How much can the costs of selling
property in Mallorca go up?

When selling real estate in Mallorca, you can expect to pay up to 15% on taxes and fees, depending on the transaction price.

When selling your home, it is extremely important to figure out all the costs of selling property in Mallorca. Buyers are usually the ones who assume the majority of the expenses. However, sellers also need to bear in mind multiple expenses related to selling real estate in Spain. For example, these include land registry, notary and gestoría (legal agency) fees, just to name a few. In total, the costs of selling real estate can reach between 10-15% of the transaction price, including:

1. Renewing your property’s certificate of occupancy or cédula de habitabilidad

The cédula de habitabilidad is an official document which recognises your property has all the minimum requirements to make it legally habitable. A certificate of occupancy is issued by your local government agency, who confirms your home is compliant with all the local building codes and property laws. Your certificate of occupancy is valid for 10 years after being issued, after which it must be renewed to guarantee your property is suitable for occupancy before selling.

The cost of a certificate of occupancy (cédula de habitabilidad) is starting from 100 euros.

2. Energy certificate

Energy efficiency certificates are required by Spanish law since 2013 if you wish to rent or sell your property in Mallorca. Your property’s energy certificate must be presented on the day of the sale before the notary. It is not a significant expense, but you will need to rely on the help of an architect or engineer to carry out a study on your property’s energy efficiency level. Issuing an energy certificate in Spain can take time, so it is recommended to obtain the certificate in advance.

The cost of an energy certificate depends on the size of your property, starting from 100 euros.

3. Early repayment or mortgage cancellation fees

If you are selling your home which was purchased with a mortgage, you may find yourself paying a mortgage cancellation fee when removing your home loan. This expense depends on your financial institution, so it’s always important to review your home loan contract before selling your property. When selling a property in Mallorca which has a mortgage, it is also important to notify your bank in advance, as it can take up to several weeks to prepare the documents.

The cost of cancelling a mortgage in Spain depends on your financial institution, usually up to 1%.

4. Property registry cancellation fees

Property registry cancellation fees usually include costs involved with clearing your property’s mortgage and all other relevant liabilities. This is an expense assumed by the seller of the property, which confirms the property is free of all charges at the property registry. It is usually a fast and easy procedure, which can take up to five weeks. The procedure is normally commissioned by the bank that finances the buyer when buying your property with a home loan.

The cost of land registry cancellation fees depend on the transaction, starting from 100 euros.

5. Zero debt certificate

Once you have agreed on a date to sign the final contract at your chosen notary, you must then request an official zero or no debt certificate from the bank or financial institution who issued your mortgage. This certificate will provide the bank’s overview of the debt situation of your property at the notary. Your bank may request a commission for the issuance of this official document, which will later be added to the total expenses associated to the cancellation of your mortgage.

The cost of the no debt certificate depends on your bank, but it usually ranges from 90-120 euros.

6. Notary and other legal fees

The majority of notary fees are usually borne by the buyer. However, the mortgage cancellation is paid by the seller. The property’s sales process reaches its end at the notary, where your mortgage is removed, new public deeds are issued, and later registered after the final contract. These deeds must be registered at the land registry in Spain after the final signing, which usually involves additional services from a gestoría (legal agency) who also handles the seller's taxes.

The notary and legal costs depend on the transaction, usually a couple hundred euros.

7. Real estate agency fees and commission

Real estate agencies charge a commission when it comes to selling your property. After all, expert estate agents take care of a number of things for you, including professional valuations, property marketing, time-consuming viewings, ongoing communication with your notary, and of course finding you the right buyer. Balearic Properties can help you sell your property in Mallorca, starting with a free property valuation. We take care of everything related to your property’s sale.

Most real estate agencies in Spain charge between 3-6% commission when selling your property.

Speak to Balearic Properties before selling your property in Mallorca

Overall, it is essential to consult with a professional real estate agency for an accurate estimate when it comes to figuring out all the costs of selling a property in Mallorca. Balearic Properties has been guiding sellers for over 20 years now. We can answer all your questions and guide you through the entire process. As an international associate of Savills, we are also able to market your property in over 60 countries to thousands of buyers looking to buy real estate in Mallorca.

Contact Balearic Properties to sell your property