The following information
is not intended to be a substitute for
professional advice but a brief indication
of how to proceed with the purchase of a
property.
The most important point is to find the
property that you really like. For
all the necessary steps from this point on
until you become an owner of a property in
the Canary Islands, be guided by
professional advice.
Once you have found the property you wish to
purchase, the first step is to make sure
that the title deeds are in order and all
documents are correct, these checks will be
carried out by your lawyer in the
corresponding Land Registry and Town Hall.
When everything has been checked to be in
order, the preparation and signing of a
private contract is the next step. This
private contract will reflect the
conditions, terms and date when the purchase
will be formalised and also the deposit
which has to be paid, which is normally 10%
and is part of the final price. If it is a
purchase of a property in construction the
conditions of payment established between
the two parties will also be set out in the
private contract.
In the Public Notary’s office and on the
date of completion of purchase, the pending
amount to be paid and the transfer of
ownership to the buyer will take place, this
can be done personally or through your
lawyer with a corresponding Power of
Attorney. At the same time the receipts for
the water, electricity will be checked and
land searches carried out once more to make
sure there are no outstanding debts against
the property. If the property is a new
construction then at the time of signing you
will also need to pay the 7% IGIC (a tax
which is equivalent to VAT).If the property
is not new and it is a resale then the buyer
has 30 days to pay the necessary purchase
tax, present the deeds in order to register
the property in the buyers name in the
corresponding Land Registry and pay all the
expenses and fees involved. All costs
expenses and taxes will be approximately 10%
of the sale price.
Nowadays, purchasing a property in the
Canary Islands is an investment both from an
economic point and quality of life point of
view. Seek professional guidance and just
enjoy your investment.
Gorka Centeno
<lawyer
Calle Fajardo 1, 2ºD
Arrecife De Lanzarote
</lawyer
gorka@gorkalawyer.es
Tel – 928 813775 (International : 00 34 928
813775)
Fax – 928 806049