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How to buy a Property on Lanzarote

 

Buying a property on Lanzarote is both making a good investment and getting a beautiful place to spend your holidays. One must be aware that the Spanish legal system is different, and to avoid disappointments, it is essential to seek expert advice from the very beginning. Below, we have set out the main stages involved in the purchase of a property on Lanzarote. This is only a guideline to help you understand the procedure, and it will vary in detail according to the particular circumstances of each transaction.

First thing is to make sure that the person selling you the property is entitled to do so. Idolo Lanzarote will have carried out a basic search and will be able to show you that this is correct. Idolo Lanzarote will make a check of the legal title through a search in the local Land Registry Office, which will also indicate if there are any mortgages or charges against the property.

We will also arrange to obtain a N.I.F. number, Numero Identificación Fiscal for you.

Once you have been assured that all is in order, you will sign a Contract of Purchase and pay a deposit, which is usually 10% of the intended purchase price. This deposit will be held by Idolo Lanzarote who will arrange the signing of the Title Deed in the Notary. The contract will state the terms and conditions of the sale and will state a specific time for completion of the transaction when you must produce the balance of the price.

The next step is to complete the transaction in the Notary’s Office by paying the balance of the purchase price and signing the title deed, which is known in Spain as an Escritura. The Notary’s task is to ensure that all of the legal documentation is correct. He will also carry out a search in the Land Registry Office on the day of signing to check the current status of the property. 

For the transaction to be complete the deeds must be registered in the Registro de la Propiedad (Property Registry). When the deeds are taken to the Land Registry Office, the purchase tax of 6,5% of the value of the property must be paid.

You should expect to pay a total of around 10% of the purchase price for real estate in Lanzarote. This includes Stamp duty, charged at 6.5% of the official selling price. Land Registry and Notary fees will also be included in the total costs. There will also be a tax on the increase of the land your property lies on since it was last sold and should be paid by the vendor.

Idolo Lanzarote will provide you with a purchase cost and make sure that there are no outstanding bills.

We will also register the title changes in the electric and water company and arrange your payments by standing order. Idolo Lanzarote will arrange your registration in the town hall and change the property into your name. The local rates to the district (impuesto sobre bienes inmuebles) can also be paid by standing order.  Idolo Lanzarote will organize this for you.