A Buyer's Guide to Purchasing Property in Mallorca

Balearic Livings step by step guide to buying a property in Mallorca


A Buyers Guide to Purchasing Property in Mallorca

Purchasing property in any country can be a daunting process, and when your desired location is not your homeland, the different processes, laws and practices may seem overwhelming. Balearic Living was created to help those who’ve fallen in love with Mallorca and see the opportunities the island has to offer purchase property confidently, efficiently and smoothly.

Why Balearic Living?

We are a team of property experts with a great knowledge and passion for Mallorca. We pride ourselves in offering a low and highly competitive rate of only 3% commission. Because we are an online property business, we have no offices and therefore much lower overheads than many competitors, and we pass this saving onto you, with no hidden extra costs. With a huge database of properties and potential buyers as well as a team with strong online marketing experience, we’re dedicated to finding you your dream property and helping you through the buying process by giving you access to some of the island's top professionals.

Stage 1:- Register Your Interest

The first step to your Balearic adventure is to register your interest with us, so that we have your details and the requirements of what you are looking for, enabling us to give you the best possible advice and service. The best way to do this is via our website, click here to register or call us for further information, we are always available to help customers.

Properties For Sale In Mallorca | Balearic Properties
Mortgage Broker Mallorca
Stage 2:- Consult a Mortgage Specialist

Getting your finances in place is probably something you’ve begun to think about, but to get the best advice on the specific Mallorcan mortgage policies and procedures our expert mortgage broker will be on hand to help you with the Spanish paperwork and ultimately secure you the best deal. In Majorca a relationship with your bank manager can be key to securing a good deal, so for those new to the island the contacts and existing relationships our experienced mortgage broker can provide may be vital.

Stage 3:- Property Search and Viewings

From advice on areas to guidance on property type we can provide you with the knowledge and expertise to make a truly informed decision about what to buy and where. Even if on your initial search you don't see the property for you, we’ll make it our mission to find your dream property. We’ll arrange viewings for you and equip you with all the tips and tricks you need to get the most out of your show round.

Property Finder Mallorca | Balearic Living
Contact-Solicitor-Mallorca

Stage 4:- Appointing a Solicitor
Appointing a solicitor is one of the most important steps of the buying process. There is a lot that your solicitor will cover, including many specific Spanish procedures and legalities that must be completed with great care and attention. We work with a fantastic solicitor with many years experience, so you don’t need to worry about appointing the right person.

Stage 5:- Negotiation and option contracts

This is where the process begins to differ slightly from that of the UK. Parties will negotiate and agree on terms and price, then a so called ‘option contract’ is drawn up and signed.

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Buying A Property Mallorca
Stage 6:- Due Diligence

At this stage we will work with you, alongside your solicitor, to ensure all the areas covered under due diligence are completed satisfactorily. This will mean you are adhering to Spanish state and local regulations. Areas covered under due diligence include inspection of information on the Title Deed, the Land Registry and the Cadaster, which gives a description of the property surface and boundaries etc. Our recommended solicitor will be more than happy to go through these details with you fully.

Stage 7:- Property Survey

Just as in the UK it is sensible to carry out a survey of your property before completing purchase. This will bring up any issues you may not otherwise have spotted and depending on the property size and type there different levels of survey that can be undertaken. Surveys can provide technical information on the property as well as supplement legal investigations. We can put you in contact with a recommended surveyor.

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Stage 8:- The Contract

Once all of these details have been completed it's time to agree the final contract. You usually need to put down a deposit at this stage, normally around 10% of the purchase price. The transfer of ownership is made official before a ‘Public Notary’.

Stage 9:- Payment of Taxes

There is a property transfer tax of between 8% to 10%, this is due within one month, to the Balearic Government. VAT is due only when buying a new build property and is currently 10%. Stamp duty, at up to 1.2%, is also due.

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Buyers Guide Mallorca
Stage 10:- The Contract

Once all of these details have been completed it's time to agree the final contract. You usually need to put down a deposit at this stage, normally around 10% of the purchase price. The transfer of ownership is made official before a ‘Public Notary’.

Stage 11:- Completion

Congratulations, you've made it through the complicated stuff now it's time to collect the keys and pop the champagne!  However, we know it doesn't stop there so for help and advice about changing utility suppliers, furnishing your home, or renting it out as a holiday let, whatever it is we won’t leave you here, we can support you with every aspect of owning and managing your Mallorcan property.

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Call + 34 655 266 862
00 44 20 3290 0751
between 8am - 8pm, 7 days a week

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