Property Law in Mallorca
In Mallorca Solicitors Mallorca, we offer our clients a comprehensive service in everything required for a property transaction, either buying or selling. What follows are the main steps and services we offer our clients when buying a property in Mallorca.
Mallorca Solicitors can fully assist you in the buying process.
- Advice and assistance will be given to obtain a Spanish ID no (called a NIE). Current procedure establish by the National Police responsible to grant the ID number have changed and if client is not in Spain, the client is required to obtain the NIE number at the closest Spanish Embassy or Consulate in his country of origin.
- Negotiate, amend and finalize the terms and conditions of a private agreement.
- Conduct a land registry search to ascertain the official owner, the description of the property; whether the building is registered and whether there are any charges attached to the property, such as a mortgage, easements or positive/negative covenants.
- Regarding the planning legality of the property, Mallorca Solicitors does not offer an assistance service in this matter, but a general view of said legality and the possible urban contingencies that the client may encounter, although said information cannot be considered as advice, before which Mallorca Solicitors will warn the client of the need to have technical assistance through an architect who will advise about the legality of the property, and the possible refurbishment that may be carried out in it. For this purpose, Mallorca Solicitors can offer you an extensive list of local architects with whom seek advice
- Verify whether all general and local taxes such rates and rubbish collection tax have been paid up to date.
- Completion of the transaction before a Notary Public. A notary public is a Spanish Public Officer who certifies the capacity of the parties and the content of the contract or title-deed (in Spanish called “escritura publica”). Client should personally appear or grant Power of Attorney in favour to our lawyers so they are authorized to complete on your behalf.
- After completion of the deal, Property Transfer Tax (ITP, currently a progressive tax from 8 to 11%) has to be paid to the Balearic Islands Tax Authorities within 30 days of completion, in accordance with a general tax rule. Other taxation could be involved such VAT at different rates such 10% or 21% depending on who and what we buy.
- Title deed has to then be submitted before the land registry so the property is registered under the name of the client. Title will not be accepted if tax is not been paid in advance.
- Formally notify the utility companies (electricity, water, etc) of the change of ownership and organize payment arrangements with your Spanish bank.
We specialise in Real Estate Law and legal and tax advice in the process of buying and selling a property in Mallorca.