Do I need a real estate agent to buy a property in Soller?

March 6, 2021
Do I need a real estate agent to buy a property

Are you looking to buy your dream property in Mallorca? There are a few considerations you need to take into account. The Spanish property market behaves differently to that of your home country. Rules and regulations that need to be adhered to are different. It can be easy to lose the overview of the situation. As a result, the majority of buyers choose to buy their property with the help of an Estate Agent. 

There are many reasons to buy a property with the help of an Estate Agent. When it comes to financing the purchase. If a bank rejects a loan approval for real estate financing, it does not necessarily have to be due to the creditworthiness of the customer or the property. It is possible that the prerequisites for real estate financing at this bank simply do not fit into the “grid” of this bank and another bank finances the property without problems – possibly even at significantly better terms. There is often considerable potential for savings in real estate financing. For this reason, we rely on qualified professionals when it comes to financing advice. And work with an independent real estate financier who have years of experience and works with selected banks.

Based on their experience, the financing professionals can correctly assess from the outset which bank makes sense to send a financing request. They are usually tailored to the respective buyer for the property purchase.

Why an estate agent in Soller

Other advantages that Real Estate Agents in Soller offer is to ensure the correct Object description. A broker is responsible for ensuring that the statements made in the synopsis are correct. For example, aircraft noise must not be concealed. Technical and building law knowledge of the realtor gives the seeker the security that the plans he has for his property can also be implemented. At the same time, the seeker receives comprehensive information about the status of the renovation. 

Land register extract: (Nota simple informativa del Registro de la Propiedad according to Art. 223 Ley Hipotecaria). For information on whether the property is encumbered by mortgages or whether there are usage restrictions, for example rights of way. Notarial purchase contract is needed (escritura de compraventa) with a note from the land registry (Registro de la Propiedad). Proof that the previous owner has paid property taxes in the last five years. In Spain, the current property owner is always responsible for these claims. They become statute-barred after five years. The state can collect amounts that have previously accrued from the new owner.

For rural land: The cadastral certificate (Certificación descriptiva y gráfica del Catastro) to be able to compare the entries with those in the land register. Have the municipality confirm the quality of the building land and submit the building permit and certificate of habitability. Check whether the building permits have been complied with. Infringements only expire after five years. To be on the safe side, you can have a “negative certificate” issued. These are all things that the real estate agents can help you with or direct you towards the correct authorities.

Soller real estate market

Secondly Market knowledge. Many seekers do not know the local real estate market in Soller, for example if a move is to take place from abroad. A real estate agent will clearly be of help in terms of service. The broker is particularly advantageous when there is a lot of time pressure for the move. Thirdly Price estimation. A real estate agent offers certainty in assessing the location and condition of the property – the realistic value of the property to be purchased or rented. The potential tenant or buyer can be sure that the property offered to him justifies the purchase or rental price. Finally, the Customer and property database.

A commissioned broker will always fall back on the existing properties in his portfolio, provided that they correspond to the wishes of the customer. This has the advantage that the quality of the property has been intensively checked by him in advance and that the timeline can be accelerated.

The right location

The location of a property comes into different categories. This approach has the advantage that it increases or decreases the value of a property. In addition, potential buyers can get a better picture of the area. A great location describes a living environment in which there are numerous green spaces and well-tended surroundings. In addition, the transport connections are optimal and the location is mostly central or very close to the city centre or heart of the town. A great location can also mean a mountain side retreat, with terraced olive trees and views over the coast. The most important factor when it comes to buying a property is location.

Even if you have had the opportunity to visit the property you wish to purchase on numerous occasions it is still difficult to get a true sense of the area. You are thinking about other things and it is difficult to really get a sense of the area. This is where the advantage of a local Estate Agent is immeasurable. They will have spent years visiting properties in the same neighbourhoods and areas where you are looking to purchase. They have mastered the ability of being able to align what you are looking for and knowing what the correct part of the town is that can offer you everything you are looking for.  

How many estate agents to use?

It is advisable to deal with one agency. A lot of people tend to try and speed up their search of their dream property and rush to complete a purchase. They hire or contact multiple real estate agents and real estate agencies and very quickly lose their overview of who showed them what property and how much their commission is. It is advisable to only deal with one agency at one time. There are a few reasons why this is favourable. The first is you have a connection to your estate agent. You are building a relationship with him over time and the more time you spend with him, the closer you will get to finding the right property.

As the estate agents shows you more properties and gets your feedback after viewings, he gets a better idea of who you are as a person and what it is exactly that you are looking for. It is a relationship worth investing time into, this can only be done when dealing with the same agency or agent over a period of time otherwise the contact time is much too short. Through this closer relationship it enables the client to view more properties that would suit them. The question is how to know what estate agent or real estate agent to pick. There are a range of criteria to consider.

How to choose the estate agent

He should be serious and speak Spanish very well. He should also be familiar with the technical terminology relating to the sale of real estate and the laws of the local area. Have experience and knowledge of the local real estate market. He should have worked in the area for at least five years. Look out for agencies that have offices in the area in which you plan to buy and offer a wide variety of properties. Avoid agencies that are not locally based as they may know less about the local real estate market than you do. Have in-depth knowledge of real estate law, building law, land register and tenancy law. Your agent will have basic knowledge of the tax law relevant to real estate transactions

He must have commercial skills and negotiating skills to respond to your inquiries quickly and professionally. Help you understand what the market has to offer and what you can realistically expect – within your budget and requirements. Unreasonable expectations are neither beneficial to the customer nor to the agent! Provide you with clear, useful real estate information and news that also fit your profile. Show you a selection of suitable properties based on your budget and your wishes. Leave no doubts and be able to prove what belongs to it when buying the property, for example the interior fittings, garage spaces, private or communal roof terrace, etc.

When dealing with used property, brokers should have a record of all relevant information about the property. That should at least contain the extract from the land register (nota simple) and the title deed. It simplifies the process and speaks for the agent if they can provide you with all of this information.

Be realistic and honest about rental potential, expected capital gains and the real costs of buying property in Mallorca. When buying vacant land, keep you informed of how the construction process is progressing and when payments are due.

It is highly recommended to purchase a property with the help of the estate agent. It will not only save you time and money but also a lot of unneeded stress.

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