Thinking of buying or selling property in Lanzarote Spain? Like the rest of the Canary Islands, has some of Europe’s greatest weather. It’s simple to understand why Lanzarote attracts so many visitors, with average daily temperatures of up to 25°C. Lanzarote’s natural beauty, stunning vistas, sandy beaches, and picturesque shoreline make it a must-see destination. People who visit the island, which is the third most populated in the archipelago after Lanzarote and Tenerife and the Canary Islands, frequently think of it as paradise. On the other hand, if you’re looking for something a little more long term, Lanzarote has an abundance of fantastic property options.
Purchasing a Home in Lanzarote
Purchasing a home, no matter where you are in the world, may be a complex experience, but it is not as tough as it looks. You can rely on our staff at Lanzarote Investments to guide you through the process of purchasing a home in the island. With this in mind, we’ve put up a detailed guide to help you buy property in Lanzarote in the most efficient manner possible.
Choosing a Place to Live
It’s time to have some fun! No matter if you’ve made up your mind to relocate to Lanzarote or not, the first step is to look at the properties that are currently on the market. Having a certain goal in mind can help you narrow down your search. No point in browsing for 1-bedroom flats near the mountains if you know you need 3 bedrooms and want a view of the water. In addition, you should have a general concept of your spending limit. There is no need to look at expensive cars if you just have €300,000 to spend. Lanzarote property purchases might be made easier if you know what you want. When looking for a new home, it’s important to keep your options open. If you’re too particular about what you want, you may miss out on something that’s perfect for you, your requirements, and your wallet.
Be Willing to Accept an Offer
Put in an offer whenever you’ve located the property of your dreams and are very certain that it’s the right fit. While it’s important that you take your time and think things through, you don’t want to wait too long before making an offer. Since most homes in Lanzarote are priced to sell, it’s rare for a seller to accept a bid that’s far below the listing price. Keep in mind that a modest offer may still be rejected despite the fact that it is becoming increasingly typical.
Reservations: Making a Deposit
The property may need a reservation fee if the news is positive and your offer is accepted. Depending on the agency you’re dealing with, some real estate agents may ask for this, while others may not. Reserves are typically set at one percent of the purchase price. The agent will hold this until the contracts are ready to be signed.
Fourth, the private agreement
A ‘Sales Contract’ is the original contract that both parties sign when purchasing a property in Lanzarote, which is the first major step in the legal process. The conditions of the transaction and the agreement between the buyer and seller are laid forth in this document. It should include information on what is being sold (such as furniture) and when it is expected to be completed. Additionally, you may learn what happens to your 10% payment if you decide to withdraw your application at this stage.
Buyers of Lanzarote Property should always consult a lawyer before signing any paperwork. It is much easier to buy a Lanzarote property with the help of an expert since they are familiar with the legal language and technical phrases used in the contracts.
Survey and Appraisal of Assets
There will be a valuation done if you’re seeking a local mortgage to purchase the home. Depending on your lender, you may be required to pay an extra price for this service. The property will be evaluated by a valuer before they can certify the amount of money they can lend you.
A structural survey is not always required for Lanzarote homes, as you should know. Because the properties here are very straightforward to build, this is often the case. However, even if it isn’t required by law, you may arrange for a home inspection to provide you comfort during the purchasing process.
Notarization is the sixth step.
Contracts for most properties are signed within 4-6 weeks of the first contract being signed. For this to work, you’ll need a Notary: a Notary is required to sign off on any high-value transactions in Spain. At the office, you or your agent will need to pay or sign the Escritura, or title documents, for the remaining amount (90 percent if you paid 10% down to begin with).
The Notary will check through all of the legal documents and make sure they are in order before signing the paperwork. They will also make sure that all unpaid taxes, local rates, and utility bills have been paid.
Lanzarote requires non-residents to present their passports as evidence of identity when purchasing a property. If you don’t speak fluent Spanish, you may have to pay for a translator to be present. Make sure everyone knows what’s going on by putting it in writing. You can request that your lawyer hire one for you if most notaries don’t have one on hand at all times during the signing process.
The property must be documented and registered in order for it to be sold.
Both the buyer and the seller will sign the Escritura, or property and mortgage deed, in the presence of the Notary. Ownership of the property will be transferred once everything has been completed and the money has been transferred.
The registration of the property is often handled by your lawyer as the final stage in the purchasing process. Verifying your ownership of the property is an important first step in the process.
How to Pick the Right Real Estate Company
The most critical step in the home-buying process is to engage with a reputable and experienced real estate agent. Rely on the unreliable services of others and you will have an unsatisfactory and unpleasant experience. By just hiring the top real estate agent, you’ll realize that the entire process of purchasing a home is a cinch. If you have any queries, it’s better to work with a local real estate agent who is familiar with the region.
Our goal is to always provide a thorough, competent, and comprehensive service. You can rely on our staff to locate you a suitable property since we provide a wide selection of property types including flats, villas and country houses as well as luxury residences and freehold business units, hotels, and development land.