Purchasing Procedures
We have an in-house Lawyer whom we have worked with very closely for more than 20 years, he will be able to guide you smoothly through the conveyancing procedures and advise you on all aspects on the process. His fees are around 1,200 euros for a straightforward conveyance. He speaks English fluently; you do of course have the choice of appointing your own lawyer to carry out the conveyance.
Purchasing Procedures.
When you have found the property that you wish to purchase we can guide you through the legal procedures and can recommend lawyers that speak your language so as you always understand each of the steps to be taken.

The first step is to obtain a NIE number (Identification Number for Foreigners); it will be used to identify you on official forms. You will then need to obtain a NIF number from the local tax office, which is basically a fiscal ID number anybody with a financial interest in Spain or the Canary Islands is required to have. We have all of the necessary forms and information to enable you to achieve this and can arrange a translator to go with you to the relative office if you don’t speak Spanish.
 
You'll also need to set up a non-resident (or resident) bank account, which is a simple procedure and we will be happy to assist you.

Purchase Expenses.
You should allow approximately 10 % of the purchase price for the expenses of purchase, this is necessary for the following; -
Lawyer’s fees (these are around 1,200 euros for a straightforward conveyance.)
6.5% ITP tax (Impuesto sobre Transmisiones Patrimoniales) when buying resale property, or 7% ITP + 0.75% stamp duty if purchasing a new property
Notary fees
Property registration fee
If you buy in the name of a company you are also liable to pay IVA (VAT) or IGIC, the Canarian equivalent.

The Contract and Deposit.
You will be required to sign an option contract which is a private document signed between the buyer and seller. This contract binds both you and the seller to the purchase/sale of the property for a stipulated and agreed period of time.
What this means is that the vendor cannot legally sell to another party whilst the option is in force, also that you must follow the contracts terms and meet any stage payments (if applicable) and complete the purchase within the stipulated time frame. If you do not comply with this then you will usually forfeit the deposit paid unless the vendor is to blame for any delays or the properties documentation is not in order.
Your lawyer will peruse the option contract and ensure that the terms and conditions are reasonable and legal.
Deposits vary but are usually 10-20% of the purchase price for a resale property and around 25-30% for a new property. 

It is advisable to make arrangements for a deposit to be available on the island during your visit so as you can secure a property should you wish. This can be achieved by instructing your home bank that you may be opening a Spanish bank account and be requesting a transfer to it and finding out their required procedures.
In some cases the vendor will accept a small reservation fee on the proviso that the balance of the deposit will be sent within a few days of your returning home.
 
The option contract will contain the following; -
Details of the buyer and seller.
A legal description of the property.
The purchase price. 
The form of payment and currency to be used in the transaction (banker’s draft, cash, etc.)
The completion dates and penalty clauses if these dates are not met.   

Your lawyer will liaise with the vendors (and mortgage company if applicable) and carry out the following work on your behalf; -
Obtaining a copy of the deeds (Escritura).
Ensuring the title of the property is unencumbered by making a search for debts at the registrar’s office.
Checking that all I.B.I (local council rates) have been fully paid up to date.
Collecting the most recent electricity & water receipts.
Checking that the community payments are up to date (if you are purchasing in a complex or a building that has communal areas or pool there is a small monthly fee payable for their maintenance.)
The originals of these documents are necessary on the day of completion at the Notary's office as the Notary will refuse to notarise the transfer deed unless it has been clearly stated that you were already aware that some receipts were missing.

 Arrangement of paperwork for the Notary appointment
Representation at the signing of Deeds in front of the Notary
Collection of the Escritura (Deeds) from the Notary
Payment and calculation of the relevant taxes. 
Registration of the property both in the Registrar and the local Council
In short all of the work necessary to ensure that the property is registered in your name. 
Any additional work required will be charged at (the Spanish equivalent of) the Law Societies rates.      

Financing Your Purchase

Mortgages and Loans are  available to Non-residents and Residents in Fuerteventura. If you require more information, the conditions or application forms please contact us.
Mortgages interest rates in Spain are among the lowest in Europe, you may however wish to obtain finance in your home country.

There are excellent incentives for companies investing in the Canaries; the Special Canary Islands Zone (ZEC) was established in the year 2000 to promote development by offering unique tax advantages to new companies establishing themselves within this zone.
If you require further information please contact us, or follow this link ZEC  

Completion Arrangements.
You may choose to return to the island when the purchase completes at the Notaries office, if this is not an option you may give a Power of Attorney to your lawyer, a family member or friend.

 After Sales Service.
When your purchase is complete, we won’t just abandon you to your fate; we will be on hand to advise you and can give you information about many practical aspects of property ownership from installing a pool to importing your personal effects and pets. We can also introduce you to a fiscal advisor, arrange for a Spanish will to be drawn up (a sensible step when you own a property in Spain) and assist you to obtain a residents permit if you plan to live on the island.

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