Palma de Mallorca is a resort city and the capital of the Balearic Islands. It is home to the majority of the inhabitants of Mallorca and has therefore kept its traditional atmosphere, where the hustle and bustle of tourists is not oppressive. In this idyllic city, the residents enjoy a quiet and peaceful environment where high-end hotels, luxury properties and old authentic districts are perfectly mixed up. Palma de Mallorca is renowned for its trendy nightlife but remains a calm haven of peace with an authentic street labyrinth, where a high quality of life is provided.
Les three main islands of the archipelago seduce even more buyers every year. Like in Spain, the Balearic real estate market has suffered from the international financial crisis. Prices were particularly cheap, even for luxury properties. Nowadays, the market is gaining strength and this is the perfect time to invest as the islands have a nice real estate offer in terms of upscale villas.
Regarding the property purchasing process, the promise of sale is signed between a buyer and a vendor. an itemized list is attached to the promise of sale. This is a document of related transaction costs such as legal fee, property transfer tax, registration duty, notary fee and real estate agent's fee. Then, the buyer usually places a deposit of 10% of the property price on Notary account in order to guaranty the buyer's commitment. For the following step, the Notary must collect various documents such as the entitlement of the parties, the mortgage situation and even the property verification. He will draw up the deeds, the tax due and the registration of the names of the new owners in the Spanish property register and tax register. On completion of the sale of the real estate, the title deeds are registered with local land registry enabling the title to transfer to the new owner.
Before any purchase, it is encouraged to contact a professional of the real-estate market in the area to know the different steps of the buying process.