Properties for Sale and Rent in Majorca
Estate agencies in Majorca are offering a great variety of properties on the area's favourite locations. In Majorca you can find an excellent selection of properties for sale and rent, ranging from contemporary villas to classic houses set in their own land.As a first-time property buyer on Mallorca, you may be surprised by how different the legal process is in Spain compared to your home country.
The string of beaches, spoilt and unspoilt resorts and villages are the pearls in the coastal necklace and the focus for package holiday and residential tourism. Inland is the haunt for the culture buffs, hikers and mountain bikers and for wealthy families from Germany, Britain and Scandinavia who enjoy a lotus eating life in the sun with their Mallorcan neighbours. They enjoy a full social calendar with a continuous round of festivals, carnivals, saints’ and sports days with an emphasis on classical music, a legacy from the notable sojourn of composer, Frederick Chopin
Once you have decided that you want to go ahead with a property purchase on Mallorca, it is a good idea to select a reputable lawyer who can take you through the steps involved before making a formal offer.
1. Formal offer
An ‘option contract’ is the first step and usually requires you to pay 10% of the full purchase price in advance and commits both buyer and vendor to the sale. If the buyer does not go through with the sale the deposit may be non-refundable. If the vendor pulls out they usually have to refund the deposit plus another 10% of the purchase price. Your lawyer will usually work hard to ensure the sale goes through and provide translations of all contracts if required. This rule exists to prevent spurious offers and gazumping.
2. Paperwork
An NIE tax number must be held by an overseas purchaser to buy a house, car or many other things. You will also need to provide certified copies of identification – usually your passport.
3. Finance
If you are not a cash buyer it is a good idea to investigate your mortgage options as early as possible. You will also probably need a Spanish bank account to run your property. Your lawyer can advise you with regard to reputable banks if you are not sure. They will also liaise directly with the bank on your behalf to monitor the progress of your mortgage and help you with the required paperwork.
