Property Buyers: What to expect from the Espacio Lanzarote Team

Espacio Lanzarote - Your Space, Your Lanzarote




** Buyers Consultation - Whether you have previously purchased a home or investment property in Lanzarote and you wish to add to your portfolio or you are considering the possibilities of purchasing here for the first time, then you need information. A Buyers Consultation via telephone or in person helps you in two ways. Firstly it can prepare you for the realities of making your dream come alive. Through this private consultation you will establish what is currently happening in the market, what to expect during/after the buying process and have a greater sense of what is achievable based on your existing financial situation. Secondly, it will help to create a criteria for the property search and set realistic expectations, avoiding disappointing pitfalls along the way. For Espacio Lanzarote, consultations are an in depth way by which we get to know our clients and by having a deep understanding of what is needed, we can advise and guide to the highest standard. This is so important that we will not present or allow property viewings unless we have a full sense of what it is that a buyer truly requires


** We will maintain contact with you for the duration of your property search via phone and email, with regular updates on newly listed properties that fit with your search criteria. The journey to finding the perfect property is one where feedback is very important between the buyer and Espacio Lanzarote- all details are treated with the upmost of confidentiality so the more accurate the information given to Espacio Lanzarote, the quicker a property can be found for our buyers, bearing in mind only if that type property exists ! Our aim is to guide, advice and zone in on what is the most suitable fit based on this information - the more accurate information that is given to us, the better we can serve a buyer.



** We offer guided property inspections on properties that are of interest and best match a buyers needs. Our primary aim is to help you find your space in Lanzarote- We also know that criterias can change so should this happen, we take note and update our search criteria to suit.



** Once the perfect property has been found, we will work to agree the price and conditions of sale between the buyer and seller and create a Compra Venta (Sales Agreement) specifying exactly what those conditions will be. If you have choosen a lawyer we will work closely with them to create the agreement or we can do this inhouse. Most noteably the compra venta will include:

The Agreed Property Price,

Details such as: The Address, Property Size, etc in keeping with the Escritura ( Title) and Nota Simple

An Inventory of Chatels that are included within the sale if any

Any Special Clauses that the Buyers & Sellers have agreed on

An Expected Date of deposit which is the equivalent of 10% of the purchase cost

An Expected Date of Signing in the Notary to conclude outstanding balance and transfer of sale



** For Non Residents we can you to open a bank account which is needed to finalise the purchase of a property, set up mortgage payments or any other banking matters required.



** For Non Resident Buyers we can help secure your NIE which is a government tax number needed to complete the purchase of your new home or investment. Should you decide to become a resident at a later stage this is also seen as a first step to. An NIE is essential to life in Lanzarote/Spain as a corresponding number to access lifes other essentials such as Internet Services, Water & Electrical supplies etc or should you wish to purchase a car for example.



** Espacio Lanzarote cater to your currency exchange needs as well, through our preferred service provider, Currencies Direct- when you need to transfer money from outside of the eurozone, we have found that they provide the best rates of exchange, personalised service & flexibility due to the suite of products that they offer – minimising fees costs that can be incurred through other companies


**Espacio Lanzarote is at all times a point of contact to help co-ordinate the various items needed for a successful purchase. From arranging access for bank valuation purposes to working closely with the buyers/ sellers solicitors for the entire duration of the process and of course between the buyers and sellers themselves.



** We can also arrange for translation services if needed for the signing at the Notary– a registered interpretor is to be present should a buyer or seller not feel comfortable with their level of Spanish when signing legal documents.



** Espacio Lanzarotes obligation is to create a seamless path for the succesful transfer between the parties, by way of making sure that all paperwork is readied and up to date prior to a Notary signing and that all parties are aware of their individual responsibilities. This includes but not limited to, confirming that IBI, Basura & Communal Charges along with PlusValia charges are paid ,so that no outstanding amounts are liable by the new owner. If any payments are outstanding either the current owner will bring them up to date and provide proof of payment or the purchaser can retain money to pay on their behalf. In all cases, Espacio Lanzarote will not advise to proceed to a Notary signing unless we are satisfied that paperwork is complete, on both the sellers & buyers side.



** Once all paperwork is in order Espacio Lanzarote can arrange the Notary date if a solicitor has not been chosen by either the seller or buyer, and a representative will be present on the day of signing at the Notary's office. The Notary's role is oversee the transfer from the selling party to the buying party, making sure along the way that it is legal to do so. They will also ensure that the property is free of encumbrances before the transfer to the new owner. This is why Espacio Lanzarote need to be diligentl in checking that all parties have their papers correct- Original NIE Certs, Passports being in date, Proof of deposit payment, Correct final balance amounts etc.The Notary in turn needs to see that checks and balances have been made in order to allow the transfer, so it is crucial to have these items in order. Finally when the money has been settled, the transfer has been officially done and keys are handed over, the Notary will set about in creating the new escritura/title in the new owners name, which will be ready for collection from their office in a short number of days. On that day however a buyer will receive a short version of the escritura which allows the transfer of bills/utilities into the new owners name.  



** Post Notary transfer, Espacio Lanzarote will transfer the Water & Electricity services into the new owners name – Internet Services, Telephone Services must be done by the new owner.



** Espacio Lanzarote can also guide a new owner in making sure that they are registered with the local council for IBI, Basura, PlusValia purposes so that a full transfer of all matters in relation to the newly purchased property are properly secured going forward.



** Last, but not least, we will make sure to toast to a successful new purchase with a bottle of your choice to mark the occasion while taking a photo for prosperity!!


Additional Services such as Mortgage, Taxation, Insurance as well as Architectural Advice on Building Projects are available through Espacio Lanzarotes team of preferred providers – If you have a query about finding or selling Your Space in Your Lanzarote – Feel free to contact us for solid practical advice.