.
REAL ESTATE SPECIALIST: Buying and selling of properties. Verification of the legality of any property either in town or rural areas. Tax and mortgage advice.
Degree in Law. Collegiate in exercise in the Lawyers Association of the Balearic Islands. ICAIB. Part of Palma Lawyers team. Degree in Audiovisual Communication.
LANGUAGES: English. Spanish. Catalan
Helping you to buy with guarantees. (See my rules about buying a property in Mallorca)
RULES ABOUT BUYING A PROPERTY IN MALLORCA, OR ELSWHERE IN SPAIN
You’ve found the property you’ve been looking for. So, what’s next?
-DEPOSIT. The vendor or Estate Agent will recommend you sign an Option Contract as soon as possible in order to be sure nobody else can buy that property. Don’t play this game. Offer a €500 to €4000 deposit to the vendor to hold the property for a few days (let’s say a week) and to prepare a Option Contract. The vendor has to commit to keeping the property off the market for a few days; the deposit you pay for this will be part of the Option Contract you are going to sign. If the vendor does not agree go to the next point. READ MORE
TAXES AND EXPENSES OF BUYING A PROPERTY IN MALLORCA OR ELSEWHERE IN SPAIN
.NEW PROPERTY: If your buy a new property the vendor will add 10% IVA (VAT) to the price. This VAT will be paid by you on the day of purchase directly to the vendor, who will deposit it for the tax authorities.
You will also have to pay an extra 1.2% tax called “Actos Jurídicos Documentados” (Stamp Duty). This tax must be paid during the 30-day period after signing the purchase deed by you or your representative using the model 600.
So, for a €300.000 NEW PROPERTY you end up paying €337.200.
SECOND-HAND PROPERTY: If you buy a resale property you will have to pay all the taxes the day you sign the deed, and from that moment you have 30 days to pay the Transmission Tax, (“ITP Impuesto Transmisiones Patrimoniales”). This tax is progressive, so it will increase proportionally to the value of the property as follows.
Toni Marqués. Real Estate specialist
Don’t hesitate to contact me for free information.
+34 678 216 706 toni@palmalawyers.com
Buying illegal property in Mallorca. Ever more risky
Be on the safe side. Before buying a property, be sure it’s 100% legal.
UPDATE: From January 2018 onwards, any illegal work done on rustic land will never expire. This means that it will be exposed forever to a possible order of demolition of the works made without authorization.
Until now, this only happened in protected land but the new urbanism law being processed by the Balearic Parliament will mean that demolition orders for illegal works will never prescribe in the common rustic land.
Toni Marqués. Real Estate specialist
Don’t hesitate to contact me for free information. +34 678 216 706 toni@palmalawyers.com
Claiming the Plusvalia property tax refund in MALLORCA (or elsewhere in Spain).
Have you or your client sold a property for less than you bought it? In other words, was the price you received less than the price you paid? If so, NOW YOU HAVE THE RIGHT TO CLAIM BACK THE MUNICIPAL TAX KNOWN AS PLUSVALÍA. READ MORE
The days of illegal construction being allowed in Mallorca ARE OVER.
A few years ago, when a purchaser asked about the legal status of a property before buying it, the answer was always the same “Don’t worry. Mallorca has plenty of properties with illegal parts, but nobody cares”.
And maybe that WAS true in the past, but NOT ANY MORE.
.-The Consell de Mallorca (Mallorca’s regional government) is taking this matter very seriously. It’s making a big effort to track down illegal properties and then act accordingly. In fact, this legislation has doubled the staff at the Agency responsible for combating illegal construction on the island. READ MORE
-Am I responsible for any illegal building done by a former owner?
If you buy a property and any part of it is illegal, the penalty will be incurred by the one who carried out the building works without a license. So the penalty will be incurred by the former owner, not you.
But if the right of the administration to order the demolition has not expired, or if the proeperty is in a protected area where the right of order the demolition will never expire then YOU MAY have to knock it down/demolish it and also pay for the costs. READ MORE
Why hire a lawyer when buying a property in Mallorca ?
Let’s do it upsidedow
First, consider whether you can answer these questions for yourself. If you are familiar with them, you do not need to hire a solicitor to buy or sell your property.
TAXES
-What taxes I have to pay for the purchase, in what time and how much I will pay?
-What taxes or fees I will pay annually once I have purchased my property?
-I’d better put it in my name, together with my partner or maybe it’s better to put the property in my heirs’ name?
Buying a property in Mallorca, Spain. The reservation contract
What is it?
The reservation contract, in a real estate transaction is a document by which the seller undertakes to remove the property from the market for a few days in order to have time to prepare an option or deposit contract or to prepare the sale.
What should it contain?
READ MORE
Don’t hesitate to contact me for free information.
Toni Marqués. Real Estate Solicitor in Mallorca.
toni@palmalawyers.com….WhatsApp: (+34)678216706
Rules……………Taxes…………….Plusvalía Tax…………
MyWhatsApp it's open. Press for free information