Bank Repossessions Mallorca
There are a limited number of properties available in the Balearic Islands which have been repossessed by banks, Mallorca in particular has an affluent real estate market and vendors who need to sell their property to settle a debt with a bank generally have no difficulty finding a buyer.
Some properties are sold because the owner has died without leaving a notarized will or has no family members to leave a property too. These fall into a slightly different category but they are often offered for sale by the banks or by the tax authorities.
Other properties may be offered by banks because there’s a debt owed against the property from the commercial entity such as a constructor though these generally will be auctioned rather than offered for resale.
To buy a property that has been repossessed or is being offered for sale at reduced price by for other circumstances the banks and tax authorities require documentation.
All of which must be presented before any offer can be considered.
Individuals:
– Copy of both sides of your DNI (National Identity Document) or NIE (Foreign National Identification Number). If the NIE does not include a photo, also provide a copy of your passport or ID from your country of origin. To buy any property in Spain an NIE is required and if you intend to buy a local lawyer will help you apply for the correct documentation.
– Proof of ownership of the bank account from which payment will be made.
– The most recent tax return or the last three pay stubs for each buyer.
– Address, telephone number, email address, marital status, profession, and company where each buyer works.
– Indicate the expected payment method: Financing percentage of the purchase price and the bank.
– Indicate the purpose of the purchase: first home, second home, or investment.
Legal entities:
– Copy of the company’s articles of incorporation, including the bylaws.
– Copy of the company’s CIF (Tax Identification Number).
– Proof of ownership of the bank account from which payment will be made.
– Latest annual corporate tax return or the last 3 quarterly VAT returns.
– Company telephone number, address, and email address.
– Indicate the expected payment method: Financing percentage of the purchase price and the bank.
– Indicate the purpose of the purchase: first home, second home, or investment.
For the representative who will sign on behalf of the company:
– Copy of both sides of their DNI or NIE (Foreign National Identity Document). If the NIE does not include a photo, also provide a copy of their passport or ID from their country of origin.
– Address, telephone number, email address, and marital status.
Always use the lawyer when buying a property even when buying from a bank it’s important to have your own representation if you don’t have a lawyer, please contact us and we will suggest lawyers in the local area.
