PROPERTY PURCHASE PROCESS IN BALEARIC ISLANDS
LAWYER
It is very important that you use the services of a Lawyer for buying and selling property in the Balearic Islands. It would be our recommendation that you use a lawyer who is independent of any property agent. We would be happy to introduce you to Lawyers should you so wish. Most lawyers would be happy to meet in the first instance, without charge.
Once a purchase has been agreed an agreed deposit will be filed with the laywer as an intent to purchase. This deposit is usually non refundable. It would be recommended that basic checks be made to ensure that there are no debts against the property and that land registery is checked prior to paying a ful deposit. The lawyer will advise with regards to this first step. The property will be taken off the market as sold at this point. You must insure you have a NIE number - your Lawyer will obtain one for you.
The next stage of the process is the option contract stage. This contract will state all that has been agreed including any furniture and fittings included eith the sale. It will also agree the date of completion with the Notary. If a full 10% deposit was not paid at stage one then this is when it will be paid in full. Again this money will be non refundable in most cases.
This has been produced by a Balearic Lawyer to provide a basic checklist before signing the final contract.
The original copy of the deed of sale (escritura pública) in the property register.
Extract from the property register showing the situation of the property, charges and encumbrances
(Nota Informativa Simple).
Confirmation that payments are up-to-date.with water, gas, electricity and telephone
All should be recently dated.
Confirmation of last five years payment for land tax (IBI)
Municipal Tax of Plusvalia (Impuesto Municipal sobre el
Incremento del Valor de los Terrenos Urbanos de Naturaleza Urbana) at the local authority offices.
Community Statutes of the owners' association if the property is on a community and statement to
confirm no outstanding debts
Inventory which has been signed as accurate to include any furniture, fittings etc.
Completion of the sale at the Notary
The sale is final when the public titla deeds (Escritura) are signed infront of the Notary. You need to be present or give your power of attorney to someone to act on your behalf. This is the final stage where all money is transfered and records show the sale was completed and understood by all parties.
This is a brief guide to the purchasing of a property. As a rough guide it is recommended that 10% of the purchase price should be set aside for cost etc.
Please contact us for further details.
