Purchase Process and legal advice
When you have selected the property Port Andratx Apartment , Port Andratx Villa that match your requierements we can introduce you to an English speaking lawyer that have a proven track record on the island of Mallorca. After the sales price has been agreed with the owner, the lawyer can then prepare a purchase option contract . He will check the Title Deeds and the Land Registry to inform you if the property is free from any liabilities, debt, outstanding mortgages or loans , or any urbanistic infringements of the Port Andratx Apartment , Port Andratx Villa Inform you correctly legally and fiscally, regarding the purchase taxes and other fees, during and after the purchase. Inform you regarding the European Union international inheritance law that will become effective on the 17th of August 2015 He will help you to obtain the fiscal identification number “N.I.E” indispensable to open an account and purchase any property, vehicles, boats etc in Spain. He will also prepare and provide all the necessary documents for the signature of the Title Deed at the Notary. The purchase Title Deed will be read to you and translated in English by the Notary, you can be provide of an official translation. And will be immediately inscribe in the Land Registry Office The Lawyer fees are usually around 1% of the transaction sum.
The Option Contract: The option contract is a binding document where the Seller grants the buyer the right to buy the property within a certain time frame for a certain price. The option deposit is usually of a 10% of and part of the purchase price. Port Andratx villa , Port Andratx apartment
Transmission Tax “impuesto de transmición patrimonial” for Port Andratx Apartment , Port Andratx Villa The transmission tax increments progressively with the value of the property The first € 400,000 of the purchase price will be taxed at 8% Between € 400.000,01 and € 600.000 will be taxed at 9% From € 600.000,01 will be taxed at 10%
Or V.A.T Port Andratx Apartment , Port Andratx Villa for new constructed properties sold directly from the promoter will be charged a 10% V.A.T Plots sold directly from the Urbanization promoter are taxed at 21% V.A.T Additionally, the buyer must pay to the Treasury a tax of 1% for documented legal acts “A.J.D.” The Municipality Tax on the Land Value “Plusvalia Municipal” is usually paid by the vendor. we can introduce you an English speaking Tax Advisor “ Asesor Fiscal” to help you with annual taxes
Mortgages and Financing Local Banks at present finance up to 70% on the transaction value or the taxation value (the lowest of both values is chosen as base for the calculation) for EU Citizens and up to 60% for up to 70% on the transaction value or the taxation value (the lowest of both values is chosen as base for the calculation) for NON-EU Citizens.
Energy certificate
Since June 2013 it is mandatory to obtain a certificate of energy efficiency for all buildings, both new and existing Port Andratx Apartment , Port Andratx Villa Signed by an engineer or architect and stamped by the Department of Industry It determine the energy level of the building. Owners must hand over this energy certificate to the Notary on signing the Purchase Title Deed.