How to buy a property?

As you form your first impression of our properties mostly by looking at our website, it is important for us that you get a picture as close to reality as possible from our photos and descriptions of the properties on our listing. Therefore we are not using special filters and specially wide-lenses for our photography, as it would distort the actual way the property looks.

Purchasing the property

Once you find your own personal paradise on our website, you visited your future property on Gran Canaria, and your Paradise Living adviser has achieved the best possible price for you for the given property the deal is sealed by completing a pre-contract (opción de compra*). This is drafted by either the seller or the agent and will always be in Spanish, however it is possible to have an English translation as well if you need one.

If there is to be a mortgage on the property then the mortgage holder or holder’s names will have to be on the contract. This means that if a husband and wife or two friends take out a joint mortgage then the property will have to be in both names and not just one.

In case you require a mortgage, please keep in mind that Spanish banks will usually only lend a maximum of 50-70% of the purchase price to non-residents and do not cover the additional costs related to the purchase.

Once at this stage, agreement signed, mortgage ensured, the total funds need to be in the buyer´s Spanish bank account by the date set for completion.

Not on the island yet?

If the buyer cannot be there for the signing of the final paperwork it is possible to ask a trusted person, for example his lawyer to be their representative at the purchase by a power of attorney (poder). This will authorize them to act on the buyers behalf. The final deed of sale (Escritura) will be signed by the buyer (or their representative), the notary and the vendor. Once the paperwork is signed and witnessed it is then time to pay all sums owing for the property, the taxes and the land registry fees. The lawyer will send all the relevant paperwork to the land registry for the change of ownership, will change the name of the owner in the tax authority, the local town hall, the electricity, water companies as well as with the community of owners.

The new deeds can be collected within about two months from the signing.
*Opción de compra is a legally binding contract. The document includes information such as a full description of the property, purchase price with a breakdown of who will be paying what fees. The deposit for the home is most often 10% of the sales price which forms part of the final purchase amount.
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