The complexity of acquiring a real estate property in Mallorca makes it advisable to have an advisor to guarantee the operation.
But it is very important to understand that there is no one-size-fits-all advisor who can perform all functions and cover the needs of both the buyer and the seller. In some countries there is the figure of the broker. In Spain it does not exist.
Which advisor do I need to buy a real estate property in Mallorca?
By law you do not need anyone. You can contact directly with the seller and go to the Notary Public, sign the deed of purchase and then settle the taxes yourself. That is why it is highly advisable to have professional services.
Who is the right advisor for the purchase of a real estate property in Mallorca, a lawyer, a real estate agent, an architect, an economist?
Although it may seem silly, the propaganda and the excess of information make us forget two essential things when it comes to know if we are being advised well.
1.- Is the advisor on the buyer’s side or on the seller’s?
Advisor can’t be on both sides. Be wary of a professional who tells you that he/she is going to advise both sides. In a purchase or in a sale there are always points of friction and it is IMPOSSIBLE to defend both at the same time.
So, Who advises you as buyer? Only the professional, independent of the seller, that you hire.
.-Seller’s lawyer has been hired by the seller and is not advising you.
.-The real estate agent has been hired by the seller and owes loyalty to the seller, not to you.
.-The seller’s architect’s report is for the seller.
It seems silly, doesn’t it? Well, every day I meet buyers who get confused with something so basic.
2.- What is the advisor an expert in?
The greed of some professionals who want to monopolize everything, ends up hurting the buyer.
.-Lawyer cannot advise you on which is the best area to buy because that is not his job and he is not an expert in that matter. Nor can he tell you if the structure of the house can support the weight of a new swimming pool because he is not an expert in architecture.
.-Real estate agent cannot assure you that the property is free of liens or encumbrances, about the legality or taxation of the purchase because he is not an expert in law.
.-Architect does not know about taxes because he is not a tax expert.
CONCLUSIONS on the advisor to buy a real estate in Mallorca.
1.- Whoever has been hired by the other party does not work for your interests.
2.- The expert who pretends to know everything about everything, probably knows nothing.
To choose the property, typology, area and look for opportunities it is advisable to count on a real estate agent. The agent will work for the buyer (Property Finder) or the seller.
To structure the operation it is advisable to have a lawyer independent of the seller and his agent. He will check the encumbrances, encumbrances, legality of the property, rights of third parties.
If you are going to renovate, it is advisable to have an architect and/or decorator. Do not let the seller or his agent recommend the architect. Find him yourself.