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Buying a Property Abroad

Legal Advice
This is one of if not the most important point of buying your Dream Home aboard; you would not even consider buying a house at home without good legal advice so when abroad why should you throw all caution to the wind?

Reservation Deposit and Contract
Once you have found your Dream Home, the purchase process begins with a reservation agreement, which takes the property off the market and freezes the purchase price, the deposit you would have to pay at this stage will be between 3,000 and 12,000 euros depending upon the purchase price of the property.

Formal Completion and Exchange at the Notary
A property sale is formally completed in the Canary Islands in front of a Notary, they are the only people that can prepare and approve the final title deed {Escritura de Compreventa}

Who is a Notary?
A Notary is a lawyer who has had special training and passed additional examinations to qualify them for these special duties which cover a large range of legal matters not just property transfers.

Registration
Once the title deed has been signed and has been sent to the Land Registry your lawyer will deal with the formalities of registering the title deed and will pay on your behalf all the relevant transfer taxes.

Purchasing a Property on a New Development
The processes are fundamentally the same and the title deed process does not differ from that of a resale property although one or two differences in the process are worthy of note.
The first one being that your property could take several years to complete, as previously mentioned your payments are staged a little differently to those of a resale and generally you will only be required to place a 30% - 50% deposit until your property is completed and ready for title.

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