Buying Property in Mallorca: Step-by-Step Guide for a Secure Purchase

1. Clarify your Budget and Financial Strategy

Before diving into the real estate market, it is crucial to define your financial framework. What is your maximum budget? Will you finance through a mortgage or pay cash? Are there additional costs such as renovation, taxes, or notary fees to consider?

2. Find your Dream Property

Collaborate with experienced real estate agents on Mallorca who know the local market. They can help you find properties that match your criteria — whether it's a sea view, rustic finca, or a modern apartment in Palma.

3. Make a Reservation Agreement

Once you have found a suitable property, a reservation contract is often signed. This involves paying a small reservation fee to take the property off the market and initiate due diligence.

4. Sign the Private Purchase Contract

This legally binding contract outlines all conditions of the sale. Typically, a deposit of 10% of the purchase price is required. Ensure that legal aspects are thoroughly reviewed by a qualified attorney.

5. Finalize the Purchase before a Notary

The official transfer of ownership takes place at the notary. The remaining purchase amount is paid, and the deed (escritura pública) is signed and notarized.

6. Register your Property and Change Utilities

After the notary appointment, the property must be registered in the land registry. Utilities and taxes should also be updated to reflect your name.