Purchasing Guide

THE ACQUISITION (PURCHASE) OF HOLIDAY OR RESIDENTIAL REAL ESTATE.

General Information

  1. When you decide to purchase a freehold property abroad, it is important that you contact only professional real estate agents, registered with a real estate association. Apart from listing legitimate properties, these agents also offer the correct handling of the various official documents, which is especially important for non-Spanish speakers. The majority of established agents with offices open to the public has been resident on the island for many years and know and understand the real estate market in detail. In addition to the handling of documents for the acquisition of real estate, they are also capable of offering further important services such as translations and the connecting of water and electricity etc.

  2. Once you have chosen the property you wish to purchase, the agent executes an "optional contract" which enables you to acquire the property within a determined period. With a deposit of 10% of the purchase price, you reserve the right to purchase the desired property. This holding deposit allows time for all necessary financial transactions to be arranged and keeps the property out of the market for the determined period.

  3. During this period the agent verifies that the property is free of debt and, where applicable, community fees have been paid. In addition, they will assist you in opening a "Convertible Euro Account" (non-resident account) at a bank of your choosing and in obtaining application for a national identification number (NIE) at the police station. This number needs to be registered in the Tax Office, to become a NIF number (identification number for tax pourposes).

  4. Just before the expiration of the optional contract (e.g. after a 3 month period) the agent will arrange the meeting at the notary office where both parties sign the legalised documents and transfer of title deeds. Prior to this meeting (at least a week before) the money for the purchase, plus an additional 8 - 10% for tax and other expenses, must be transferred to your convertible account.

  5. At the notary, the outstanding balance is paid to the vendor by a bankers draft or certified cheque. In cases where the vendor is a Spanish Company, Spanish citizen or resident, a certificate of receipt of foreign exchange import is required. Your Spanish bank, following the completion of the transfer of funds, will issue this. As the title deeds and documents will be in Spanish it is obligatory for non-Spanish speakers to have the services of a translator.

  6. The purchase and registration costs are approximately as follows: 6,5% sale tax; 0,5% registration costs; 1% notary charges; 100,-- Euro for the services of the translator.

  7. In the case where the vendor is a "non-resident" 3% of the defined purchase price must be retained and, within one month be paid to the Spanish public tax authorities (Tesoreria Publica). This applies only to properties which were entered into the land registry after 31.12.1986

  8. In the one month period following the purchase, the title deeds must be taken to the Land Registry and the sale tax must be paid.

  9. In two month period following the purchase, you will receive a notification from the registration office to collect the title deeds, as the registration process has been completed.

  10. the one month period following the purchase, you need to pay at the town hall for the "Plusvalía", a tax to be paid on the increase of the value of the plot.

  11. The buyer has to be registered in the town hall as the new owner of the property, in order to be properly notified for the rates and rubbish collection tax.

Inmo - Estate Lanzarote offers the following services in addition:

  1. For all our customers we will do all the necessary paperwork involved in registering your new property at the land registry. The cost of this service will be between €250 and €500 depending on each particular case.

  2. The agent can arrange a meeting with a recommended solicitor who can carry out the purchase on your behalf. The fees for this will be approximately €1,000 up to €2,500.

  3. In most instances, the estate agent's commission is incorporated into the purchase price. This is usually paid by the vendor, except in the case of an alternate agreement. Please be aware that an official estate agency incurs various running expenses such as advertisement, rental, agents, telephone costs etc.

 

Testimonials

      Paloma has been helpful and has made the process of buying a property in Spain extremely simple. She has organized all aspects of the process from the beginning to the end, making it a stress-free experience. I would have no hesitation in working again with Inmo-Estate in the future and recommend their services to anyone seeking a property in Lanzarote.

Testimonials

      I want to thank Paloma and José Antonio for the pleasant treatment they granted me and would like to mention that they inspired me confidence straightaway. When I first stepped into the agency it was a rutinary visit, as I was looking for a property to buy in Costa Teguise; but a relationship that normally would have been a vendor-purchaser relationship in this case turned into a friendly relationship. I have to say that they managed perfectly the situation, as they understood quickly what type of apartment I wanted. I did not have to bother with any paperwork and although the transaction took place in August, normally a difficult time for any formalities, there was no problem at all. Above all I want to emphasize that I felt supported all the time and if I ever rent,buy or sell a property I will contact them again.

