Whether you are looking to buy a property in Palma de Mallorca or if you want to sell a property, it is important that you know the correct specifications which can save you a lot of time when it comes to getting all the necessary paperwork together. At Grupo Roma, your real estate agency in Palma, we will be providing all the information in this blog article concerning the documents required for your sale or to buy a property in Palma de Mallorca.
In order to successfully buy a property in Palma de Mallorca you must meet a series of requirements. There are three essential points which make up the required documentation.
On the one hand, it is essential that residents have a National Identity Document, and that foreigners have a Foreign Identification Number. And on the other hand, two things which are not subject to whether the person is local or foreign: it is required that you have a Power of Attorney in the instance that the buyer cannot sign, and the opening of a bank account at a Spanish bank, in the instance that you don’t have one.
The buyer must present copies of the followings documents: the land registry with the registration fees, the VAT on the total price of the purchase/sale of the property in the case of new construction, the mortgage fees if there are any, the proportional part of the Real Estate Tax, the Transfer Tax and the Stamp Duty in the case of second hand properties. If the person making the purchase is foreign, 3% of the total purchase price will be retained and registered at the Tax Agency under the Model 046 form.
If you are a property owner of one of the properties for sale in Palma de Mallorca, you must also bear in mind certain factors which are required in order achieve success in your application. The National Identity Document, in the instance of locals, or the Foreign Identification Number, in the instance for foreigners, is necessary. On the one hand, the same as with purchasing, the Power of Attorney so that if the buyer is not present to sign is crucial. On the other hand, the updated Land Registry report, the title deed, the Energy Efficiency Certificate and the Certificate of Habitability are also necessary.
Other essential documents to present before the notary or when signing are: the administrator’s certificate, the property tax, the last receipt of waste collection, the Final Certification of Work in case of new works, the water, light and gas bills in case of second hand properties, and the Bank Certificate of pending debt if any.
In addition, the following must be presented in the notary or deed section: the income tax on capital gains, the proportional part of land transfer tax and the capital gains on the total price of the property. In the same way as with the purchase, in the case of a foreign seller, there will be a withholding of 3% of the total price of the purchase and it must be registered at the tax office under the Model 046.
If you would like to carry out a successful purchase or sale in Mallorca, without an overly complicated process, follow our recommendations so that everything be speedier and simpler. At Grupo Roma, your real estate agency in Palma, our team of experts and professionals in the real estate sector are here to help you with your purchase or sale.
Whether you own a property for sale in Palma de Mallorca, or you want to buy one in Palma de Mallorca, don’t hesitate to contact our real estate agents in Palma regarding any type of query.