Kaufenden Eigentum in Lanzarote
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1) Once you have chosen a property to purchase we prepare a “Purchase Option” contract. This will contain all of the agreed “terms and conditions of purchase”, including a time frame for completion, allocation of costs, and penalty clauses in respect of each party in the event of default. The right to purchase the property will be secured by payment of a deposit equivalent to 10% of the purchase price within 7-10 days of signing the contract, from which a small non-refundable portion is paid on signing the contract.
2) Contract duration is generally 3-6 months but any time-frame may be mutually agreed between the parties and stipulated in the contract. Before the optional contract expires we will arrange for both parties and/or their legal representatives to attend before the Notary for signing of the legal documents and title deeds. Prior to this, funds must be made readily available for withdrawal from your non-resident account; sufficient to cover the full purchase price plus additional closing costs of approximately 8% (10% where a mortgage is involved). Your solicitor will give you a more accurate figure and breakdown of costs.
At that meeting the balance of the full purchase price is paid to the Vendor by way of Certified Cheque, Bank Draft or Bank Transfer, we will guide you through this process.
Where the vendor is a Spanish Company, Spanish citizen or resident, a certificate of receipt of foreign exchange import/non-resident funds is required, and this is obtained from the paying bank following the completion of the transfer of funds).
3) The closing costs (excluding mortgage costs) are approximately as follows:
6 ½ % sales tax
½ % land registry - registration costs and notary charges
½ % notary charges
½ % incidentals (such as N.I.E.s, inertpreter etch mentioned in the paragraphs below (SOLICITORS FEES NOT INCLUDED
4) In the case of a mortgage being raised, the bank will advise you of the total funds required for completion. Those funds would include loan arrangement fee, mortgage registration etc., thus bringing the costs closer to 10% of total purchase price. Should you require a mortgage we can help you locate a suitable bank.
5) We will carry out a basic property search at the Land registry, Town Hall, and where relevant the Community Administration office, to verify that the property is debt: your lawyer will complete a more detailed search.
6) If you are not resident in Spain, we will assist you in opening the required "Non-Resident" account at a bank of your choice, and application for mortgage if required.
7) Non-residents must have a foreigner’s identification number (NIE), and should you proceed we will put you in contact with somebody who will process this requirement on your behalf (fee per NIE is approximately €60 including igic)
8) The title deeds and legal documents will be in Spanish and so it is obligatory for non-Spanish speakers to use the services of a sworn translator at the notary office – either we or your solicitor will arrange for this. The fee for a sworn interpreter should be aprox. € 60 (aprox. €120 if there is a mortgage deed to be translated), and a standard will cost aprox. €70 to have translated
9) When the vendor is not a Fiscal (Tax) Resident 3% of the purchase price as per the title deeds will be retained (form 211) and within one month must be paid to the Spanish public tax authorities (Tesorería Publica). This retention applies only to properties that were entered into the land registry after 31.12.1986. It is considered a payment on account of capital gains (currently at a rate of 18% on the gain for non-residents and for foreign residents alike). After completion of the sale a balancing tax return (form 212) should be submitted by an accountant / Gestor on your behalf.
10) 30 days after completion, the PLUS VALÍA will become payable. This is a once off payment of a tax imposed on the land; the tax amount is based on the increase in the land’s rateable value (valor catastral) since the last time it was sold In Lanzarote: Spanish Law obliges the Vendor to pay this. An estimate of Plus Valía can be obtained once the completion date is known.
11) We at Location Property Consultants provide a comprehensive service to the purchaser; our fee is usually agreed to and paid by the vendor. Anybody purchasing property should use the services of an independent solicitor to take care of conveyance on their behalf; this would include all the legally required paperwork involved in registering your property at the Land Registry Office. Some solicitors charge a percentage fee; others charge a flat rate fee at present circa €1,600. We can facilitate you with a list of names of reputable, experienced, English-speaking solicitors on the island (available on our web site under the ‘CONTACTS’ tab).
12) It is worth noting that purchasers in Lanzarote generally do not request a technical survey of property. However, if desired, a certified survey can be arranged by a registered quantity surveyor (aparejador). The valuation carried out on Bank instruction for the purposes of a mortgage, is not an engineers report!
13) Once you have purchased your property you will need a local tax representative for future tax declaration. We can recommend qualified, English-speaking ‘gestorías’ (agents who undertake business with government departments, insurance companies, etc).
Last updated 13.07.2010
Dies ist ein informativer Führer zu Kaufeneigentum in Lanzarote; es kein gesetzliches Dokument. Im Ereignis, das Sie entscheiden, Eigentum im Ausland wir zu kaufen, empfehlen, dass Sie die Dienste von einem Anwalt behalten, der vertraut mit Übertragungsgesetzen in Lanzarote ist (beziehen sich bitte auf Absatz 11 oben).