Testimonials

      Professional English speaking Agent, Paloma explains all the aspects of buying or selling property clearly. This company keeps you updated throughout the transaction and makes Spanish property buying hassle free.

Testimonials

      Inmo - Estate was recommended to us by someone who has used their services to purchase a property in Lanzarote. The service we received from the initial meeting until the final purchase of the property was first class. We found all the staff very friendly and helpful, and they all spoke good english which made negotiations much easier. Everything we needed to know was explained to us clearly- we always felt at ease during the whole operation. With the exception of transferring the funds and signing offical documents, Inmo - Estate dealt with all other issues, relating the purchase in a highly professional manner and were friendly all the times. We would highly recomend anyone purchasing a property to do this via Inmo-Estate. Satisfaction guarenteed !

Testimonials

      Very efficient, very helpful, and a pleasure to do business with.

Testimonials

      Very well. Very professional and friendly. Charming and helpfull. Everithing was explained to us in simple words, so we could understand. 100% reliable.

Testimonials

      I felt very happy with the experience of buying a property throught Inmo-Estate and would recommend them without hesitation.

Testimonials

      We had excellent service from everyone at Inmo- Estate both and the sale and purchase of property. All advice was excellent and every assistance was given to us which helped us to understand all the procedures necessary for each transaction.

Testimonials

      We found Paloma to be most helpful and charming, both during the purchase period and afterwards. Buying porperty abroad for their knowledge and experience really helped. We recommend them to anyone looking to purchase.

Testimonials

      On deciding to purchase a property in Lanzarote we looked araund various agencies and found that Inmo-Estate were the most professional in all aspects of the purchase. I personally dealt with Paloma and found that nothing was to much of a problem from the setting up of a bank account to the arrangement at a translator. If a ever decide to relocate within Lanzarote, I would look no further qaio than Inmo-Estate.

Testimonials

      We found Inmo-Estate to be extremly professional, helpful and informatius. Nothing was too much trouble. We would like to thank Paloma particulary for all her help. She spent many hours of his time showing us around numerous properties and never lost heart that we would eventually buy one.

Testimonials

      This agency is thoroughly recomended. Never pressurised,we were given every assistance. We were guided in detail throughout the buying process which is very different to that in our own country. Staff from top to bottom could not be more helpful.

Testimonials

      Inmo - Estate was recommended to us by some friends who had used their service. On deciding to purchase a property in Lanzarote, we contacted this agency; the service was excellente both in consultancy and in personal care. Something important to us is that their service doesn''''t finish on the signing of the deeds, as the post-sale service is first lux replica class. Nothing is too much of a trouble for them, they can help you with any problem, beyond the professional ones. To sum up, we arrived as clients and left Inmo - Estate as friends.

Testimonials

      Buying a home in your own country can be stressfuland is problably the biggest and most expensive decision to make during your life time. We thought making such a decision in a foreing country with a different culture, lenguage and laws would be even more daunting. However, with Paloma''s vibrant personality and her excellent command of English made us feel totally at ease. We viewed the property at 4pm, signed the contract at 7.30pm the same day and flew back to the UK the following morning at 10 am. During this shart period we had agreed to spend 4 times more on a property than we had ever done before. When back in UK we arranged to give Power of Attorney to Inmo - Estate Lanzarote. This saved the cost of the family flying back to Lanzarote to sign the Escritura. When we returned to Lanzarote all the click watches canveyancing had been done and we were handed the Deeds and keys of our property. Our actual experience was totally different to what we expected. In essence all what we had to do was sign the contract, arrange Power of Attoney in England and transfer the money; everything else was taken care of by Paloma. She even arranged our NIF numbers, trasferred the utility bills into our names and introduced us to La Caixa bank. We have no hesitation in recommending Inmo - Estate Lanzarote and particularly Paloma (the boss) to anyone who is thinking of buying a property on Lanzarote. If you need any further re-assurances please do no hesitate to contact us.

Testimonials

      Welcome to InmoEstate Lanzarote's new web. Page under construction. Sorry for the swiss online watch inconvenience.

 

You can read other testimonials from our customers here

If you have bought or sold your home with us we would appreciate let here your testimony.

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