For you as a buyer or seller, choosing the right real estate agent is crucial to the success of the planned transaction you desire.
Admittedly, the selection of real estate agents in Mallorca is extensive, making it challenging to choose the right one without prior knowledge.
When choosing an agent, you can consider standard criteria such as their online presence, reputation, and property listings. A personal recommendation from your network would undoubtedly be very beneficial in your decision-making process.
MD-Tip: Beyond the criteria mentioned above, we recommend emphasizing the agent's personal qualifications and life experience, particularly their expertise beyond just properties in Mallorca. For decisions of such significance, a reliable and consistent point of contact is ultimately more valuable than a "big" name where you might encounter frequently changing representatives.
Furthermore, an extensive property portfolio on a website reveals little about the agent's detailed knowledge of each individual listing. Last but not least, the real estate agent should ideally be fluent in your native language.The commission for property purchases in Mallorca is typically paid by the seller. Consequently, most properties are commission-free for the buyer.Once you have found your ideal property, you should promptly address the following matters:
- Written Purchase Offer – After consulting with your agent, you should submit a written offer to the seller stating the price at which you are prepared to acquire the property.
- Application for your N.I.E. (Foreigner Identification Number), as you cannot conduct legal transactions in Spain without this tax identification number. If the property is being acquired by multiple buyers, each individual will require their own N.I.E. number.
- Thorough review of all essential property documents by a qualified specialist lawyer in Spanish real estate law.
- Preparation of a deposit agreement by the real estate lawyer.
- Following the signing of the deposit agreement by both parties, you should, within the stipulated timeframe leading up to the notary appointment, gather all necessary documents and, if required, apply for financing.
- Opening a Spanish bank account (not strictly mandatory but highly beneficial in the long term), particularly for future direct debits from all utility providers.
- Execution of the purchase agreement before a notary, payment of the remaining purchase price, handover of the property, and registration of the new owner in the Spanish Land Registry. (The notary appointment typically occurs a few weeks or 2-3 months after the deposit agreement is finalized, with specific arrangements agreed upon individually.)
- Transfer of all utility contracts (electricity, water, gas, etc.).
MD tip: In the purchase offer, you should definitely set a deadline for the seller to make a decision within this period. The deposit agreement usually stipulates a deposit of 10% of the purchase price, which is to be paid by the buyer into a notary's escrow account. In the event that the purchase agreement is not concluded, it should be noted which party is at fault. If the buyer changes their mind, they lose their deposit; if the seller changes their mind, they must pay the buyer compensation in the same amount.
