Procedure of Buying a Property in Mallorca
Buying a property is not a day-to-day business. To avoid unpleasant situations, you have to note the following before buying a property. Once you have decided on the property and made a decision to purchase, the agency will draw up an option agreement between the seller and buyer of real estate, which describes the procedure for the transaction and the conditions of sale of this property as well as the obligations of the seller and buyer. From that moment, the property will be removed from sale and not advertised any more. The agreement establishes the model of payment for the property, timing of the transaction, timing for clearing out the apartment and de-registration of the apartment with the relevant authority, list of what documents will be presented to buyers. Lawyers will check all the documents regarding the property to make sure that there are no encumbrances , will verify legality of construction and possible redevelopments, make sure that all the necessary documents for the property are available to complete transfer of ownership and make sure that contracts are signed with service companies. Afterwards the deal is registered directly in front of the notary, whereby the purchase and sale agreement is signed and the transaction price is paid (or paid from the mortgage loan obtained, or on special conditions agreed upon in advance).