Review of investing in a property in Mallorca

  • Your expense of purchasing a property in Mallorca Spain needs careful consideration, which if due to the right guidance and advice can be produced a lot more transparent and understood!

    By taking the right advice, you are able to avoid joining those who unfortunately might have ventured blindly in to the Spanish property market, only to find frustration in the future when it is invariably to late.

    Property Search Agent

    We're a Property Search Agent here on Mallorca, whether looking for your very own Island Home, Investment or Apartment, are made to save greater than your valuable time and expenses.

    Our primary focus through our direct personal contact, would be to completely understand your requirements translate these into ensuring the best available property choices are made available to you.

    Summary Guide of costs/fees when choosing property in Spain:

    The general broad brush rule is that a purchaser should plan for additional costs to cover all tax liabilities and charges approximately 12-17% of the purchase price. Please be aware: every cost are determined during purchase.

    Who pays what between seller and buyer?

    Spanish Law claims that unless stipulated within the Contract, fees and taxes are split between the buyer and the seller the following:

    The customer pays: The purchase tax or IVA, Registration fees, bank mortgage fees and Notary costs

    The owner pays: The estate agents fees, capital gains tax, the ‘plus valia' tax and bank and registry charges to cancel a preexisting mortgage.

    Property Agency fees:

    Regardless of the ability of the internet to bring together buyers and sellers without resorting to a realtor, a lot of people still prefer to use agents or perhaps a private Property Search Agent to find or rent property in Spain.

    Generally, estate agency fees or commissions are paid from the seller, unless otherwise agreed.

    When the buyer appoints your own Property Search Agent, then a search agents fees are paid from the buyer.

    Normally such cost is greater than offset from the personal service of the Property Search Agent, in terms of negotiating the best purchase deal, the possibility usage of off market properties, your very own some time and costs saved, plus generally improved legal fees!!

    You ought to know that Real Estate Agents in Mallorca otherwise careful, may charge between 2% and 15% of the selling price, generally these are normally around 6%, but tend to vary depending upon the location and type of property.

    Unless the buyer has specifically decided to pay the agent's fee, this cost is going to be built into the selling price.

    Your premises Search Agent if appointed, should hopefully ensure all fees are kept to the most economic levels, including their particular costs, whilst negotiating the best purchase price possible with you!

    Legal fees

    You are strongly advised to engage a lawyer that will help you during the buying process.

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