To ensure that the sale of your property in Majorca goes through smoothly, you should bear a few things in mind. We have put together the most important points for the legal sale of a property in Majorca in our guideline “Useful Tips for Selling Property in Majorca”.
Please note that this guideline does not constitute legal advice, but is purely for information purposes. Depending on the individual case, it is recommended that you consult a solicitor in Majorca before selling. Porta Mallorquina Real Estate has been working with reputable solicitors for many years and will be happy to give you suitable recommendations.
For a smooth sale, you should have the following documents relating to your property:
- Energy certificate (mandatory since 2013, also required before the property can be offered for sale)
- The title deed as registered in the land registry (notarial certificate).
- Extract from the land register which contains the description of the property as well as showing the authorisation and encumbrances of the property (uncertified extract from the land register).
- Proof of payment of property tax.
- The habitability certificate.
- Contracts for the supply of electricity, water and other utilities with recent payment documentation.
- Inventory list, if furniture is to be included in the sale
Appointment with estate agent
The real estate agent advises you in estimating the market potential, what price you can achieve and the expected length of time before sale. Together, you agree on a realistic offer price. The brokerage commission is usually 6% and is paid by you as the seller.
After the marketing contract is made your broker takes care of the professional presentation of your property including videos and drone photos. To accompany this a tasteful and informative exposé description is prepared showing your property at its best.
Over 90% of customers find their holiday home on the Internet. As a rule the better your broker is listed on the Internet and the more professionally he operates, the higher are the chances of a rapid marketing of your property.
A professional broker filters the requests before arranging a visit which ensures that only really interested parties who are serious and solvent see your property.
Holiday real estate usually has a longer marketing time than normal residential properties as the buyers are often not local. If you do not use your property yourself during this time holiday rental could prove attractive so that your property stays alive but also generates additional income for you. Porta Mallorquina offers this service together with its sister company, all from a single source.
If a buyer has decided on your property, an option or deposit agreement is usually concluded. This is a private contract and provides security for both parties. Whilst the buyer has time to organise the financing etc., your real estate agent shows the property as ‘reserved’. If a party withdraws from the contract, the agreed penalty payments must be paid.
The contract of sale of a property becomes valid by a notarial certificate. With the issue of the certificate the property is transferred to the buyer and the seller receives payment of the purchase price. The usual and preferred form of payment is a bank-certified cheque issued by a Spanish bank. It is, therefore, advisable for foreigners to open a bank account in Spain in advance of the notary appointment.
At the conclusion of the notary contract the participating real estate agent also receives his agreed commission.
The Porta Mallorquina Real Estate Team is at your disposal if you have any further questions about the sale of property in Majorca. You can call us seven days a week on +34 971 698 242 or send an e-mail to Email Porta Mallorquina. More information about Majorca and about properties in Majorca is available in our blog at Blog Porta Mallorquina