Purchasing a property in Lanzarote
Once we have gone through the procedure of finding an ideally suited home for you and the price has been agreed, an appointed lawyer will obtain a search document from the Land Registry Office.
If the lawyer is satisfied with the legal status of the property, a “Private Purchase Agreement” will be drawn up in which the terms and conditions related to the purchase will be established in addition to the purchase price, date of deposit and date of completion.
Both parties (vendor and purchaser) will sign this agreement and the purchaser in normal circumstances will then have to pay a 10 % deposit of the total purchase price. This is usually paid into the lawyer’s client account.
An inventory list forms part of the Purchase Agreement which states clearly which items of fixtures, fittings and furniture have to be left by the vendor.
Completion of the transaction in front of a Spanish Notary usually takes place between one to three months after the signing of the Purchase Agreement by which time the purchaser will pay the balance of the purchase price plus the lawyers’ fees and legal costs.
On the day of the conveying of the property into the purchaser’s name the Spanish Notary will obtain from the Land Registry Office, the land search document (Nota Simple Informativa) of that very day to ensure total security to the purchaser that everything is in order regarding the legal aspect of the property.
With the Public Title Deed of Conveyance (Escritura) the property is conveyed into the purchaser’s name and he will receive the keys and access from the vendor.
Our office will obtain all relevant bills for the service of electricity, water & telephone and also all tax related documents. We will then check with all the respective authorities that there are no outstanding bills or other debts on the property. After the sale we will change all contracts into the purchaser’s name and we will set up direct debits for those payments.
We will also assist you in opening a Spanish bank account. If you require a mortgage we will advise you of all the necessary steps, and can help you to negotiate with local banks to obtain the best mortgage deal for you.
The whole transaction will be supervised by the lawyer who the purchaser appoints (we have a list of bilingual lawyers available to you) to ensure the purchaser is legally protected.
The lawyer usually arranges the registration of the New Title Deed in the Land Registry office and is in charge of paying the legal costs such as stamp duty, notary fees, Land Registry Office fees, etc. which go hand-in-hand with the registration.
The only thing remaining is that you enjoy your dream house in the sun, and spend many happy years there.
In addition to the standard legal procedure for purchase, we at Inmobiliaria La Mendoza pride ourselves on our local knowledge, and can advise you about schools, transport and public services near to the area you choose to live. It is often these issues which can be deal breakers when choosing the property of your dreams. So you can rest assured that you will be in posession of the full facts about an area, before you purchase.