We at Spanish Prime Property can appreciate that although exciting, purchasing a property in a foreign land can also be a very daunting experience, especially when you are not familiar with the Laws and Procedures of purchasing a property in Spain.
Listed below is a General Guideline of the Buying Procedure when purchasing a property in Spain.
- You will be required to open a Spanish Bank account.
- Everyone whose name will appear on the Escritura (Official Deeds) must have an NIE number (Número de Identificación de Extranjero) before attending the Notary.
For the Reservation and Optional Contracts your Passport can be used.
This Identification Number can be obtained in several ways.
- Applying personally at the Main Police Station with the Correct Documents
- Applying at a Spanish Embassy / Consulate in your country
- Arrange for your Lawyer to obtain this document for you.
Below is the link to the Official Spanish Government Website where you can obtain the Documents you will require.
Process of Buying a Property in Majorca
Hiring a Local Solicitor:
Spanish Prime Property recommends that you employ a Local Lawyer wherever you choose to purchase a property. A Local Lawyer will look after your best interest and advise you accordingly in all the steps taken to purchase a property in Spain.
Making an Offer:
Once you have found the property that you wish to purchase, you will need to make an Offer. This Offer must be made in Writing. The Owner will then either accept or refuse your offer, or in some cases will respond with a counter offer. Whatever the case, once a price is agreed, the next step is to draw up an Optional Contract.
Optional Contract & Deposit:
Your Lawyer or the Agent involved will draw up the Optional Contract and a Deposit (normally 10%) is made. Within this Legal Binding Contract, Options are made and agreed to by both parties. Once signed by both parties, a Mutually Convenient Notary Date will be made.
If the Purchaser decides to forfeit his/her offer, this Deposit will be Lost. If however, the Owner decides to abandon the sale, then he will be made to repay Double the Original Deposit.
Another form of Contract is the Reservation Contract.
This form of Contract normally requires a Small Deposit to be made to Secure the Property whilst the Buyer arranges Financing.
This type of Contact normally has a Time Restriction allowing the Buyer time to arrange Financing and for the Banks to have a Survey done.
Once everything has been arranged then the next step is to go to the Option Contract which has been explained. The buyer will then be asked to Deposit the Balance of their Deposit to the 10% of the Optional Contract.
Should you require a mortgage then we recommend that you Contact Mortgage Direct SL for a quotation. They offer one of the best deals available.
Signing of Public Deeds before a Notary:
Before the signing of the Public Deeds, the Purchaser has the option of Reviewing the Property before the Notary Appoint. The Public Deeds are written in the Spanish Language; however, your Lawyer will go through the Final Contract (Public Deeds) at the Notary to ensure that you understand what is written before you sign. All outstanding debts will be paid at the Notary.
Lawyer Contact Details:
ALEJANDRO FELIU MARQUES
Paseo Mallorca, 2
07012 Palma de Mallorca
Tel. +34 971 71 48 49/50/51
Fax. +34 971 72 15 46
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