Thinking of buying or selling a property in Lanzarote Spain? Like the other Canary Islands, Lanzarote has one of Europe’s most pleasant climates. With daily highs in the mid-twenties Celsius, it’s simple to see why so many people are drawn to Lanzarote. In addition to its pleasant weather, Lanzarote is also renowned for its stunning scenery, abundant wildlife, varied topography, dramatic vistas, and picturesque coastline. Although it is the third most populous of the Canary Islands, many vacationers consider it paradise, especially if they are only there for two weeks. The beautiful thing about Lanzarote is that there is a lot of amazing real estate potential for people looking for something more permanent.
How to Buy Lanzarote
It’s normal to feel overwhelmed by the prospect of purchasing a home in any market. You can trust the staff at Lanzarote Investments since we have extensive local expertise with property purchases. To help you through the process of buying a home in Lanzarote as quickly and easily as possible, we have prepared this comprehensive guide.
One, Locate a Home
Now comes the enjoyable part! If you’ve made the decision to relocate to Lanzarote or are just looking to buy a new home, the first thing you should do is look at what’s on the market. Having a specific goal in mind will help you restrict your search results. There’s no use in looking at 1-bedroom flats in the mountains if you know you need something with 3 bedrooms and would rather have a view of the sea. Having a firm grasp of your financial situation is also recommended. A similar argument may be made for budgets of €300,000 or less: it’s probably best to avoid browsing items that cost significantly more. Buying a home in Lanzarote is easier if you have a clear idea of what you’re looking for. It’s also important to remember to have an open mind when you look for a new home. Being overly choosy might cause you to miss out on something that is perfect for your wants, needs, and budget.
2. Propose a Deal
When you’re ready to make an offer, and you’re positive that the home in question is the one for you, it’s time to find it. It’s important to think carefully about this, but if you procrastinate too long, someone else could beat you to an offer. Most Lanzarote real estate is priced competitively, so the seller probably won’t budge much if you offer less. It’s worth a shot to make a cheap offer because doing so is on the rise, but bear in mind that it might be declined.
Making a Reservation
If you’re lucky enough to have your offer approved, you might have to put down a reservation fee. It depends on the agency you’re dealing with, however some real estate agents may need this. We typically set a minimum reserve of 1% of the selling price. The agency will keep this until all contractual obligations have been fulfilled.
4 The Confidential Agreement
The original contract, also known as a “Sales Contract,” is signed by both parties prior to any other legal action being taken in regard to the purchase of real estate on the island of Lanzarote. Herein are laid down the specifics of the transaction between the buyer and the seller. Both the expected closing date and a list of what is included in the transaction (such as furnishings) should be provided. If you decide to cancel your application at this stage, it may also tell you what happens to the 10% deposit you would have paid.
If you’re looking to buy property in Lanzarote, you should consult a lawyer. If you hire a professional, you’ll have someone on your side who is familiar with all the legalese and technical phrases used in the contracts, making the process of purchasing a home in Lanzarote much less daunting.
The Fifth and Final Step: Surveying and Appraisal
To qualify for a mortgage loan, the lending institution must determine the property’s fair market value. This service comes at an extra cost, the amount of which varies from lender to lender. An appraiser will check the value of the house and let you know how much money you may borrow.
Be advised that a structural survey may not be required for houses in Lanzarote. This is because, on the whole, the buildings in this area are rather straightforward in design. Even though an inspection isn’t technically required as part of the purchase contract, you can still have one conducted for your own peace of mind.
SIX: Notarization
Typically, the closing on a home transaction occurs within four to six weeks after the initial contract is signed. In Spain, each transaction of significant value must be witnessed by a Notary before it can be finalised. At the closing, you or your agent will pay the remaining 90% of the purchase price and sign the Escritura or title deeds for the property.
The Notary will examine the papers to ensure they are in proper order. They will also double-check that you have paid any and all taxes, utility bills, and local rates that are due.
Your passport will be required as identification if you are a non-resident purchasing real estate in Lanzarote. Bear in mind that if your Spanish isn’t very strong, you may need to fork over some cash to have the meeting conducted in a more understandable fashion. Everyone will know exactly where they stand and what is going on. A notary public should be able to obtain one easily, but if not, you may always ask your lawyer to do it on your behalf.
Seven. Executing the Escritura and Putting the Property on the Record
The Escritura, or property and mortgage deeds, will be signed by the purchaser and the seller in the presence of the Notary. After all of this is completed and the funds have been transferred, the buyer will be given the property’s keys.
Property registration, the last stage in the buying process, is often handled by your lawyer. To ensure that you are the rightful owner of the property, this must be done.
When Choosing a Real Estate Company
In all likelihood, the single most crucial aspect of buying a home is selecting a trustworthy and competent real estate agent to work with. If you decide to deal with someone who isn’t dependable, you may expect delays, tension, and a less-than-pleasant encounter. If you work with the greatest real estate agent available, you’ll find that the entire process moves quickly and easily. If you have any questions, it’s preferable to go with a International real estate agent that has extensive experience in the region.
