The process of buying a property in Mallorca: What you need to know

por Xarxa · 16 Agosto 2024

Buying a property in Mallorca can be an exciting and rewarding experience, but it can also seem complex if you are unfamiliar with the process. In this post, we will guide you through the key steps so you can navigate the real estate market with confidence.

Step 1: Set Your Budget and Obtain Financing

Before you begin your search, it's essential to define a clear budget. Consider your savings, income and monthly expenses. If you need financing, talk to your bank or a financial advisor to get a mortgage pre-approval. This will give you a clear idea of how much you can spend and make you a more attractive buyer to sellers.

Step 2: Choose the Location and Property Type

Mallorca offers a variety of options, from luxurious villas on the coast to cozy apartments inland. Define your preferences in terms of location, property type and nearby amenities. Consider factors such as proximity to the beach, schools, and public transport.

Step 3: Search for Properties and Visit them

At Xarxa Homes we take care of finding the properties that best fit your criteria. We organize visits to see them together in person and evaluate their condition, environment and if they meet your expectations.

 

Step 4: Negotiate and Make an Offer

Once you find the ideal property, it's time to make an offer. Your real estate agent can help you negotiate the price and terms of the purchase. Consider conducting a technical inspection to make sure the property is in good condition.

Step 5: Signing the Purchase and Sale Contract

If the offer is accepted, a purchase contract (Contrato de Arras) will be drawn up. This document details the terms of the sale and generally requires a deposit to reserve the property.

Step 6: Legal and Notarial Process

A lawyer specialized in real estate law will review the contract and make sure that the property has no liens or encumbrances. Then, the signing of the public deed before a notary and payment of the remainder of the purchase price will proceed.

 

Step 7: Key handover and Property Registration

Finally, the keys are handed over and the property is registered in the Land Registry. Congratulations! You are now the official owner of a property in Mallorca.

The buying process can vary depending on several factors, but with the right preparation and the right advice, you can make this experience a smooth journey to your new home on the beautiful island of Mallorca.

If you need help, contact us and we will advise you through the whole process!

 

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