Apartments & Penthouses for sale in Mallorca

It is a great advantage to have a real estate agent who has experience and who not only speaks your language but also Spanish. It's also important that your real estate agent has local knowledge and contacts that can give you benefits and who can answer all the important issues that appear. Buying an apartment is a big decision and it may feel good to have a real estate agent that you trust.

Even if you aren’t clear about what type of apartment you are looking for or in what area you wish to live, it's important to go on apartment viewings to gather information, compare apartments and to ask questions. Pretty soon, you will discover what you do not want and then it gets easier to find the property that is right for you.

Make a budget for your upcoming costs, so you have an overview of your finances. In addition to costs such as electricity, water and gas, there is also an apartment tax, a garbage tax, and a community fee. It’s very important to check the community’s economy, and if there are any major renovations planned in the building.

There is no direct bidding when buying an apartment in Mallorca, and most apartment viewings are done individually. The price indicated is a target price, so do not hesitate to negotiate. It’s important to mention the 10-13% taxes and fees above the purchase price. Find out what your budget allows and set a limit for what you want to pay. It’s wise to precontact you bank in case you need a loan, that way you can make a quick decision if that dream apartment of yours suddenly would appear.

It’s the buyer’s responsibility to inspect the property in Spain and it’s almost impossible to object on errors after a purchase has been made. Be extra examining with the bathrooms and kitchen facilities, which may incur major renovation costs. Ask questions about ventilation and humidity and dampness, ask as well for documentation for electrical installation and drainage.

Buying an apartment in Mallorca could be a complicated process. Having a lawyer who speaks Spanish and English is a great advantage. It’s essential that you fully understand the legal aspects of your purchase and know what you are signing. Mallorcaresidencia can advise on reputable lawyers!

Once you have agreed on the price with the seller, the legal document "opcion de compra" will be prepared. It’s to reserve the property and remove it from the market, and a 10% deposit of the purchase price will be required. The option agreement contains information about the seller and the buyer, the agreed price, what is included in the purchase, and the person responsible for the fees.

Your lawyer or bank prepares the purchase letter (Escritura de Compraventa), which must be signed by both parts, the buyer and seller, in the presence of a Spanish notary. It is a legal requirement to use a notary and it is only the notary that can make you the legal and rightful owner of the apartment. It is important to acknowledge that it’s the buyer’s responsibility to book a meeting with the notary and to notify the seller. It is during that meeting the key exchange is made, the remaining amount of the purchase price is paid and the property taxes have to be paid within 30 days.