The process of buying a new property in Palma de Mallorca generally involves the
following steps:
Research and search: Choose an experienced and trustworthy estate agent to guide
you through the process of finding a new property. Specify your needs and preferences
in terms of location, size, budget, and property features. It is also important to provide
information about your lifestyle to view properties in different areas of Palma de
Mallorca.
Viewing and selection: The estate agent will present you with a selection of new
developments in Mallorca and once you have chosen the options that best suit you,
they will arrange visits to the developments or sales office. During these visits you
should evaluate the quality of construction, finishes and customisation options, energy
efficiency, location and the experience of the developer or builder in developing
properties.
Reservation and contract signing: If you decide to proceed with the purchase, you will
need to reserve the property and sign a reservation contract. This contract usually
requires a deposit, which may vary depending on the developer or seller. Generally, the
reservation is non-refundable and the time to formalise the purchase contract is 1 week
to 10 days, depending on the developer or seller. Be sure to check the terms and
conditions of the contract carefully before signing, and it is common to hire a lawyer to
make sure the paperwork is in order.
Deposit and purchase contract: Once the reservation has been completed, a deposit of
between 10% and 20% of the value of the property is usually required when the
purchase contract is signed. This contract details the terms of the purchase, including
the price, floor plan, specifications, payment terms, date of delivery of the property and
any other terms agreed between the parties. If the client is not resident in Spain, a
deposit of 30% of the price of the property may be required.
Inspection and delivery: Before handing over the property and signing the title deeds at
the Notary's office, a courtesy visit will be made with the buyer to check that the
property is in perfect condition and that there are no defects. If there are any defects,
the developer or vendor is notified so that they can be rectified as soon as possible.
Signing the deed at the notary's office and registering the property: Once the public
deed has been signed, the property will be registered in your name at the Land
Registry. This step is essential to legally formalise the purchase and ensure that you
are the legal owner. If you hire a lawyer, they will carry out this process on your behalf.
Furnishing and decorating: New homes are usually delivered unfurnished, with only the
kitchen and bathrooms fitted. We can recommend decoration and design companies to
help you furnish the house according to your tastes and needs.
Guarantees and contractors: On the day of signing at the notary´s office, you will
receive a USB, the building book, which explains the functioning of the building's
installations and the house in electronic form. It also includes the contractors involved;
in case it is necessary to contact them . According to the Law on Planning and
Construction (LOE), the warranty period is 1 year for defects in completion and
finishing, 3 years for defects in habitability, functionality and safety, and 10 years for
structural defects.
It is important to have the right advice throughout the process, both legal and financial,
to ensure that everything is done correctly and in accordance with the legislation in
force in Palma de Mallorca.
