Why should you work with HOMESEEKER?
You may think that by contacting every estate agent in the area, you'll have the best chance to find your ideal property...but in reality, this is not the case, and for plenty of different reasons!, such as...
- Confusion! Having a multitude of agents emailing and calling you is going to get confusing! you'll lose track of which property is being referred to, you'll forget which property was from which agent and very often you'll have two or more agents offering you the same property simultanously!
- Practicality! If you're visiting multiple properties with multiple different agents, you'll be giving yourself a complicated schedule of viewings and you'll be receiving different opinions and perspectives on each property with each agent without receiving any meaningful comparisons!
Whereas if you consult with us and help us to understand exactly what property you search for, we can work with you intensively to offer you the best, most suitable options available on the market - through our extensive network of contacts and collaborators we can offer you virtually any property on the market. We can arrange all viewings, escort you to each and offer genuine opinions and comparisons on each and every property without bias.
...with our honest, diligent approach to business, we are an obvious choice when selecting an estate agent to work with, no one else gives the same personal, dedicated service that we offer to our customers, so let us get to work and guide you right through the process of aquiring your ideal property in Mallorca now!
Once you have firmly decided on a particular property to buy and once we have established a preliminary agreement of the terms and price, the next step is for the seller and you, the prospective buyer, to enter in to an ‘option-to-buy’ contract. The terms/conditions of this contract depend on the individual circumstances of each case but its essential purpose is to commit both parties to the transaction and to specify the following terms/conditions...
- The deposit to be paid by the buyer (usually 10%) and the bank account to receive the deposit.
(either the seller's or the notary's)
- The final date by which the deposit must be paid/received.
(usually around one week from the date of signing)
- The final date by which the sale must be finalised at a local notary office.
(usually around one month from the date of signing)
- The penalty in the case of the BUYER failing to fulfil the agreement.
(usually forfeit of the initial deposit)
- The penalty in the case of the SELLER failing to fulfil the agreement.
(usually repayment of the deposit, plus 100%)
In the time between the deposit being paid and the finalisation of the sale, all outstanding debts, if any, must be cleared by the seller. Every property transaction must be finalised by an appointment at a local notary office, at which time the transaction will be completed with the balance amount usually paid by verified bank cheques and the property deeds being updated and transferred to the buyer's name, under the supervision and authorisation of the notary lawyer.
As the trusted intermediator of many such transactions we always strive to keep both parties fully informed and protected throughout with regular communication and near constant availability to ensure a smooth and prompt transaction from start to finish. We have consistently proven ourselves able to handle even the most complicated of cases so you can rest assured that you're working with an agency capable of navigating all the associated legalities which inevitably crop-up from time to time.
As the buyer, there are certain costs that you must account for in addition to the agreed purchase price of your chosen property. The most common and unavoidable of these additional costs are the following...
Transfer Tax - This is a mandatory tax for all pre-owned residential properties. It's applied to the declared purchase price of the property at the following rates…
The first €400,000 of the purchase price is taxed at 8%.
Between €400,000 and €600,000 is taxed at 9%.
From €600,000 and beyond is taxed at 10%.
Notary/Registry Fee - Every time a property changes hands in Mallorca, the transaction must be finalised via a scheduled appointment at a local notary office. The notary is an impartial government representative whom ensures that each property transaction is conveyed properly and legally. The notary costs are governed by law and vary according to the value of the transaction. Usually this cost will be between 0.25% and 0.5% of the purchase price.
Lawyer Fee - Although by no means a requirement, many people choose to employ the service of a lawyer to oversee their purchase, particularly if it's their first time buying in Mallorca. Lawyer fees will vary depending on which firm you use. The cost can usually be negotiated and you should expect to pay around 1% of the purchase price. If you wish to consult a tax advisor/accountant or a lawyer but are unsure of whom you should turn to, we will happily refer you to a known and reputable professional.