There are some important differences when buying property in Mallorca from a transaction in your own country. A typical transaction here will normally take the following route, though this is a guide only:

By the time you have found the right property, you will need to be ready to proceed quickly. At this stage, it will be necessary to organise your finances, undertake legal property checks and prepare a contract of sales (option contract).

We recommend that you use the services of an English speaking property lawyer in Mallorca, with good knowledge of the area you are buying in and we can recommend you to the lawyer we use. The lawyer will check that the property legally belongs to the seller, that it is free of debts and has the necessary building permits. For new construction, the same checks will be made on the land, along with a background and financial check on the builder.

As soon as you have decided which property you wish to buy, it is a good idea to find the right local bank who will offer you a mortgage. We will introduce you to the local bank manager with whom you should open a bank account and he will arrange your mortgage. (More details later).

When your lawyer has completed the legal checks on the property and your mortgage has been approved in principal, you will be invited to transfer a 10% deposit to the lawyer’s client account and sign the option contract. As soon as the deposit is received, the contract will be valid and the deposit will be paid to the seller.

The option contract will state the latest date for completing this purchase which needs to be carefully observed. On completion day, both parties or their representatives with power of attorney will appear before the Notary, who is a government official responsible for the execution of public documents and to ensure compliance with Spanish law. The notary acts for neither party and witnesses the signing of the Escritura de Compraventa (the transfer deed) which he prepares in advance. At this time the balance of the purchase money will be paid to the seller and your purchase taxes and fees will be paid. You will then be presented with the keys to your new property and a copy (Copia Simple) of the title deed until the formal deed is sent to you from the land registry, Registro de la Propiedad. At every stage, we will be on hand to co-ordinate and answer any questions you may have.

Note that all parties, buyers and sellers, must sign in person on completion day, or otherwise be legally represented. Powers of Attorney must be arranged before a Notary in Spain or before a Spanish Consular officer in your own country, who has notarial powers. A non-Spanish Notary’s signature and seal must be legalised with the ‘Apostille Stamp’ under the Hague Convention of 5th October 1961 by a Spanish Consulate.

After signature at the Notary´s office, the first official copy of the new Escritura (the original being kept by the Notary for statistical purposes and notification to the Land Registry) must be presented to the tax office within 30 working days of the date of signing, so that the transfer tax can be paid. This is arranged by your lawyer.