Buying Lanzarote Property

So you're serious about buying a property in Lanzarote.

Whether you're looking for a holiday home to make incredible memories with your family and friends, buying as a permenent residence or even a nest egg, Lanzarote is an excellent choice.

With a thriving tourism industry, a strong rental market and no large scale building projects, the island is remarkably resilient when it comes to property prices. The opportunities for buyers looking to generate a passive income from their property, are year round, which further underpins the value of homes here.

Additionally, the island offers a relaxed and easy-going lifestyle, with plenty of outdoor activities, great food, and a vibrant local culture.

STEPS INVOLVED IN BUYING YOUR IDEAL LANZAROTE PROPERTY (2024)

1/ Contact Espacio Lanzarote: And do your Free Buyers Consultation.

How this Helps Us to Help You:

• Gain an Understanding of the Your Buying Goals - E.g What you wish to achieve through buying whether it is for your own use, investment or a mixture of both. Clarifying these means we can work towards achieving them for you as realistically as possible

• Understand any Concerns You May Have - eg: We can help dispel mysteries or lingering queries and even solve potential issues for you, well in advance of purchasing 

• Get a Clear Idea on Your Expectations as a Buyer - eg: We will understand from the start what type of property you wish to purchase. From number of bedrooms to location and property type. Really, we are jointly doing is setting a criteria for your search. We will only present properties in accordance with your criteria, so that your time is not wasted.

2/ Visit the properties: Once you have identified some properties that you are interested in, we can begin to arrange viewings. It's a good idea to visit each property several times in fact, even after the viewing itself. Try different times of day, or a different day of the week for example. This will give you a solid sense of the area and the property itself.

3/ Locate a lawyer: Before you start looking for properties, it is important to find a lawyer who is experienced in Spanish property law. Your lawyer will help you navigate the legal and financial aspects of buying a property in Spain and ensure that the transaction is legally binding.

4/ Make an offer: If you find a property that you like, you can make an offer. We will submit the offer to the seller, who may accept, reject or negotiate the terms of the offer.

5/ Sign a reservation contract: If your offer is accepted, you will need to sign a reservation contract and pay a reservation fee, which will take the property off the market and secure the purchase price for a short period of time.

6/ Conduct due diligence: Your lawyer will conduct a thorough due diligence check on the property, which will include a review of the property's legal and financial status, to ensure that there are no legal or financial issues with the property.

7/ Sign a purchase contract: Once the due diligence has been completed and any issues have been resolved, you will sign a purchase contract, which outlines the terms of the sale.

8/ Pay a deposit: At this stage, you will need to pay a deposit, usually 10% of the purchase price, which will be held by the seller's lawyer or estate agent until the completion of the sale.

9/ Complete the sale: The sale will be completed at the notary's office, where the final payment using bank drafts or mortgage cheques and the property will be transferred to your name.

10/ Register the property: Finally, your lawyer will register the property with the Spanish Land Registry, which will confirm that you are the legal owner of the property.

Buying a property in Lanzarote might seem complex, in reality it is a series of steps that are taken to reach your goal. This is why it's important to have the support of an Experienced Lawyer throughout the transaction and that of a Professional Estate Agency.

Turn your dream into a reality - starting today.
Contact Espacio Lanzarote Real Estate and arrange your FREE PROPERTY BUYING CONSULTATION. 

Get a deeper understanding of the Lanzarote property market. Then together we can create a clear plan to reach you Canarian property goals.

Contact our team here today.