Lanzarote Property Buyers Guide
Anyone can buy property on Lanzarote - you don’t have to be a Spanish national or island resident. And working with a reputable estate agent makes the purchasing process simple and straightforward.
Sobreti offer a comprehensive range of services for property buyers and can handle all of the groundwork for you – such as opening a bank account, securing a mortgage, employing a lawyer and obtaining a NIF number. Leaving you free to concentrate on searching for your ideal property.
Remember to allow an additional 10% on top of the quoted purchase price to cover the following items:
- Stamp Duty — 6% (5.5% on new builds)
- Registry Fee
- Notary Fee
- Plus Valia Tax
- Mortgage Arrangement Fees
- Lawyers Fee
The standard Estate Agents fee is 5%. This is included in the purchase price and is paid by the seller.
Conveyancing
Under the direction of your estate agent a lawyer carries out all necessary background checks on the property. Such as ensuring that the title deeds are all in order and that there are no outstanding charges (such as rates or community charges) against the property.
Deposit
Once these background checks have been completed satisfactorily vendor and buyer then move to the next stage of the process. This involves signing a legally binding contract. This contract becomes effective when the buyer transfers a deposit of 10% of the purchase price to the vendor.
This deposit is non refundable. Should the vendor renege on the contract they are then obliged to refund the 10% deposit and make an additional payment to the buyer of a further 10%.
If the buyer fails to proceed then they forfeit their 10% deposit altogether.
Completion
Completion of the property purchase is carried out a Notary Office, where the title deeds are signed by both parties and the buyer hands over the remaining 90% balance of the purchase price.
Your estate agent will advise you on all factors pertaining to a successful completion – such as the transferring and payment of funds. And is there to ensure that the process runs as smoothly as possible at every stage.
See also Guide to buying property in Lanzarote
See also Guide to buying property in Lanzarote
