Hiring a specialist lawyer is essential for acquiring a property in Mallorca. But it is also essential that this lawyer is completely independent of the seller or the Real Estate Agent (hired and paid by the seller).
Note Real Estate Agent in Spain has nothing to see with a Broker in other countries. Hired (and been paid) by the vendor, Real Estate will always look for vendor’s interests and if something goes wrong, he/she has no responsibility.
- Apply for a NIE number in case you don’t have it. This document is mandatory to acquire a property in Spain.
- Investigation of the real ownership of the property. Is the seller the only person who has rights to the property?
- Investigation of the legality of the property. Unfortunately urban illegalities had become the biggest issue when you buy a property in Mallorca
- Negotiate purchase conditions with other party
- Draft and make an offer to the vendor
- Tax and fiscal advise. Before buying a property it is important to know the taxes that will be paid. Not only derived from the purchase, but also derived from the possession of a property in Majorca.
- Drafting and attend the signing of the Option Contract. The Option leaves time for the buyer and seller to prepare for the transfer of the property. Let’s say transfer the funds to Spain or empty out the property
- Open a Bank account in Spain in case you don’t have one
- Mortgage application, if needed
- Drafting a power of Attorney in case you don’t want to travel to sign the purchase deed. I’ll be happy to sign on your behalf.
- Drafting of the Purchase Contract.
- Arrange signing of Title Deed before a Notary Public and assistance with client.
- Liquidation of Notary fees, collecting the deeds and inscribing the property at you name on the Land Registry and Cadaster
- Payment of taxes regarding the purchase
- Change supplies, community of owners, annual taxes etc…
- Take care of annual tax payments including annual and model 210 for non tax residents
The first consultation is free of charge.
In this first meeting the fees for the whole process of transfer of ownership are defined. The client also obtains a calculation of the costs such as transfer taxes, notary, registration etc…
Chambers of Lawyers of Balearic Islands recommends a fee of 1 or 1.5% of purchase price. But fees are free and may but the fees are free and are agreed between the lawyer and the client.
My fees are normally around 1% of purchase price with a discount for high value properties.
There is also a minimum fee for low value properties.