Buying Property in the Balearic Islands
The process of buying property in the Balearic Islands is relatively straightforward and not too dissimilar from that of other European countries/regions including the United Kingdom. This said, it is important to understand several considerations:
* After you have successfully selected your desired property and your offer has been accepted, it is time to employ the services of an independent solicitor or 'Abogado'. A purchase option contract will be drawn up which will outline the details of the property, the names of the buyer and seller, the deposit, the agreed price and the date on or before which the contract must be completed.
* It is usual that a deposit of 10% of the purchase price be paid at the time the contract is signed. At this stage, the contract is legally binding on both parties.
* Next, the contract will be revised based on the information obtained from the Land Registry office, which provides the name of the current owner, description of the property and its boundaries, details of any liens, encumbrances (if there are any) and date of the last transmission. In short, the "Nota simple" is a document from Land Registry proving that the person you are buying from is the registered and legal owner of the property and is useful to check if there are any mortgage or encumbrances on the property from any third party.
* The next stage is the most important and conclusive, that is the signature of the Public Deeds which will take place in front of a Notary in the Balearics. Signing the Public Deeds is the official transference of the property to the new owner and this is when you will receive the keys to your new property!
* It is important to know that the Notary has an impartial role. His duty is to make sure that the Deeds are done following all the legal regulations and in accordance with the law. He will inform or oblige to cancel any charges, liens or encumbrances existing on the property. He will also check that payments like community charges, local town hall rates e.t.c. are up to date untill the day of completion.
* Once the Public Deeds have been signed, the Notary validates the document which will be sent to the Land Registry office so that the property can be registered under your name.
* Furthermore, a very important factor is that you you must pay for the "stamp tax duty" and purchase taxes within 30 days after the day of completion. Usually your solicitor would advise you on all the relevant taxes e.t.c. which are to be paid on top of the purchase price.
Most important of all is to enjoy the process and look forward to owning your new property on these beautiful islands of Mallorca / Majorca, Ibiza, Formentera and Menorca.
Mallorca property for sale
Ibiza property for sale
Menorca property for sale
Formentera property for sale