Purchasing a Property in Mallorca
Consider Formalities & Tax Matter While Purchasing Mallorca Property
Taxes are charged on property transactions in Mallorca, as they are in many other countries; thus, prospective buyers will require a Spanish tax number to purchase a house on the island, which can also be used for other requirements. For a nominal price of 15 Euros, the so-called “Number de Identificación de Extranjero” can be obtained from Spanish consulates around the world.
Before buying, inspect the property and go through the contract with a fine-toothed comb with a lawyer.
Once the big day of the visit arrives, it is critical to properly and thoroughly inspect the property. You should be able to meet your specific needs in your newly purchased home. Before buying a home, it is essential to get professional assistance and employ a lawyer. Seek assistance from an outside estate agent who is acquainted with local laws and procedures. It is critical to pay attention to existing defects in the house and inquire about the last time the house was refurbished to eliminate personal losses during private purchases.
Before you sign a pre-contract (which is a legal obligation in Spain), make sure to give your lawyer time to see the Mallorca property and examine the the property documentation, including Title Deed, Nota Simple, approved Town Hall plans, check debts and encumbrances on the property. It is preferable to insist on a custom contract rather than using a conventional contract template from the estate agent even a simple reservation or deposit contract.
Before signing the contract, be sure that the seller’s signatory is the legal owner of the property in Mallorca and that everything you agreed verbally has been written down in the contract including the furniture or improvements to be made in the property.
In 2020 and 2021, Mallorca prices for houses and flats increased considerable, but experts say that this will continue. Houses and apartments rates in and around Palma de Mallorca have increased the greatest, by 15% (an average of 5,390 Euros) over the previous year. Buyers are younger than they were a few years ago: average international buyers used to be in their 60s, whereas today’s buyers are often between 40 and 50 years old.
The increase in the Spanish market is witnessing an upswing due to increased demand from international investors.
This article was written by the friendly editors of Property-Lawyers.com . If you are a Mallorca property lawyer interested in contributing to our website articles , please contact our team.
