Lanzarote Property Buying Guide

Lanzarote Agents have put together a handy guide for buying a property on Lanzarote.

1. Identify Your Needs and Preferences

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

You should have a clear idea of:

The budget you have allocated for purchasing a property in Lanzarote.
The approximate indoor and outdoor space you require.
Whether you prefer a private swimming pool or just a shared communal pool.
Most importantly, the location where you would like to be on the island and the specific area within the town you choose.

2. Property Viewings

Based on the preferences you have identified; you and your estate agent can select a few suitable properties to view during your stay in Lanzarote.

3. Negotiation

Once you have found your dream home, it is time to make an offer and negotiate the price and terms of the purchase, such as the notary signing date.

4. Appointing a Legal Representative on the Island

After selecting a property and agreeing on the terms and conditions with the seller through your agent, it is crucial to hire a lawyer to conduct the legal searches and draft the pre-contract. Your lawyer will also assist you in obtaining the NIE (Número de Identificación de Extranjero), the tax identification number required to purchase a property in Spain.

5. Purchase Option Contract

Once the legal searches are completed, your lawyer will send you the private purchase option contract, which outlines all the purchase terms, including:

The buyer and seller details.
The property being purchased.
The notary signing date.

6. Notary Signing

After the legal searches, your lawyer will provide you with the private purchase option contract, which sets out all the details of the purchase. The average time between viewing a property and signing at the notary is approximately 2–3 months, but if the buyer and seller wish to complete the process sooner or later, this can be arranged depending on mutual agreements.

At the notary’s office, you (or your lawyer, if you have granted them power of attorney) will sign the official property deeds, and from that moment, you will become the legal owner.