Buying Guide

This in very simple terms is the buying process explained which is simple & straightforward and will give you the insight in what you need to know when buying a property here on Paradise Island.

We have condensed it slightly in order to make it to the point and easy to understand. There is a lot of work that goes on behind the scenes to enable a purchase but of course at the positive move property of Gran canaria we will help you through the process.

These are the main steps that we need to follow in order to purchase, they are in the order.

  1. Sign up with us using our legal form and GDPR (DATA PROTECTION ). This is for all legal boxes to be ticked and for us to be able to store your data for viewings and comunication. We also require you to sign this form in your native language and of course in Spanish most crucial. This document is very important as it is also required by the house,business,residential or commercial landlords to assure that we are legally showing the assets for sale.
  2. Find the property,asset or investment that you wish to purchase with us, you will have help from one of our knowledgable agents.
  3. Open a Spanish bank account, this is essential and needs to be at the beginning of the steps, we have relationships with most banks, you’ll need two forms of ID and a copy of your passport and also proof of address in your native country. The Spanish bank account is required as this is where you will pay your taxes, comunidad fees and extra fees including legals lawyers or any unforeseen fees required For surveys. The Spanish bank account will also be used when applying for a further step of your residency here on the island all your N I E number.
  4. Option to pay a Payment of the holding fee into our client account, the percentage Will be negotiated but normally will be in the region from 5% to 10%.of the purchase price. This will remove the property from the market and websites whilst we are doing legal checks and make sure that the property is deliverable and is completely legal. This option is not a legal obligation but make sure that that property is not sold to somebody else whilst in the further steps.
  5. Visit the lawyer- this is the appropriate time now to visit and start the ball rolling with your legal team. We have our very own lawyers that we use which you are also welcome to use. The advantages of using our lawyers are that we already have a relationship and they are very fast efficient and can work to our timescales and demands. At this point you need to apply for your Spanish tax ID number this is called an N I E.
    Signing other power of attorney with the notary or lawyer, this is highly recommended at this stage and is a massive benefit to you if you cannot be here on the day of signing or that you wish the lawyer to do things on your behalf whilst here.
    Reservation contract – this document which is a reservation contract must now be signed at the lawyers office,. This guarantees that the market has had the property removed and is no longer for sale for anybody else. (this would only not be applicable at this stage if you have paid a deposit previously into our client account- see step 4)
  6. Pay the 10% deposit required into the lawyers account by Iban transfer. This is the figure that we would’ve negotiated on your behalf as a deposit, normally this would be non-refundable but in exceptional circumstances or legal problems this could/ would be returned. That this money will be held in the lawyers client accounts in your name up until the day of signing for your property.
  7. Depending on the deal and the negotiation that we have took place with yourselves and the vendors we now need to set a signing date. The lawyer will negotiate directly with the seller or the sellers agents for a mutually agreeable signing day.
  8. The lawyer will now study the property assets or investments to make sure that there are no problem property deeds and that the property is free from any encumbrances. This is crucial work as the laws in Spain sometimes do not work for the buyers if things are missed. Law in Spain says it if that are any debts on the property that honest that these debts will be passed onto the new buyers, we need to make sure that the title is clear and that there are no that’s to the purchase. Once the lawyer has confirmed that everything is okay we can move onto step 11.The lawyer will now inform us or you of the balance of the purchase sum this will include all the fees that the required lawyer needs fees for taxes and any commissions etc is That I due to be paid. Any extra costs that would need to be transferred to the lawyers client account up to be paid now this would be prior to the signing date. Please be aware that this is not like other countries weather is exchange of contracts and then completion, here the work is undertaken in the background with the deposits held in client accounts and everything is done on the same day in the notaries office on the day of signing.
  9. Visit to the notaries office with your lawyer- today is the day of signing you will receive your keys your name deed and all relevant paperwork from your lawyer. Your lawyer will advise you I’ll be present at the signing with you alongside ourselves. You will now sign the deeds and all monies would have been in cleared funds to the vendor.
  10. Congratulations you now own the property asset or investment.
  11. We would advise you on what needs paying going forward I can help you set everything up so that it can go through a direct debits through your bank accounts.

Now you own a property we are on hand to be able to answer any questions for you.