Buy a property in Mallorca with RE/MAX Calm
With us, the buying process goes step by step. First, we want to get to know you and understand what type of property you are looking for. Then we take care of the search in order to offer and present you only the properties that really fit your requirements. When we have found the perfect property for you, it is time for the final verification of the physical and legal characteristics of the property. We get the best price for you and advise you throughout the whole process of signing the purchase contract. We also help and aide you in obtaining the financing and accompany you to the signing in front of the Notary. With a RE/MAX Calm agent by your side, you know that you are supported by a professional every step of the way. Shall we start?
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5 Reasons to buy with REMAX Calm
- The ease of having only one trusted agent as a contact person
- Profound knowledge of the local market
- Saving time with a much more focused search
- Large number of additional services exclusive to customers
- Guaranteed professionality
Frequently asked questions
Your personal real estate buyers agent at RE/MAX Calm helps you from start to finish to find your dream property. If you decide to search exclusively with us, we start with a detailed conversation about which property you are looking for and what criteria have to be met. We then begin the search for properties that match your criteria, both from properties in all RE/MAX offices and through our extensive network of partners. Once we have a selection of properties, you choose which ones you want to visit. During the visits we compare the properties and when you fall in love, we fight to get the best price for you. And until the day of the signing of the title deeds we are at your side.
It makes the whole buying and selling process much easier and saves you a lot of time. Instead of having to talk to 20 individual agents to view 20 properties, and chasing them to give you the information you need to know before the viewing to determine whether it’s worth visiting, you’ll have one single contact agent, your real estate buyers agent from RE/MAX Calm. Your agent does all the work of contacting the agencies and getting the necessary information to make the selection and comparison of properties much easier for you. At the time of purchase, your agent knows how to handle the situation and get the best possible price for you. You have legal advice and access to a lot of additional services (architects, lawyers, building companies, relocation companies etc.), which we can provide you with.
There are two types of service, from free of charge to those that may have some additional cost. You decide. When the service is free of charge, your agent has to obtain his fee from the seller. This, for various reasons, is not always possible. This situation may mean that some properties that would be of interest to you are not offered to you, because the agent cannot collect his fee from the seller. On the other hand, if there is a minimum fee commitment with you, you as the buyer will pay the fees in case the agent is unable to obtain them from the seller. This way, the agent will offer you all the properties on the market that he / she thinks may be of interest to you and you will not miss out on any opportunities. The final choice of which property to buy and its final cost will always be yours. At RE/MAX Calm, we prefer to speak openly from the beginning.
If your search criteria are reasonable and we know that there may be properties like this on the market, we will find it for you. If you are looking for a “unicorn” property that no longer exists in Mallorca (such as a small, fully legal finca with swimming pool in a quiet location around Pollença, Alcudia or Selva for less than 300.000 €), we will let you know in the first conversation. The key is to be realistic and know the market, and for that, you have us.
A property search with a real estate buyers agent is usually very focused, which makes it highly effective. If you come prepared to buy, with the necessary paperwork in hand and budget or financing secured, the process can take as little as a few weeks.
“He is happiest, be he king or peasant, who finds peace in his home.” - Goethe
Procedures and costs of buying a property in Mallorca
There are three steps that RE/MAX Calm will help you through during the buying process, as we are the intermediary in the negotiation. Once we reach an agreement on a purchase price, the next steps are as follows:
1. Prior to the purchase option contract, we confirm that the property is free of encumbrances. If it is, buyer and seller sign a purchase option contract.
2. A deposit of 10% of the property price is usually paid. As this is a binding contract, if the buyer backs out, the deposit is forfeited.
3. At this point, the only remaining step is to complete the purchase before a notary, with both parties signing the public deed of sale and paying the remainder of the agreed purchase price. The deed is then filed with the Land Registry and legal title is secured.
The costs of buying a property are the following:
- Notary fees and Land Registry fees: between 1.100 € y 3.200 € (approx. 2%)
- Property Transfer Tax ITP (second-hand properties, calculated in steps):
from 1 to 400,000 € = 8%
from 400,001 to 600,000 € = 9%
from 600,001 to 1,000,000 € = 10%
from 1,000,000 € to 2,000,000 € = 12%
from 2,000,001 € upwards = 13% - New constructions: 10% VAT for new properties. Property Transfer Tax is not payable on new properties, but they are subject to 10% VAT. In the case of the purchase of a plot of land, commercial premises or garage, the VAT increases from 10% to 21%.
- Newly built properties subject to VAT will have to pay Stamp Duty (1,2% of the purchase price).
Your RE/MAX Calm real estate agent advises you throughout the whole buying process. You also have the possibility to additionally hire a trusted lawyer in Mallorca, a specialist in real estate law. He/she will help you with all the legal formalities. We can recommend lawyers who speak your language.
In order to sign a purchase contract for a property in Mallorca you need a NIE number. You can apply for it yourself or you can do it with a lawyer. The NIE is not necessary to sign a purchase option contract, but it is necessary for the signing of the notarised deed.
In case you wish to settle permanently in Mallorca, you must apply for a residency permit.