How do I buy a property in Lanzarote?

Our guide to understanding the purchase procedure

What are the steps of the purchase of a property in Lanzarote?

1-Identifying your needs and preferencess

One of the first and most crucial steps of the process is the identification of your search criteria and general preferences.

You should have a clear idea of the budget you have allocated for the purchase of your property in Lanzarote, the rough interior and exterior space you need, if you would like your own private pool or only a communal pool and over all the location you would like to be on the island and in which area within the town you choose.

2. Viewings

Based on the preferences you have identified, you and your agent can select some suitable properties to view during your stay in Lanzarote.

3. Negotiation

After you have found your dream house, it is time to put down an offer and negotiate the price and terms of the purchase such as the date of the signing in the notary.

4.Appointing a legal representative on the island

After you have found a property and agreed the terms and conditions with the vendor through your agent, it is crucial to choose a lawyer who will do the legal searches and draft the pre-contract. Your lawyer will also help you to obtain the NIE, the tax identification number you need to purchase a property in Spain.

5. Option to buy contract

6. Signing in the notary

After the legal searches, your lawyer will send you the private option to buy contract which establishes all the terms of the purchase such as who the seller and buyer’s party are, the property which is going to be purchased and the date of the signing in the notary. The average time scale between the viewing and the signing in the notary is around 2-3 months but in case the buyer and the vendor would like to complete sooner or later, this can also be arranged depending on the agreements between the two parties.

In the notary you (or your lawyer in case you have a power of attorney), will sign the official deeds of the property and from this moment on you will be the official owner.

7. Other post-purchase arrangements

After the signing, you lawyer will do all the necessary arrangements such as change the water and electricity contracts into your name, register the property and pay all the taxes for you.

FAQS about How do I buy a property in Lanzarote?

How do I buy a property in Lanzarote without a Spanish bank account?

You can still buy a property in Lanzarote without a Spanish bank account by using international wire transfers or working with a currency exchange service that facilitates transactions in your home currency.

How do I buy a property in Lanzarote and ensure it's a good investment?

Conduct thorough research on Lanzarote’s property market trends, consult with local real estate experts, assess potential rental income if applicable, and consider factors like location, amenities, and future development plans.

How do I buy a property in Lanzarote and manage it remotely?

Hire a reputable property management company in Lanzarote to handle day-to-day operations, maintenance, tenant management (if renting), and regular inspections on your behalf.

How do I buy a property in Lanzarote and deal with language barriers?

Work with bilingual real estate agents, legal professionals, and translators if needed to ensure clear communication and understanding throughout the buying process.