Buying a Property in Mallorca. Rules

You are about to encounter a process that will only take a few moments, but will completely transform your outlook on buying property in Mallorca. 

Readers enter with an idyllic vision, and leave with legitimate and practical information regarding everything involved in buying a property in Mallorca. 

The results? An astoundingly positive progression in the homebuying process that allows you to take a big step forward in achieving the goal of purchasing a property in a safe manner and without any problems. 

Factors to consider when buying a property in Mallorca

1. Buying property in Mallorca is always a good investment, from both an economic standpoint and a personal one.

2. Buying property in your own country is vastly different than buying in a foreign country. The rules are not the same and your entire mindset will change when undergoing the process of purchasing property in Mallorca.

3. Keep in mind that you are only shown the best side of the property. The seller has painted, cleaned, and tidied it. The real estate agent has taken some beautiful photos and has written about the property in a way that appeals to buyers. When you are buying a property in Mallorca, you must look beneath the surface. It’s vital that you thoroughly check what the seller or agent didn’t show you, including any potential illegal components.

4. The real estate market in Mallorca is aggressive. As soon as potential buyers appear they are surrounded by sellers, intermediaries, and advisers who are desperate to help. Choose someone who is solely linked to you. You need someone that has no relationship with the seller and will not receive commissions from the sale. This is the only way to guarantee that your chosen representative has only your best interests in mind.

There are three blocks you need to understand before moving forward

1.- TAXES

Buying a property implies paying taxes both for the transfer (when you buy) and for the tenure (annual taxes).
Contact us and we will calculate the taxes for you or follow this link for detailed information on these taxes.

2.- BUYING PROCESS

The process begins with an offer and ends when the purchase is signed before the notary public. Along the way, a contract is signed that establishes the rules, reviews the property, legality, encumbrances and encumbrances. The process prior to the purchase is the most important. Read more.

3.- WARNINGS

Unfortunately, the island is full of properties that were built without a license, with encumbrances, debts or third party rights. Discovering this once purchased is too late. Read more.