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The
information provided here is only a basic guide based on buying property in
Spain.
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Find an established
reputable estate agent with their own office & English speaking staff.
Qualified legal representation should be sought at all times.
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Collect information from local press.
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You can request a list of lawyers to act on your behalf in
the purchase from the British consulate in Las Palmas, or again local word
of mouth. It is advisable to use a lawyer from the outset.
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It is important to make
sure that the person selling the property has the legal right, as the
property is often distributed between the siblings of the family under
Spanish law.
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Once you have selected the property & agreed the price
you will be required to place a deposit of 10% with the agent who should
draw up a contract to be signed by both parties the seller & purchaser.
It is important at this time to make sure the contract is drawn up in a way
that suits your requirements e.g. time periods, fixtures & fittings,
furnishings etc as the deposit is not refundable if for some reason you can
not complete the purchase. However if the seller is not able to proceed with
the sale they are normally required to reimburse the prospective purchaser
with twice the
original deposit.
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Extras will be incurred
when purchasing a property, make sure you are up to date with local taxes,
so you can correctly calculate your money. Be aware that on completion of
the purchase the new owner will become liable for any unpaid bills on the
property, therefore it is in your interest to make sure all bills concerning
the property have been paid in full.
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On purchase of the
property a transmission tax (stamp duty) is calculated, this should be
explained by your legal representative.
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Once your contract has
been notarised the documents must be registered with the property registry
to fully complete the transaction.
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After completion you
should inform the local authority of the change of ownership.
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The local rates are due
annually, it is the responsibility of the property owner to make sure the
rates are paid as reminders are not issued. Ask your agent when & where they
should be paid. Your agent can normally help with the transfer of
domestic bills to your name.
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If you would
like any specific information on purchasing a property in the Canary Islands
please e-mail us admin@alltheseasons.com
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