Guide for buying a house in Menorca

1.- Asses the options

We all would love to be the owners of a fabulous house with many rooms, a swimming pool, a tennis court… Instead, we should be realistic and, before we start looking for the house of our dreams, we should be aware of the capital we have available for such an investment, both our own funds and funds from our bank. If we need bank finance, the first step is to pay a visit to our bank’s agent and ascertain the amount of capital we can set aside for the sale and see the resulting monthly instalments according to periods, interest and dispositions set by our chosen bank.

2.- Look for a property

This certainly is the best way to do it: place your trust in Portal Menorca and their agents, who will always be at your disposal, even at weekends. Flexibility is one of our strengths. The staff in our offices and all our resources –like this website- are intended to help you find your perfect house easily. During the property selection, we will organise everything regarding the visits and we will be at your side to help make your choice successful. What if we do not have the perfect property for you? Do not worry, we will look for it and we will keep you informed of the situation all the time. If this property exists, we will find it!

3.- Choose a property & negotiate conditions

Congratulations! We have now found the house which matches your needs. At this point, Portal Menorca will contact the owner and seller to reach an agreement with regards to the means of payment, the completion date, the checking of the Land Registry situation, the calculation of the conveyancing fees, etc. For your safety and to close the operation successfully, this is the time when the bank chosen by you must send a property surveyor to obtain an official appraisal of the property, once we have the agreement of the owner. Then the bank will confirm if all terms and conditions proposed in the paragraph “ASSESS THE OPTONS” are accepted and if we are ready to proceed to a legal sale.

4.- Signature of a private contract

Now we have to set out in a document all the agreed terms and conditions regarding the sale and make a down payment to confirm this operation. The lawyers working with Portal Menorca will draft a private document where all details will be registered. In particular, the following terms will be highlighted: completion date; agreed amount of sale; fees corresponding to each party; if an inventory has to be taken, in the event that the house includes furniture or other fittings; the energy certificate compulsory by law; the certification of the Land Registry situation, where it is checked that the property belongs to the seller and that there are no charges or encumbrances whatsoever (mortgages, coastline boundaries, proceedings against the property and so on). This document will be signed by the parties or their appointed representatives, that is, for example, a lawyer previously chosen by you and who will give you advice and confirm that the whole process is done accurately.

5.- Deeds draft

Within the period previously agreed, all documentation will be produced so that the relevant notary can prepare the sales deed. Portal Menorca will take charge of the organisation of the signature by liaising with the bank chosen to finance this operation; in this way the date for the signature of the deeds will be scheduled as agreed between the parties.

6.- Sales deed

We are almost owners! Now you will have to go to the Notary’s office to make the final payment of the conveyancing and sign the Sales Deed before the notary, who will bear witness to the entire process and will take due care to forward the deeds to the Land Registry so that the property is registered in your name. Then the keys will be handed over and the property will be yours. The last step is the responsibility of Portal Menorca, which is to ensure that the change of name of electricity and water supplies and community fees, if appropriate, are done as well as ny other matters related.