Life-annuity Apartment for Sale Son Espanyolet/Palma
Property type: Apartment
Property Reference ID: 6209
Area (M 2)
Year Built: 1975
Life-annuity Apartment for Sale Son Espanyolet/Palma.
Apartment sold on an occupied life-annuity formula basis (French “viager”) in Son Espanyolet, quiet and very sought-after district of Palma.
The apartment has 2 bedrooms, 1 full bathroom and a total area of 80 m2 including a 15 m2 terrace.
Air conditioning, south orientation, view over the tennis club.
2nd floor (no lift) – Low community fees: 40 euros /mes
The transaction is established as follows:
– Initial settlement (bouquet): 200,000 euros, paid by the buyer cash at the time of sale*
– Life Monthly Annuity: 400 euros / month, until seller’s death and up to a maximum of 150,000 euros.
The seller commits to maintain the property in good conditions, but the buyer is responsible for the important renovation works.
*Like any deed of sale, the life annuity is subject to rules and is validated by a notarial deed. The notary will take out a sort of mortgage known as a “seller’s privilege” over the property sold to enable the seller to reclaim the property if the buyer fails to pay the annuity.
This transaction allows you to acquire a real estate at a lower cost in a prominent area of Palma. Please, don’t hesitate to contact us for more information on this property.
About the Area:
Son Espanyolet is a quiet and charming Palma neighbourhood next to popular Santa Catalina district and near the capital’s historic center.
In Espanyolet, one will find a high quality of life with all amenities (even the beach) within walking distance, while living in a peaceful area, away from the busy city core.