BUYING GUIDE PROCESS
Buying a Property in Playa Blanca – LANZAROTE.

1.- CONTRACT OF PURCHASE
This is a private contract stating details of the seller and buyer, a description of the property, the purchase price, the form of payment and the completion dates and penalty clauses. The deposit should be explicit in this document. The buyer is required to pay a 20% of the price of the property.

2.- DEED
To complete the transaction the buyer has to pay the balance, 80% and sign the deed. This s the official document and must be signed in front of the Spanish Notary thus transferring ownership from seller to buyer. This document legalises the purchase and shall be signed by both contracting parties and by the notary. The purchaser obtains a first copy of the deed once all taxes have been paid and the corresponding inscription in the Property Register has been done.

3.- PROPERTY REGISTER
The Property Register  contains all acts, contracts or legal charges referring to a property, such as ownership or encumbrances. For the transaction to be complete you must register (inscript) the deed in the Property Register.

4.- FINANCING
We can arrange you a contact with the best local banks.
Documents required for applying a mortgage:

• Photocopy of the applicants Passports / Residence Cards
• Last two payrolls
• Las available Income Tax Return
• Payments on account of incoming Tax for the current year
• Justification of other income if appliable

Once the application has beeen approved

• A “New Building Certificate” from the developer”
• A photocopy  of the private purchase contract or letter of offer
• Get the N.I.E. (Fiscal Identification Number for Foreigners)

5.- EXPENSES
The total amount of expenses is approx. 8% (IGIC 5% , Notary and Property Register fees...)

6.- INSURANCE
Depending on the bank you decide to work with