{"id":559,"date":"2024-05-28T12:04:15","date_gmt":"2024-05-28T12:04:15","guid":{"rendered":"https:\/\/reiderstadinvest.com\/area\/?p=559"},"modified":"2025-04-21T08:53:44","modified_gmt":"2025-04-21T08:53:44","slug":"your-comprehensive-mallorca-property-buying-guide","status":"publish","type":"post","link":"https:\/\/reiderstadinvest.com\/area\/your-comprehensive-mallorca-property-buying-guide\/","title":{"rendered":"The buying process in Mallorca"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Buying property in Mallorca, Spain, can be an exciting venture, but it&#8217;s important to navigate the process carefully. Here&#8217;s a comprehensive step for step guide to help you:<\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>1. Research and Budget<\/strong><\/h1>\n\n\n\n<p>Begin by researching the property market in Mallorca to understand the types of properties available, their prices, and the different regions of the island. <\/p>\n\n\n\n<p>Determine your budget, considering not only the property price but also additional costs like taxes, fees, and ongoing expenses. A rough estimate would be 10-12% of the buying price that you can expect as additional costs. Included in that is taxes, notary, legal fees and more.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>2. Choose a Location<\/strong><\/h1>\n\n\n\n<p>Mallorca offers a variety of regions, each with its own character. We have prepared 6 key questions for you <a href=\"https:\/\/reiderstadinvest.com\/area\/buying-a-property-in-mallorca\/\" data-wpil-monitor-id=\"6\">to answer to make your decision on where to buy in Mallorca<\/a> much easier. You can find these question in our ultimate buying guide here: The Ultimate Guide on buying a property in <a href=\"https:\/\/reiderstadinvest.com\/area\/mallorca\/\" data-wpil-monitor-id=\"8\">Mallorca<\/a>. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>3. Legal Requirements<\/strong><\/h1>\n\n\n\n<p>As a foreigner, you&#8217;ll need an NIE (N\u00famero de Identificaci\u00f3n de Extranjero) number, which is a tax identification number, to purchase property in Spain. Hire a local lawyer who specializes in property transactions to guide you through the legal requirements. At <a class=\"wpil_keyword_link\" href=\"https:\/\/reiderstadinvest.com\/area\/\" title=\"Invest With Confidence in Mallorca, Spain\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"68877\">Reiderstad Invest<\/a> we are happy to help you with all these matters and recommend you the best contacts on the island. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>4. Property Search<\/strong><\/h1>\n\n\n\n<p>You can already start with having a look at our properties on our website or you contact directly one of our broker with your search criteria. Not only do we have an extensive knowledge of the local market, but we also have insights into off-market properties, meaning you&#8217;ll have access to exclusive opportunities that may not be readily available to the public. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>5. Property Valuation and Survey<\/strong><\/h1>\n\n\n\n<p>Consider hiring a surveyor to assess the property&#8217;s condition and verify that there are no hidden issues, you can also obtain a property valuation to ensure the asking price is fair. As your trusted partner in your property search we will do everything we can to assist you in this matter, using our wide network of very good contacts.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>6. Negotiation and Offer<\/strong><\/h1>\n\n\n\n<p>Once you find a property you like, we can start negotiate the price with the seller. With our extensive expertise and good relationships with the seller, we ensure that both parties are satisfied and enable a favorable deal for everyone involved. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>7. Reservation Agreement<\/strong><\/h1>\n\n\n\n<p>If the seller accepts your offer, the next step is to sign a reservation and pay a small reservation fee to secure the deal. In some cases there is also just a verbal agreement and then you go for the option contract, also depending if there are also other parties making an offer on the same property. