Our Frequently Asked Questions
Please see below for our most frequently asked questions. Do you have a question not included here? Simply contact us!
- What are the different roles played by an "Estate Agent", a "Buyers Agent / Representative" and a "Property Finder"?
An Estate Agent's primary duty of care / responsibility is generally to the vendor of the properties on their books - in the event of a sale their fee is paid by the seller. While this is undoubtedly the case where a property is marketed on a Sole Agency basis the lines get slightly blurred where a property is being offered on a Multiple Agency basis (especially where there are a large number of agents involved) which is a common occurrence in Mallorca. In such situations the Estate Agent is acting rather more as a Broker between Buyer and Seller and will, at least in practice, work as much with the purchaser as the property owner, even though their fee will still be paid by the vendor.
A Buyers Agent or Representative is either a broker dedicated to working with property buyers or is an Estate Agent which, with certain clients, seeks to find a property for a prospective purchaser client from a third party agent ie not from a property on their listings. The clear distinction however between this role and that of the Property Finder, is that the Agent's fee is still paid by the seller (their role is thus still one of broker / middleman and can not be regarded as fully impartial - from a buyers perspective - as they are earning their fee from the seller). It should be noted that many so called "Property Finders" operate in this way and are thus strictly acting as Buyers Agents / Brokers not impartial Property Finders who's sole duty of care and responsibility is to their property buying client.
A Property Finder thus acts exclusively for property purchaser clients and earn their fee, in a fully transparent fashion, from that same individual when a purchase is made (in most cases a modest Registration Fee is payable upfront although this is generally deducted from the final purchase fee). The key here is that with the duty of care and fee payable is to and from the same individual ie the purchaser and thus there can be no conflict of interest.
- Will employing Mallorca Real Estate Search add to the cost of my property purchase?
The costs of purchasing a property in Mallorca are in the order of 9 - 11% (and sometimes more if the legal work is particularly complex) ie relatively high when compared with the UK for example. While our fee of 1.5 - 2% will be added to this in most cases that fee is more than covered by our identifying best value properties; negotiating the best possible price; and assisting, where requested, with the appointment of lawyers, Surveyors etc, and organising finance all at favourable rates. Our professional team of Property Finders have just two objectives, that is to secure your chosen property as easily as possible for you, and at the lowest possible price / overall cost.
- Are Mallorca Real Estate Search based in Mallorca?
Yes we live and work in Mallorca! Apart from many years experience in the Property Finding business, both here and in the UK, each member of the team has personally been through the whole process of relocating from the UK. We are thus very sensitive to everything that is involved, practically, financially and emotionally when it comes to making such a move. Your dedicated Property Finder will be able to not only help with the property purchase but will be ideally placed to assist and point you in the right direction when it comes to all the other issues that make up a successful move.
Tel. +34 661 560 284 Fax eMail info@propertyfindersinmallorca.com
