Character 7 bedroom Townhouse for sale in Andratx, Mallorca
This fantastic investment opportunity has lots of potential and they could be modified and combined to create one large home with at least 6 bedrooms.
Situated in a convenient location, within easy walking distance to shops, restaurants, art galleries and weekly market in the village centre.
First house - 260m2:
Ground floor: open layout which would be ideal as the living/dining room and kitchen:
2 upper levels: 4 bedrooms, bathroom and extra rooms which could be converted to suit personal needs.
Second building - plot of around 55m2, built size of 110m...
This fantastic investment opportunity has lots of potential and they could be modified and combined to create one large home with at least 6 bedrooms.
Situated in a convenient location, within easy walking distance to shops, restaurants, art galleries and weekly market in the village centre.
First house - 260m2:
Ground floor: open layout which would be ideal as the living/dining room and kitchen:
2 upper levels: 4 bedrooms, bathroom and extra rooms which could be converted to suit personal needs.
Second building - plot of around 55m2, built size of 110m2 and benefits from access to a terrace of approximately 10m2 which is shared with the first house.
An independent entrance is provided for the third house, which has a built area of about 50m2 distributed over two storeys including a large attic space with views to the courtyard.
Lastly, the fourth house consists of a two storey building with a total of 63m2 which boasts a private terrace.
In addition, one of the properties offers the possibility to open a commercial premises on the ground floor, and all properties share an internal courtyard with the 2 adjoining houses.
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This Townhouse is located in Andratx in Balearic Islands
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Buying a Property in the Balearic Islands
1. Putting down a Holding Deposit
On finding a property you wish to purchase you will need to negotiate the terms, price and conditions of the sale with the owner. This part of the process is not binding. We would recommend using an independent English speaking legal advisor. Once a purchase price has been agreed, normally a holding or reserve deposit will be required to ensure the property is removed from the market. The sum required will vary between properties and will be based on the purchase price. A time limit for the preagreement to be signed will be arranged and there will also be legal checks to be made.
2. Setting up a Pre-agreement (Contrato privado de compraventa)
The pre-agreement will set out the conditions under which the Buyer and Seller agree to complete the purchase of the property and the price they have agreed upon. Relevant details will generally be included for example the property details, purchase price and the date for completion. A deposit will be required at this point, this will vary, but will generally be 10% of the agreed price. This agreement will include a penal clause if the sale does not go through. If the seller pulls out of the sale your compensation will be double the deposit you have paid, but if you decide not to go through with the sale then your deposit will be lost. Certain checks will need to be made before signing the contract, checks should be made against the title of the property, mortgage status and if the property has any debts held against it. The planning status should also be looked into. These conditions can be varied by the seller and the buyer and other types of agreement can be made.
3. The Contract (Escritura de compraventa)
Before a non-Spanish purchaser can buy a Spanish property they will need to have set up a Spanish bank account and obtained a Spanish tax number (NIE). The completion will take place in the presence of a Notary Public. This is a Spanish public official, by law the deed of sale must be witnessed by a Notary Public. You will also need your own independent, expert legal advisor to act on your behalf. On Completion the buyer must pay the balance, that is the price agreed after the deposit has been deducted, plus any other fees on the completion date. Both buyer and seller must sign the Escritura de compraventa contract, (this is the Spanish equivalent of the title deeds). The title deeds (escritura) will be given to the buyer, this will be done in the presence of a Notary Public, they will certify that the transfer has taken place. The tax office will be sent a copy and the property registry will be informed of the transfer.