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Considerations To Make When Buying A Property On Mallorca

Posted by: | Posted on: December 19, 2017

Whenever you see a property for sale in Majorca and planning to buy it, there are a lot of significant considerations. But, the rule of thumb is to hire a great lawyer that could help you with the procedure.

You might be overwhelmed whenever you purchase a property on Mallorca for the 1st time. This is because there are a lot of various legal processes.

It is a great plan to have a good lawyer who could take you over the involved steps once you choose to buy a property there. You should hire one before making an official proposal.

The Formal Proposal

The 1st step is the “Option Contract”. Typically, it needs you to pay 10 percent of the complete purchase cost in advance. This will commit you and the vendor to the purchase. The deposit might not be refunded if you do not go over with the sale. On the other hand, the vendor typically has to refund the deposit and additional 10 percent of the purchase cost if they pull out. Typically, the lawyer would work hard to make sure the sale goes over and offer translations of every contract if needed. This process helps avoid any gazumping and false offers.

Paperwork

To purchase a car, a property, or a lot of other things, an NIE tax number should be provided by a purchaser from another country. Also, if you are an overseas buyer, you would be required to give identification copies that are certified. Just to be sure, bring your passport.

Finance

As early as you could, it is a great plan to research your mortgage choices if you aren’t a cash purchaser. Also, to operate your property, you would likely require having a Spanish Bank Account.

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