The process of buying a property in Mallorca may seem complicated at first, but if you follow these steps, you can do it easily and without any surprises.
1. Search the ideal property
Before making any decisions, make sure you know the market well. It is advisable to seek the help of a local real estate advisor to guide you through the entire process. It is important to analyze and verify the legal and registration status of the property to avoid future surprises.
2. Obtain a Foreigner Identification Number (NIE)
This number is essential for any financial or legal transaction in Spain. You can apply for it at a police station in Spain or at the Spanish consulate in your country of origin.
3. Opening a bank account in Spain
Although not mandatory, having a Spanish bank account makes it easier to manage payments related to the purchase, such as taxes and notary fees. To open one, you will generally need your passport and NIE.
4. Signing the deposit agreement
Once the property has been selected, it is common to sign a deposit agreement. This agreement is a preliminary agreement between the buyer and seller. Here, both the price of the property and the conditions are agreed upon, and the buyer usually makes a deposit (generally 10% of the total price) to reserve the property.
5. Formalize the purchase before a notary
Once an agreement has been reached, the deed of sale must be signed before a notary, which involves making the final payment. This step is mandatory for the transaction to be legally valid.
6. Register the property
After signing before a notary, the property must be registered in the Property Registry. This ensures that the property is officially in your name.
