By
Kirsten Prizzi, Naples Realtor, 239-248-1667
Majorca/Mallorca, Spain, Balearic Islands Properties for Sale / Fincas, Homes, Condos.
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How long does it take for a sale to close a home in Spain?
You will be surprised, but the steps to close a home in Mallorca is very similar to Florida in regards to time frames, procedures and strict regulations.
Typically, the completion of the purchase usually takes 1 - 2 months from the date of signing the sales contract and paying the deposit. However, if you are buying pre construction, this time frame may be considerably longer, usually a minimum of one year, but prepare for delays.
Negotiations & Sales Contract: Once buyer and seller have agreed on the terms and conditions the sales contract can be signed. The sales contract outlines all terms such as the FAR/BAR contract and combines price, deposits, inspection periods, contingencies, possession of the property and off course the closing date.
Home Inspection: After fully execution of the sales contract the next step is scheduling the home inspection just like in the US. And just like in the US it just takes a few hours, while the report may take a few days.
Bank Appraisal: If you finance your home purchase in Mallorca with a bank loan, the property needs to be appraised. During the appraisal period a professional property appraiser will appraise the value of the property to ensure the loan and the value of the property for approval by the underwriter. If the appraisal is not to the satisfaction of the bank, buyer and seller can renegotiate the terms or the buyer can walk away with a credit from seller to the buyer for the buyers’ deposit.
Real Estate Financing: If you’re American Citizen and looking for financing your property purchase in Mallorca, please contact us for our recourses within the United States.
Title Search: Same here, very similar to the US Title Search. The Title search includes confirmation of sellers’ ownership, mortgages, liens, taxes, legal judgements attached to the house and more.
Final Walk-Through: Before the final closing the buyer has the right to final walk-through. The buyer has the right to ensure that nothing is missing or if the property is negotiated unfurnished to ensure that all furniture and personal items have been removed by the seller or their agent. Furthermore, the buyer has the right to check for damages and conditions of the property.
The Closing Date: Signing the closing documents is the most important part and if you’re in Mallorca for signing, ensure that you have all documents with you that are required by the Title Agent and your bank, if the purchase is financed. If the purchase is financed of course you have to sign the loan documents as well and your need some sort of photo ID such as a Passport. Best is to take your drivers lic. with you, just in case the closing agent needs to forms of ID.
Congratulations you’re now a proud homeowner in Mallorca.
We wish for you and your family that we soon can congratulate you on being a proud homeowner in Mallorca.
You might also be interested in our post’s:
Post 1. Gives your plenty of information regarding visa, health care, cost of living and health care.
https://www.realestatefloridausa.com/post/search-mallorca-listings-buy-real-estate-majorca-spain
Post 2. Gives you information regarding title search, certification of occupancy, energy certification, opening a tax and bank account, etc.
Enjoy reading,
Kirsten Prizzi, Real Estate Broker
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