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>8. Due Diligence<\/strong><\/h1>\n\n\n\n<p>During this period, conduct a thorough due diligence process, including verifying property documentation, land registry records, and any outstanding debts. We always recommend our clients to hire a lawyer to support you in this case. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>9. Option contract<\/strong><\/h1>\n\n\n\n<p>Once due diligence is satisfactory, sign a private purchase contract (Contrato de Arras) and pay a further deposit, typically around 10% of the purchase price.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>10. Completion at the Notary<\/strong><\/h1>\n\n\n\n<p>The final step involves signing the deed of sale at the notary office. Both parties, or their legal representatives, must be present. Here you pay the remaining balance and any associated fees and taxes.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>11. Property Registration<\/strong><\/h1>\n\n\n\n<p>After completing the purchase, ensure the property is registered in your name with the local land registry.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>12. Ongoing Costs<\/strong><\/h1>\n\n\n\n<p>Account for ongoing expenses such as property taxes, community fees (if applicable), utilities, garbage care and maintenance. Hence that all ongoing agreements\/costs for water\/electricity\/gas must be written over to the buyer immediately after the notary. Your lawyer can help you with this. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full wider-image\"><img decoding=\"async\" width=\"859\" height=\"688\" src=\"https:\/\/reiderstadinvest.com\/area\/wp-content\/uploads\/2024\/05\/Tezza-7281.jpg\" alt=\"\" class=\"wp-image-573\" style=\"aspect-ratio:16\/9;object-fit:cover\" srcset=\"https:\/\/reiderstadinvest.com\/area\/wp-content\/uploads\/2024\/05\/Tezza-7281.jpg 859w, https:\/\/reiderstadinvest.com\/area\/wp-content\/uploads\/2024\/05\/Tezza-7281-300x240.jpg 300w, https:\/\/reiderstadinvest.com\/area\/wp-content\/uploads\/2024\/05\/Tezza-7281-768x615.jpg 768w\" sizes=\"(max-width: 859px) 100vw, 859px\" \/><\/figure>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading\">FAQ<\/h1>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Who is paying the real estate agent comission?<\/strong><\/h2>\n\n\n\n<p>&nbsp;In Mallorca the standard practice is for the seller to pay the real estate agent commission fees, unless otherwise agreed. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Should I only work with one real estate agent?<\/strong><\/h2>\n\n\n\n<p>Navigating through the different property offers and agencies on the island can be overwhelming. Our recommendation? Choose one trusted real estate agent to handle all your needs, from organizing viewings to negotiating deals. It&#8217;s common practice for <a href=\"https:\/\/reiderstadinvest.com\/area\/best-real-estate-companies-mallorca\/\" title=\"11 Best Real Estate Agencies in Mallorca for Luxury Homes\" data-wpil-monitor-id=\"56959\">real estate agencies in Mallorca<\/a> to collaborate, meaning your chosen agent typically has access to all available properties on the market. <\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Do I really need to hire a lawyer when buying a property in Mallorca?<\/strong><\/h2>\n\n\n\n<p>Remember that <a href=\"https:\/\/reiderstadinvest.com\/area\/laws-on-buying-property-in-spain\/\" data-wpil-monitor-id=\"29\">property laws<\/a> and regulations may change, so it&#8217;s crucial to consult with a local lawyer and stay up to date with the latest requirements throughout the buying process. <\/p>\n\n\n\n<p><\/p>\n<style>\r\n.lwrp.link-whisper-related-posts{\r\n            \r\n            margin-top: 40px;\nmargin-bottom: 30px;\r\n        }\r\n        .lwrp .lwrp-title{\r\n            \r\n            font-size: 16px;\r\n        }.lwrp .lwrp-description{\r\n            \r\n            font-size: 12px;\r\n\r\n        }\r\n        .lwrp .lwrp-list-container{\r\n        }\r\n        .lwrp .lwrp-list-multi-container{\r\n            display: flex;\r\n        }\r\n        .lwrp .lwrp-list-double{\r\n            width: 48%;\r\n        }\r\n        .lwrp .lwrp-list-triple{\r\n            width: 32%;\r\n        }\r\n        .lwrp .lwrp-list-row-container{\r\n            display: flex;\r\n            justify-content: