Imperative tips to consider when buying an estate in Spain’s Mallorca

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Buying a property in Spain’s Mallorca requires a lot of planning as property acquisition can often come with a bunch of unforeseen hitches.

Are you planning on moving to the beautiful Balearic Island of Mallorca, chartering a holiday house, investing in real estate and more? Then these tips might facilitate your steps into securing your next dream property and or investment opportunity.

To begin with, it is often worth it to take off time in finding the right lawyer for your needs.

The initial step to take is “option contract”. It requires that you pay 10% of the full purchase price in advance and this in effect commits both the buyer and vendor to the sale. In this accord, if the buy does not push through with his/her commitment the deposit may not be refunded and in case the vendor pulls out of the deal, they will usually have to refund the deposit plus an added 10% of the purchase price.

The lawyer at this stage ensures that the sale goes through and provides all necessary translation of your contract if need be. This may perhaps save you from unauthentic offers and the dreaded act of gazumping.

The next thing to check out for is the NIE tax number. The NIE is a mandatory prerequisite for foreigners who plan to work, study, start a business and or own assets in Spain.  To get it, a certified copy of your identification (generally your passport) is needed. The taxes on your property will vary greatly so it is often advice that you keep about 10% in addition to the buying price for taxes. Your lawyer can equally get an NIE number on your behalf as well as give you definite advices on taxes. Once this is ready, you are good to move on to finance.

Are you a cash buyer? If not then it is better to scrutinize your remortgage preferences as early as possible. Perhaps you will need a Spanish bank account to run your property; your lawyer can refer you to some reputable banks if you have qualms. To add, it is also important that you make sure the property you are going in for is legitimately owned by a dealer who has no debts in contradiction of it.

However, it is worth noting that the Spanish law requires that all parties be present with all documents for the concluding exchange of contracts. In case you are not sure of showing up on the set date, you may decide to sign a power of attorney for your lawyer to stand in for you.

Except you are familiar with Spain and or understand Spanish clearly, this information will help ensure that buying a property in Mallorca is easy and smooth. Hope you find it helpful.

 

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