is always handy to have a contact number for you.
Get to know the area, the infrastructure, the highlights, the different type of properties and most important here in the north the location you want.
Do visit the property you are interested in and feel free to ask as many questions as you wish about any particular property, if we do not immediately know the answer we will find out for you. We or your appointed lawyer will check the legal situation of the property, for example, legal owner, any debts or injunctions, etc., if there are any tenants, and so on. This information is available on a public document signed by a registrar and can be used if needed in a court of law.
The owner of the property will also be asked to provide an authorized copy of the seller’s deed of purchase (second hand homes), the latest receipts for tax payments applicable to the property. And various other documents will also be required according to the property being sold.
There are of course many varying scenarios with their own specific protocols, secondhand, new, off plan, tenant association obligations etc. using an agent makes the entire operation not only transparent for you but the headache of all the paperwork is taken off your hands
Making your final choice must be yours.
Engel and Völkers can recommend further professionals if needed, architects, quantity surveyors, banks, currency traders, and taxation or legal professionals.
On signing the purchase agreement, you and the seller are giving your formal consent to the deal. You receive the keys and the seller receives payment. As a general rule house purchases are concluded at the notary in a notarial deed, which states the wishes of parties, confirming their identities and legal capacities, making sure it applies to the legal requisites, and stating the obligations of the parties involved. This action gives authenticity to the document contents, serving as proof of the fact and date of sale. It is usual that full payment is made by the buyer to the vendor in the presence of the notary, and it is useful to request that the authorization of the deed be immediately registered with the property registry to avoid the buyer being affected by any new injunctions etc. aimed at the seller reaching the register before notice of the sale.
The notary is usually chosen by the person paying the notary fees. By law the seller should pay the authorization fees unless otherwise agreed by seller and buyer, the buyer pays for copies of the deeds. The amount is set out in an established schedule of notarial fees.
Registry fees are also established and are payable by the buyer.
In Spain it is the property seller that is legally bound to paying commission to the agency on selling his property.
As in all other countries, Spain has its various taxes applying to property ownership. The purchase price shown in the deed is the base sum for tax calculation; however, if the price in the deed does not appear to be the properties real value the tax authorities will make a complementary assessment.
As a rule of thumb extra costs involved in purchasing a property will amount to approximately 10% on top of the purchase price.
Don’t let the paperwork daunt you, use professionals. We can offer you the experience of thirteen successful years of business in the north, our knowledge of the area is profound and our capacity to find you the right property unbeatable. We have a super international team at your service many of whom have firsthand knowledge of property hunting in Mallorca. Their knowledge is yours, please get in touch.
We look forward to hearing from you.