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Information for buyers
Useful information about buying a property in Mallorca
For buyers
You have decided to buy a property in Mallorca and maybe even found your dream home?
When buying a property there are a few things to consider. We have compiled the most important points for you below.
what do i need
The most important thing is the NIE Number (Número de Identidad de Extrenjeros). This is the identification or tax number for non-residents in Spain and therefore also in Mallorca. You need this NIE number to purchase a property. So if you are planning to buy a house or apartment in Mallorca in the near future, you should apply for the NIE Number now.
The easiest, cheapest and fastest way to do this is usually via the Spanish embassy or consulate in your home country.
Alternatively, you can also apply for the NIE number via a so-called "Gestoria" in Spain, but this is usually associated with higher costs and may take longer. It is also important that everyone who is to be entered in the land register can show this NIE number. You also need the NIE number for almost all other official transactions on the island, such as registering with the electricity supplier , a telephone/internet connection, when purchasing on account and other matters.
What will this cost me?
The costs depend on what kind of property you are buying, ie is it a new build (regardless of whether it is a house or an apartment), a used property or a piece of land.
1. You want to buy a used property.
In this case, you generally have to reckon with around 10 - 14% additional costs of the purchase price. These are made up of 8-10% real estate transfer tax , depending on the purchase price of the property, and another 3-4% for notary costs . If you cannot or do not want to be present at the notary appointment and commission a notary with the certification, he will usually charge 1% of the purchase price for this service.
The real estate transfer tax is to be paid to the competent authority within 30 days after the notary appointment or certification.
2. You want to buy a piece of land or a new property
Would you like to buy a new property (first occupancy) or a plot of land?
Here it depends on whether you are buying the land or property from a private person or from a company . If you are buying from a private individual, 21% IVA (Spanish VAT) and 1.5% stamp duty will apply to the purchase price. When buying from a company, the IVA is 10% , the stamp duty is also estimated at 1.5%. The IVA is payable at the notary appointment/certification, the stamp duty is to be paid within 4 weeks after the notary appointment. For the notary and the register entry, another 3% of the purchase price must be calculated. In this case, no real estate transfer tax applies.
Who pays the brokerage fee?
The brokerage fee is paid by the seller in Mallorca.
What is the general process of making a purchase?
If you have decided to purchase a property and your financing is secured, an option contract will be drawn up. This secures the desired property for you by means of a deposit of 10% of the agreed purchase price. This deposit is usually deposited in an escrow account with a notary. Corresponding fees are also charged by the notary for this. With mutual consent, the deposit can be transferred to the broker's account.
As a rule, a notary appointment is made 8 weeks after the issuance of the option contract. This period can also be extended with the mutual consent of the buyer and seller. If you have detailed questions about the option contract, please do not hesitate to contact us.
If all the necessary documents are available from both sides, the notary appointment can take place as agreed and you will then be the happy owner of your property in Mallorca.
Financing?
In the case of financing, you are free to finance the property in Germany or Spain. In Spain you need around 40% equity of the purchase price plus 10 - 11% ancillary costs of the purchase price.
Are you planning to partially rent out your new property?
If you do not use your new property all year round and would like to rent out the free space to holiday guests, then we will be happy to help you with this. We will explain to you which requirements must be met and what you can expect in terms of income. We work closely with the rental agency Mallorcahome, which specializes in holiday homes andHoliday apartments in Mallorca specialized in the southwest. Please feel free to contact us.
Would you like to invest in a property in Mallorca?
Then take a look at our portfolio or tell me your desired criteria. I would be happy to look for the right property for you.
For Buyers| Wasner Inmobiliaria slu | Mallorca