Reservation Agreement
If you've thoroughly reviewed the documents and discussed the initial details with the vendor – and are still interested in buying the property in Mallorca – you have the option of signing either an option contract or a reservation agreement.
1. Reservation agreementIf you wish to purchase a property in Mallorca, you can reserve it for a few days for a usually small reservation fee. This will give you enough time to consider the purchase and gather any further information you may need. If you ultimately decide to buy, the fee will typically be credited towards the purchase price.
2. Option agreement
2. Option agreement The option contract, known in Spain as a „contrato de opcion de compra“, can be concluded before the final notarised purchase agreement. This contract already sets out all the important terms and conditions. The option period typically lasts for several weeks, sometimes even months. During this time, you as the buyer can create the necessary prerequisites for the investment.
To draw up an option agreement, the buyer must deposit an option fee, which is normally around 10 per cent of the purchase price. If you buy your property in Mallorca, this fee will be offset against the purchase price. If the deal 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 notarised purchase agreement (Spanish: „publica Escritura“) offers absolute legal certainty with regard to real estate. This contract 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 against liability for debts, and also facilitates the resale of the property.
Once the notary has all the necessary documents, the responsible notary can apply for the land register extract from the relevant land registry office. Subsequently, all documents will be reviewed and an appointment for signing will be arranged with the seller and buyer. Both parties will be informed of their rights and obligations, and the notarial contract will be reviewed again. The full registration of the notarial purchase agreement (Escritura de Compraventa) usually takes between three and six weeks.
Finally, it should be mentioned
For the purchase of a property in Mallorca, you will need the following documents for the notary process:
- Spanish tax identification number (N.I.E.)
- Identity card or passport (valid for at least three months)
- Property Tax Payment Receipt (IBI)
- If inventory such as furniture, pictures, and appliances is acquired, an inventory list is also required.
The seller must provide the land registry extract (Nota simple) and the existing purchase agreement. Additionally, we need
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