Real estate friends, take note!
KENSINGTON Mallorca is your ideal partner and consultant when it comes to purchasing a property on the popular Balearic island, as the purchase of a property on Mallorca is not the same as the purchase of a property on the German mainland.
For us, it is a pleasure to support you in the property purchase process. In the following article you will find the most relevant points that apply to legally and securely acquiring a property in Mallorca. We also provide contacts to renowned lawyers and tax consultants as part of our consulting service.
Table of contents
- Important questions before buying a property
- The viewing
- Sales documents
- Option contract
- Requesting an NIE number
- The notarial contract
- Do you have questions about buying in Mallorca?
Important questions before buying a property
Planning to buy an exclusive villa, a romantic and rustic finca in the rural Tramuntana mountains, or would you prefer the purchase of a luxury apartment near the bustling marina in Puerto Portals or Port Adriano?
Whatever your heart desires – you should first check:
- Are all aspects of the building legal?
- Is an extract from the land register available?
- Are water and electricity supply guaranteed?
- Do you have the latest cost receipts?
Remember that you will need the energy certificate of the purchase property for your appointment with a notary. A certificate of inhabitability is also always recommended and sometimes mandatory.
If you are buying an apartment: make sure to get confirmation that there are no outstanding debts to the housing association. Have the minutes of the most recent residents meeting given to you, and check at the same time whether special expenses are planned or whether there is unused space.
It may be possible to purchase a property that is in a tenancy at the time of purchase or signature. In this case you should of course check whether the lease can be terminated or whether it expires soon before the purchase. As a precaution, have it confirmed in writing that the tenant has no right of first refusal
Purchasing a property explained step by step by Kensington Mallorca:
1. The viewing
Our professional real estate consultants at KENSINGTON will help you select the right properties for viewing. We will accompany you through the viewings and make sure that all your questions are answered, and provide you with any information about the condition of the property.
2. Sales documents
Once you have agreed on the final purchase price with the seller, preparation for the appointment with a notary begins. Excitement and anticipation are mixed with nervousness before the notary meeting. We only recommend renowned architects, tax consultants or lawyers. Our partners are at your disposal throughout the entire purchase process and can help you with language and legal questions. The KENSINGTON Family even offers support during the notary meeting.
3. Option contract
As a rule, an option contract is created during the purchase process, which enables you to enter onto the “Waiting List” of your desired property. The buyer and seller agree on a fixed option amount in a private contract.
Significance for the owner:
- The owner is bound to the sale.
- The owner may only withdraw from the sale against a penalty payment.
Importance for the buyer:
- The buyer is bound to the purchase of the property
- If the buyer withdraws from the purchase, the buyer loses his option payment.
In this regard, our experts, with their extensive knowledge, are at your disposal for advice. If you are looking for legal certainty, we would be happy to recommend specialised multilingual lawyers in the field of property law.
4. Request NIE number
Not to be forgotten under any circumstances! The NIE number application! The NIE number is the name of the tax number for foreigners in Spain. If you do not already have a Spanish tax number for foreigners, you must apply for on for the purchase of property.
The NIE can be applied for in-person at the Foreigners Registration Office in Palma de Mallorca or abroad at the Spanish Consulate in the applicant’s country of residence. Some lawyers are able to handle the application on your behalf. Ask us at KENSINGTON MALLORCA!
In Spain, appearance of the contracting parties in-person at the notary appointment is obligatory. If you wish to be represented, no general powers of attorney apply. Power of attorney is only valid when the legal transaction to which it applies is explicitly outlined. A foreign power of attorney must be accompanied by an apostille and – in the case of many notaries – a sworn translation.
6. The notarial contract
The day on which you acquire your dream property in Mallorca will certainly be memorable and must be celebrated. Beforehand, however, all necessary preparations for the notary meeting are crucial. We will be present during the meeting and will accompany you so that everything runs smoothly on your big day. When the notarial deed is issued, the property is handed over to the buyer and the amount of the purchase price is handed over to the seller. Important: The essential KENSINGTON MALLORCA team are available to you as real estate professionals even when registering the property in the land register. This service must be commissioned separately.
7. The Mortgage
Are you looking for an attractive way to finance your dream home? The current low interest rates offer many interesting possibilities for financing your new property in Mallorca. We at KENSINGTON MALLORCA have reliable connections to banks and financial advisors who offer professional advice in your language and can prepare the perfect mortgage for you.
Do you have questions about buying property in Mallorca?
The KENSINGTON MALLORCA team will be happy to answer any further questions you may have about buying property in Mallorca. Get in touch with us!