Mallorca Property Partners.

Independent search for property in mallorca

FAQs on Mallorca and Property in Mallorca

9. What is the process for buying a property in Mallorca?

The basic process of buying a property in Mallorca is relatively straight forward. When a price has been agreed the first step is to make a deposit to show serious intent and take the property off the market. Following this an "Option Contract" is agreed and signed and this usually takes 2 or 3 weeks. The Option Contract stipulates the price and all other conditions attached to the sale. At this stage 10% of the purchase price is paid minus the amount paid initially as a deposit. The final step is completion of purchase at which point the outstanding balance of the purchase price is paid.

It is essential however that you have a good lawyer to handle the conveyance. They will check title to the property and that planning regulations have been adhered to. Without this you are at risk of buying a property where the title or permitted structure of the property is different to what you think you are buying. This is particularly true of older properties that have been renovated or restructured over time. Issues are rarely insurmountable and all the relevant checks can be handled by your lawyer within a few days.

When you register with Mallorca Property Partners you will automatically be sent a Guide To Buying Property In Mallorca. This gives you more detailed information on all aspects of looking for and purchasing a Mallorca property. You can also see our Buying Advice page for more information.

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