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A guide to buying property in Lanzarote.
It can be a stressful time purchasing a property, especially overseas, but with our help we can make sure that everything runs as smoothly as possible.
Once you have selected a property to buy we recommend you check that there are no unresolved disputes over land ownership. This is usually done through a lawyer.
If you are a non Spanish resident you will need to open a bank account with a Spanish bank for all money transfers. You will also need to obtain a N.I.F. number (fiscal identification number).
We will draw up a contract for the purchase of the property, which both parties (the vendor and the purchaser) will be required to sign and a deposit paid.
A completion date will be set for both parties to sign the deeds at the Public Notary. Both parties need to be present for this and the remaining monies owed for the property are paid here.
The purchase costs involved for the Notary fee, land registration, stamp duty, plus valia tax (on the increase of land value from last sale to this one) and legal fees will usually amount to no more than 10% of the property value.
The deeds will then be registered in the Land Registry to officially register the new title.
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