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Costs to bear in mind when buying a Property In Mallorca

Buying a property here carries a series of costs in addition to the purchase price itself. Some costs are fixed and others depend on the property in question, its price, location, etc you need to bear this in mind.

Valuation

This is always needed when applying for a mortgage & your bank will organise this for you or if you would like a survey/valuation & not applying for a mortgage you can request this, we at JS Properties can help you with this. The price of the appraisal depends on the type of property and can range from 250€ up to 1500€.

Notary

The notary will grant the public deed of sale, which certifies the change of ownership. Their fees are regulated and depend on several factors: property, price, number of guarantors, number of pages etc.... And, unless you are subrogated to a pre-existing mortgage, two deeds must be paid, the purchase and the mortgage.

Normally an option to purchase contract is signed to secure the property & price for you beforehand, this is binding by both parties the seller & buyer.


Property registration

Once the sale of the property has been completed, the deeds need to be registered in the Property Registry to generate a public document that records the transaction. It depends on the type of property, location and characteristics, although it's usually approx. 1.5% of the value of the property.

Taxes

Here it depends on the type of property. If you have choose a new construction you must pay 10% VAT. In the case of a second hand property, you will have to pay the Property Transfer Tax, which in the case of the Balearic Islands is from 8% - 13% depending on the purchase price.

At JS Properties we guide you through the buying process from start to finish, so that it is as smooth & easy as possible for you, so that you can enjoy your new home here in Mallorca.

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