1. Reservation agreement
Once you have thoroughly reviewed the documents and discussed the initial details with the seller—and are still interested in purchasing the property in Mallorca—you have the option of signing either an option contract or a reservation contract.
1. Reservation agreement: If you wish to purchase a property in Mallorca, you can reserve it for a few days for a small reservation fee. This gives you enough time to consider the purchase and obtain further information if necessary. If you ultimately decide to purchase, the fee will usually be credited to you.
2. Option contract
2. Option agreement: The option agreement, known in Spain as a "contrato de opcion de compra," can be concluded before the final notarized purchase agreement. All important conditions are already specified in this agreement. The option period usually lasts several weeks, sometimes even months. During this time, you as the buyer can create the necessary conditions for the investment.
To draw up an option contract, the buyer must pay an option fee, which is usually around 10 percent of the purchase price. If you buy your property in Mallorca, this fee will be credited. If the transaction fails for reasons attributable to the buyer, the option grantor will retain the amount.
3. The purchase agreement
3. The purchase agreement In Spain, only a notarized purchase agreement (Spanish: "publica Escritura") offers absolute legal certainty with regard to real estate. This agreement secures your right to an entry in the Spanish land register, the "Registro de la Propiedad." The Escritura protects you from fraud. The contract prevents double sales, protects you from liability for debts, and also facilitates the resale of the property.
Once the notary's office has all the necessary documents, the responsible notary can request the land register extract from the relevant land registry office. All documents are then checked and an appointment is made with the seller and buyer to sign the contract. Both parties are informed of their rights and obligations, and the notarized contract is checked again. The complete registration of the notarized purchase contract (Escritura de Compraventa) usually takes between three and six weeks.
Finally, it should be mentioned that
To purchase a property in Mallorca, you will need the following documents for the notarial process:
- Spanish tax identification number (N.I.E.)
- Identity card or passport (valid for at least three months)
- Proof of payment for property tax (IBI)
- If inventory such as furniture, pictures, or equipment is purchased, an inventory list is also required.
The seller must present the land registry extract (Nota simple) and the existing purchase agreement. In addition, you will need
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