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Mallorca - Domizil
our Know-how for your benefit
last update: 1/2008
Our 10 Golden Rules for the buyer purchasing real estate in Spain:
1. Have the seller confirm his proof of ownership by means of presentation of his notary title deed including authorisation stamp from the land registry or have that seller show you the corresponding extract from the land register.

2. Before you come to any verbal or written agreement (verbal agreements are valid in Spanish Law), receive verification about the following with regard to the property in question: a. encumbrance b. quality of building lot c. municipality's construction plans d. Existence of rental contracts regarding the real estate e. tax debt on property f. distribution of cost & arrears.
3. Form applications are simple to fill out, but usually only benefit the contract partner who designed them. Individual contracts, which take both contract partners into consideration are more complicated and do change the tenor for contract negotiation but are well worth considering as the outcome will greatly differ.
4. Have trivial assurances and apparently obvious issues with regard to the property confirmed to you in writing.

5. Your contract should always include which law is applicable.

6. With regard to wealth disposition always regard "Trust is good, Security is better". Which guarantees are given, ensuring that the promised and contractually agreed on is executable (also legally if necessary).
7. As the buyer, insist on a prompt closure of a notary title deed and your entry as owner in the land register, even if deferred payment has been stipulated.
8. If a real estate is bought on deferred payment terms (and the building is still under construction), the seller has to provide proof, that an insurance or bank guarantee has been taken out regarding deferred payment.
9. Ensure that the property has the minimum size required for the construction/house planned on that property at a later stage.
10. Should you encounter problems or have queries seek expert legal advice. His counselling fees will be marginal to the damage that might be caused without his advice.

Mallorca Office: Pto. Andratx, C/ Esparaguera 20 - Urb. Can Borras •   Tel: +34 630 826 124   Privacy