Looking to buy a house in Mallorca?

Before buying a house in Mallorca, it is essential to ensure that all property documentation is in order. A preliminary review helps avoid possible unforeseen issues and guarantees a safe transaction.

If you plan to finance the purchase with a mortgage, you must have documentation that the bank typically requests, such as a valid ID or NIE, pay slips, tax returns, and other proof of solvency.

Additionally, it’s important to have at least 20% of the house price saved, plus an additional 10% to cover the associated purchase costs, such as the ITP, notary, and registration. For a second home, it’s recommended to have between 30% and 40% of the property sale price, plus the additional 10% for purchase costs.

In transactions without a mortgage, the buyer must identify themselves at the notary with an ID if they are Spanish or with an NIE if they are foreign. If they do not have an NIE yet, they can sign with an NIF M (Tax Identification Number), which must be replaced by the NIE once issued.

Buying a house is an important decision, and reviewing the proper documentation is key to avoiding risks.

We recommend checking the following:

• Simple note.

• Cadastral record.

• Cadastral reference value.

• Occupancy certificate.

• Energy efficiency certificate.

• No urban planning infraction certificate.

• Receipts for property tax and urban waste.

• Utility bills.

These are some of the documents you should review when buying a house in Mallorca.

Each purchase is different, which is why at Balear Living we always recommend having the advice of a lawyer specializing in real estate law to ensure a safe and surprise-free purchase.

If the property you want to buy is mortgaged, it is essential to thoroughly analyze the situation to ensure a secure purchase. There are several ways to proceed, from assuming the existing mortgage with the bank’s authorization to requesting the seller to cancel it beforehand or manage the cancellation on the same day of signing at the notary.

The latter option is usually the most common but requires precise coordination between the parties, the bank, and preferably a management service that ensures the subsequent process.

In the case of applying for a mortgage, the official appraisal is mandatory and must be conducted by an independent company approved by the Bank of Spain. This appraisal will impartially value the house according to Order ECO/805/2003.

However, even if you are not applying for a mortgage, it is advisable to appraise the house you want to buy to verify its market value compared to the sale price.

At Balear Living, we support international buyers throughout the process of acquiring their home in Mallorca, without the need to be physically present. We take care of every step, from searching and selecting to signing, organizing virtual tours, coordinating documentation, and handling everything through digital signature. Additionally, we have a network of trusted collaborators like lawyers, architects, and managers, allowing us to ensure that the entire process is clear, safe, and tailored to your situation, wherever you are.