Possibly you have landed on this page because you have put in the search engine “property for sale in Mallorca”.
I warn you that you are about to enter the wonderful world of real estate in Mallorca that struggles to attract buyers willing to purchase a piece of paradise.
Before continuing your search let me open your eyes.
You are not in your own country and although buying in Mallorca is possibly one of the best decisions you have ever made, not all properties are what they seem.
EVERY DAY SOMEONE BUYS A PROPERTY IN MALLORCA WITH ILLEGAL PARTS, CHARGES OR OUTSTANDING TAXES.
The fact that you sign a deed in front of a notary, or that an intermediary has been involved in the transaction, does NOT guarantee that everything is fine. Maybe in your country, but not here.
So, let me tell you what NOT TO DO if you are willing to buy a Property in Mallorca.
Don’t let anyone pressure you. Most of my clients have been told that if they don’t sign a commitment immediately, they will lose the property of their dreams.
1.- Most of the time the only one who wants to close the deal is the middleman.
2.-Mallorca is full of properties for sale. Believe me, you are not taking the last one.
So, DO NOT SIGN ANY COMMITMENT WITHOUT BEING ADVISED.
Each year the Island Government of Mallorca orders the demolition of a hundred illegal constructions. So, before to go ahead, be sure your dreams house will not be your next nightmare. May be you don’t understand Spanish but you may take a look to the pictures of the demolitions ordered by the Agency of Defense of the Territory ADT
Don’t you believe me? Take a look at these articles.
Yes, the advisor is an investment, not an expense. A good advisor can save you money, but for sure will take away a lot of headaches.
Sooner or later someone will tell you that you do not need a specialized lawyer to buy in Mallorca.
Possibly the person who is telling you this does not want you to know something.
ARE YOU REALLY GOING TO BUY A PROPERTY IN A FOREIGN COUNTRY BASED ONLY ON THE INFORMATION GIVEN TO YOU BY THE SELLER OR HIS AGENT?
I’m not telling you to hire my services (buy you are welcome). Mallorca is full of advisors. Whichever one you choose will do a good job. But make sure that whoever advises you is INDEPENDENT.
How do I know who’s independent? If he/she only works for you, he /she independent. If he/she gets paid by both parties, or only by the seller, he/she can never be independent.
After the purchase you have to pay Transmission Tax or Vat.
Check taxes had been paid. Especially if vendor it’s non residen. If there are not paid taxes or not property paid tax office will claim to you.
If vendor it’s non residente you have to withhold 3% of the purchase price and send it to Tax Offices.
Property has to be inscribed on the Land registry and Cadaster.
Supplies has to be change at your name.
If your assets are big enough you have to pay Wealth tax.
Every year you have to pay taxes for owning a property in Spain.