Buyers Guide

These are the key steps in securing a home in Mallorca:

We always recommend that you visit the area and any property that may be of interest to you, be it for investment, or as a home.

As a general guide 10% of your purchase price should be set aside to cover legal costs and taxes. Please note that this can be higher when purchasing new built property from a developer.

We recommend that you find a good local lawyer before submitting an offer on a property, this will ensure you are able to move quickly whilst benefitting from professional advice. Should you need assistance with this please do not hesitate from asking one of our team

Once an offer has been submitted and accepted your lawyer should carry out searches at the Land Registry (cadastre office, and town hall) to unsure the property is free from any charges or debts and is properly inscribed on the official registries.

Once these are completed it is best practice to confirm all aspects of the deal in writing. These should be communicated between both the seller and purchasers lawyer. This will ensure that all parties are clear on their obligations and content of the sale (this may include furniture, artwork etc).

It is not uncommon for a reservation fee to paid and for this to be non-refundable. The sum rather depends on the value of the property but could range between 5,000 and 50,000 euros. It is normal for the reservation process to last for between 1 - 4 weeks depending on the complexity of the deal. Please talk to one of the team should you be considering paying a reservation fee.

The next and potentially the most important step is the preparation of the Option Contact. It should be anticipated that the creation of this agreement should take between 1 - 2 weeks. The Option Contract lists the agreed terms of the offer and sale and will also state the completion date at the Notary.

It is normal practice for 10% of the purchase price to paid at this stage. Please do however note that this is non refundable should the buyer choose not to move forward with the sale. If the buyer has paid a reservation fee this will be set off against the 10% payment.

It is legal practice in Mallorca for the completion documents to be signed at a notaries office were they will be notarised and receipt of payment will be confirmed. It is at this stage that legal ownership is transferred.

The title deeds in Mallorca are known as "Escritura". In most cases the buyers and seller are present at this meeting but should you not be able to attend your lawyer can arrange for a representative of your choosing to act as a power of attorney. (or your lawyer can do it himself/herself)

After this process has been completed the Notary will fax a copy of the title deeds to the local land register.

The above is a basic overview of the process but would encourage you to discuss this in more details with your legal representative.