Houses, villas and fincas for sale in Mallorca

You will discover that there are lots of houses for sale in Mallorca. To facilitate the search, list your requirements to make the selection easier. What factors are you not willing to compromise with and what requirements and must haves is there in your future dream home? It’s important to go on multiple house viewings even if you aren’t clear about what you are looking for or in what area you wish to live, this way you get an opportunity to ask questions, gather information and compare. Visit the areas that could be of interest, ask questions and do your own research.

Find out what your budget allows and set a limit for what you are willing to pay. We recommend that you adjust the budget with your bank to ensure that a fair assessment has been made. It’s also wise to precontact you bank in case you need a loan, that way you can make a quick decision if that dream home would suddenly appear.

It is important to make a budget for future loan and operating costs for the house and recommendable to include any eventual expenses for renovation in the calculation. Be extra examining with the facades of the house, the ceilings and windows, which can be costly to get in good condition. Ask questions about drainage, electrical installation, sewage systems, ventilation and the heating, all issues that can incur high costs. We also encourage you to be extra attentive to the basement, attic, bathrooms and kitchen facilities and pay attention to moisture and humidity damage. As a villa owner, there are some additional costs such as disposal collection, recycling, alarm systems and sometimes a community association fee.

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. If you lack the knowledge it may be worthwhile to enlist an independent architect for an inspection of the house. However, neither the architect nor the seller has any responsibility for any hidden errors. The only exception is new production, where the buyer is by law entitled to a warranty of up to 10 years depending on the error.

There is no direct bidding in Spain, and most viewings are done individually. The price indicated is a target price, so do not hesitate to negotiate. It’s also important to mention the 10-13% taxes and fees above the purchase price. We advise you to set a limit for what you want to pay and what you budget allows.

It may be good to have a lawyer that helps you with all the formal details. The lawyer inspects whether there are any liabilities, such as loans, and confirms that the seller is the legal owner of the house. Having a lawyer who speaks both English and Spanish is highly recommendable, it’s essential that you fully understand the legal aspects of your purchase and know what you are signing. We can advise on reputable Swedish / Spanish / English and German-speaking lawyers in Mallorca.

To reserve the property, an option agreement is created and a deposit, usually 10% of the purchase price is required. The option agreement contains the property’s price, down payment amount, the date of the final transaction and what is included in the purchase. A property could be advertised through several real estate agents, it is therefore important to reserve the property when buyers and sellers come to an agreement. If the buyer chooses not to complete the purchase after the option agreement has been signed, he/she will then lose the deposit. Should it on the other hand be the seller who repents, the buyer will then receive the deposit and a refund penalty from the seller.

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 home. It is important to know that it is your responsibility as the buyer to book the meeting with the notary. Your lawyer or bank needs to prepare the purchase letter, which then must be signed by both parts, the buyer and seller, in the presence of the notary. It is then the notary’s responsibility to ensure the authenticity of the documentation for the transaction and the transmission of documents. The remaining amount of the purchase price is paid during the meeting and the property taxes have to be paid within 30 days. It is also during the meeting that the key exchange is made.