.....our little guide for buying a property in Fuerteventura

Our top priority is customer satisfaction which is one of our companies guidlines. Most important to us is a well organised, smooth purchase, from A to Z. Please don't forget, after having read these lines, we are happy to be your partner from the beginning, for a smooth transaction.
After your purchase decision, the following points are to do:

1. Application of a N.I.E. – number
Any foreigner, wishing to purchase a property in Spain, should apply early for a NIE-number (número de identificación de extranjeros). A property can not be entered into the property register without a NIE number. The NIE-number is not only needed for the notary, but also i.e. for the purchase of a motor vehicle and it's insurance. Owner, who didn't need a NIE-number years ago with the purchase of a property, have to apply for it too, if they want to sell their property now.
The application is carried out at the Immigration Department Policia Nacional in Puerto del Rosario. We are happy to assist with the application. It is also possible to acquire a NIE-number at the Spanish embassy of your home country.

2. Opening a bank account at a Spanish bank
Sooner or later, every homeowner needs a local bank. Should you ask yourself is the answer:
The payment of the remaining purchase price of your property, regardless of any prepayment, is carried out under notarization by bank certified check. You can schedule a transfer to your Spanish bank account in a timely manner as required. A local bank account is also indispensable to pay the running costs such as electricity, water, etc.
To open a bank account you will need a NIE-number and your ID. Everything thereafter is to your liking, whether you want a simple bank account or with online banking facilities, credit card, ect. The local banks offer extensive services.

3.Legally binding promise to purchase / deposit
In Spain, the seller and the buyer bind with a private written contract before the notarization.
This privately written purchase contract includes a deposit, made by the buyer, of €3,000,- to €5,000,- (to reinforce the bond), this payments will be made at the time of signing the contract. The deposits paid are of course, part of the purchase price. Thereafter, usually within a periode of 2-3 weeks, a further deposit of 10% of the purchase price will be made by the buyer. The notarization is normally within three month after the contract has been signed.
The private contract governs all the terms and conditions to the well as the consequences for non-compliance.

4. Additional costs when buying property
When buying a property in Fuerteventura, naturally additional costs arise. There is no difference wether you are purchasing a „new" or „used" property.
See examples below:

Additional costs for puchasing a new property:

Purchase price of the property  € 150.000,-

IGIC (Canarian VAT) 7 % € 10.550,-

Certification Tax 1 % € 1.500,-

Completion of Purchase  € 1.200,-

Notary fee about  € 800,-

Registration fee about  € 550,-

Total of additional costs 9,7 % € 14.550,-

Total purchase price € 164.550,-


Additional costs for puchasing a used property:

Purchase price of the property  € 150.000,-

Transfer Tax 6.5%  € 9.750,-

Completion of Purchase  € 1.200,-

Notary fee about € 800,-

Registration fee about  € 550,-

Total of additional costs 7,9 %  € 12.300,-

Total purchase price  € 162.300,-

Furthermore are fees of your bank for the money transfer and for check preperation to consider. It is advisable to speak to your home-bank at an early time point of the purchase.

5. Council Tax, electricity, water, telephone, community charges....
Our purchase transaction: as a customer called it „ Perfectly Happy-package"
As we don't pretend to be perfect in everything, we work closely with external agencies. We ensure that all the necessary documents are present for the notary appointment, that your property is checked out and without any outstanding debt. We accompany you to the notary (in Spanish, English and German) and are happy to answer any further questions.
Furthermore, an external professional working for us, will deal with the collection of the deed, dealing with the tax (after liasing with you), all administative paperwork i.e. changing bills into your name... to enable you to enjoy your dream property from day one.
We are looking forward to welcome you in our office in Costa Calma.

Fuerteventura Casas SCP, CC El Palmeral, Local 49, 35627 Costa Calma

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