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Introduction to purchasing a property in Mallorca

The actual expense of investing in a property in Mallorca Spain needs careful consideration, which if given the right guidance and advice can be created a lot more transparent and simply understood!

Through the proper advice, it is possible to avoid joining those that unfortunately may have ventured blindly to the Spanish property market, to discover frustration down the road when it is invariably to late.

Property Search Agent

We’re a house Search Agent here on Mallorca, whether searching for your very own Island Home, Investment or Accommodation, are created to save you a lot more than your valuable time and expenses.

Our primary focus through our direct personal contact, is always to completely understand your requirements translate these into ensuring the best available property choices are given to you.

Summary Guide of costs/fees when choosing property vacation:

The typical broad brush rule is always that a purchaser should afford additional costs to cover all tax liabilities and charges somewhere within 12-17% from the purchase price. Take note: all costs are determined at the time of purchase.

Who pays what between seller and buyer?

Spanish Law claims that unless stipulated inside the Contract, fees and taxes are split between your buyer as well as the seller the subsequent:

The customer pays: The purchase tax or IVA, Registration fees, bank mortgage fees and Notary costs

The Seller pays: The estate agent fees, capital gains tax, the ‘plus valia’ tax and bank and registry charges to cancel an existing mortgage.

Property Agency fees:

Regardless of the ability of the internet to bring together consumers without the need for an agent, most people still like to use agents or a private Property Search Agent to find or rent property on holiday.

Generally, estate agency fees or commissions are paid through the seller, unless otherwise agreed.

When the buyer appoints an individual Property Search Agent, then a search agents fees are paid from the buyer.

Normally such costs are more than offset by the personal service of the Property Search Agent, with regards to negotiating the best purchase deal, the possibility access to off market properties, your own private some time and costs saved, plus generally improved attorney’s fees!!

You should know that Realtors in Mallorca or even careful, may charge between 2% and 15% of the selling price, generally these are normally around 6%, but could vary based upon the location and kind of property.

Unless the buyer has specifically consented to spend the money for agent’s fee, this cost will probably be constructed into the sale price.

Your premises Search Agent if appointed, should hopefully ensure all fees are kept for the most economic levels, including their particular costs, whilst negotiating the very best cost possible together with you!

Legal fees

You are wise to have interaction a lawyer that will help you through the shopping process.

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