Buying in Fuerteventura - a quick guide.

Many people find the prospect of purchasing a property overseas very daunting. However, if you consult competent professionals, the actual purchase procedure in Fuerteventura is very straightforward.

Vendors on Fuerteventura generally ask for the price they want, rather than the extensive 'offers' game that happens elsewhere in the world. Once you have found your new place you will need to put down a holding deposit. The deposit is usually around € 6000, this ensures that the property is taken off the market whilst the initial purchase procedures begin. It is at this point you need to see a lawyer.

If you do not speak fluent Spanish, ensure you locate a lawyer that you can communicate in English with. We can offer you the services of lawyers and also professional interpreters. Once you have located and taken on the services of a lawyer, it will be decided where the holding deposit will be held. This deposit will be placed in a client account.

After the deposit has been paid an 'option to buy' contract will be signed. This contract lays out the terms of the sale and the methods and stages of payments. Once signed the agreement to purchase is binding, and if you withdraw from the sale you will lose your deposit. However, should it be found that there is a legal reason why the vendor cannot sell the deposit should be refunded.

The initial holding deposit is generally made up to 10% of the selling price, within 2 - 4 weeks, with the balance being due upon completion. The purchasing procedure in Fuerteventura can be completed in as little as three weeks.

Once all the paperwork is checked, an appointment is arranged at the notary's office. This is an official who will ensure that all the paperwork is in order, that the vendor is the legal owner and that there are no outstanding debts on the property. All parties involved in the sale will be present and when the notary is happy the deeds will be signed. For those who are unable to return to the island for the signing of the deeds, you can assign 'Power of Attorney' for a representative to sign on your behalf.

You will be given a certified copy of the deeds, the originals being returned to you after the registration of your name as the new legal owner at the Land Registry Office.

Congratulations on your new home.