space-between;\r\n        }\r\n        .lwrp .lwrp-list-row-container .lwrp-list-item{\r\n            width: calc(33% - 20px);\r\n        }\r\n        .lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){\r\n            \r\n            margin-bottom: 12px;max-width: 150px;\r\n        }\r\n        .lwrp .lwrp-list-item img{\r\n            max-width: 100%;\r\n            height: auto;\r\n            object-fit: cover;\r\n            aspect-ratio: 1 \/ 1;\r\n        }\r\n        .lwrp .lwrp-list-item.lwrp-empty-list-item{\r\n            background: initial !important;\r\n        }\r\n        .lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,\r\n        .lwrp .lwrp-list-item .lwrp-list-no-posts-message{\r\n            \r\n            font-size: 16px;\r\n            \r\n            \r\n        }@media screen and (max-width: 480px) {\r\n            .lwrp.link-whisper-related-posts{\r\n                \r\n                \r\n            }\r\n            .lwrp .lwrp-title{\r\n                \r\n                \r\n            }.lwrp .lwrp-description{\r\n                \r\n                \r\n            }\r\n            .lwrp .lwrp-list-multi-container{\r\n                flex-direction: column;\r\n            }\r\n            .lwrp .lwrp-list-multi-container ul.lwrp-list{\r\n                margin-top: 0px;\r\n                margin-bottom: 0px;\r\n                padding-top: 0px;\r\n                padding-bottom: 0px;\r\n            }\r\n            .lwrp .lwrp-list-double,\r\n            .lwrp .lwrp-list-triple{\r\n                width: 100%;\r\n            }\r\n            .lwrp .lwrp-list-row-container{\r\n                justify-content: initial;\r\n                flex-direction: column;\r\n            }\r\n            .lwrp .lwrp-list-row-container .lwrp-list-item{\r\n                width: 100%;\r\n            }\r\n            .lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){\r\n                \r\n                max-width: initial;\r\n            }\r\n            .lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,\r\n            .lwrp .lwrp-list-item .lwrp-list-no-posts-message{\r\n                \r\n                \r\n                \r\n                \r\n            };\r\n        }<\/style>\r\n<div id=\"link-whisper-related-posts-widget\" class=\"link-whisper-related-posts lwrp\">\r\n            <h3 class=\"lwrp-title\">You might also like<\/h3>    \r\n        <div class=\"lwrp-list-container\">\r\n                                <div class=\"lwrp-list lwrp-list-row-container lwrp-list-single-row\">\r\n                <div class=\"lwrp-list-item\"><a href=\"https:\/\/reiderstadinvest.com\/area\/buying-a-property-in-the-southwest-of-mallorca\/\" class=\"lwrp-list-link\"><img width=\"480\" height=\"289\" src=\"https:\/\/reiderstadinvest.com\/area\/wp-content\/uploads\/2024\/05\/CALA-MAJOR-TOWARDS-BEACH.png\" class=\"attachment-480x480 size-480x480 wp-post-image\" alt=\"The beach of Cala Major. 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Here&#8217;s a comprehensive step for step guide to help you: 1. Research and Budget Begin by researching the property market in Mallorca to understand the types of properties available, their prices, and the different regions of the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":13,"footnotes":""},"categories":[50],"tags":[],"class_list":["post-559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mallorca"],"acf":[],"lang":"en","translations":{"en":559,"de":895,"se":924,"es":928},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/posts\/559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/comments?post=559"}],"version-history":[{"count":255,"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/posts\/559\/revisions"}],"predecessor-version":[{"id":51895,"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/posts\/559\/revisions\/51895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/media\/567"}],"wp:attachment":[{"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/media?parent=559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/categories?post=559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/reiderstadinvest.com\/area\/wp-json\/wp\/v2\/tags?post=559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}