The Importance of Guidance in Purchasing Real Estate in the Canary Islands

The Importance of Guidance in Purchasing Real Estate in the Canary Islands: How Can Canary Immo Assist You?

With the gathered information in mind, we immediately got to work. We soon realized that our role as a purchasing agent closely aligned with these findings. Personal guidance, an extensive network of professionals, in-depth knowledge of the local market, and our strong ties to the local community were all aspects we had previously worked with.

With this solid foundation, we actively sought out a legal partner who shared the same vision in terms of customer focus and service. Together, we aim for a comprehensive approach to strengthen and enhance our services. While we now consider this synergy as a given at this stage, we realize that this combination is unique, especially when it comes to offering guidance in our clients' native languages.

Therefore, we primarily focus on Dutch, French, and English-speaking clients. This way, we can provide a complete service for real estate purchases in the Canary Islands, aiming for a 360-degree all-inclusive guidance and an unparalleled sense of peace of mind.

And so, we come back to the inception of the idea to establish Canary Immo. After countless frustrations, feelings of helplessness, and feeling misunderstood while pursuing our own dream - finding our own place under the radiant Canary sun. This drove us to do what we do today: help others make their dream a reality.

What tasks do we undertake together with our legal partner?

Practical Assistance:

• (Re)visiting the property or project you've chosen. 
• Mapping out the pros and cons and discussing them with you to ensure you're well-prepared. 
• Reviewing the sales conditions: price, down payment, availability, etc. 
• Assisting in price negotiations and, if possible, closing the deal.
• Monitoring all aspects during the sales process in consultation with our legal advisor. 
• (If applicable) Monitoring construction work when purchasing a new construction project. Note that technical monitoring must be carried out by architects. 
• Advising and facilitating specific works or renovations: kitchens, bathrooms, solar panels, air conditioning, swimming pools, and garden landscaping. This includes requesting and negotiating quotes and helping to close contracts. Monitoring and facilitating the execution of these works is optional. 
• Advising on furniture, household items, lighting, curtains, internet, banking, insurance, etc., and recommending potential partners or suppliers. Facilitating and performing these tasks is also optional. 
• Advising on finances and rental possibilities. 
• Always available for a listening ear and help when needed. 

Legal Assistance:

• (If desired) Applying for an NIE number. The NIE is a personal identification number, and without this number, it's impossible to buy real estate in Spain. 
• Tax payment. Unfortunately, buying real estate in Spain entails paying taxes. Since 2018, you must be pre-registered with the Spanish tax authorities to meet tax obligations in Spain. We arrange this for you. 
• Drafting the sales agreement. A purchase comes with a compromise, a contract. We draft this for you or review the compromise offered by the seller and safeguard your interests. Additionally, we ensure that you understand what you're buying and signing. 
• Debt check. In Spain and the Canary Islands, you can take over debts on real estate; these are not automatically cleared upon sale. Are there any existing mortgages and what about ongoing bills like water, electricity, comunidad, etc.? You must be sure you're buying completely debt-free. We check this for you. 
• Payments. There are various ways to settle the balance at the notary. We guide and facilitate this according to your preferences. 
• The notary. The role of a notary is very limited in Spain. The Spanish notary will prepare the deed based on the information we provide. They won't conduct research on the property you're buying! They're also not responsible for the transaction, the accuracy of the information, or the documentation provided! We watch over this for you. We make an appointment with the notary, verify the accuracy of the deed, and guide you through the signing of the deed and financial transaction. 
• Registration. Even on the Canary Islands, a real estate purchase must be registered with the relevant authorities. However, the notary doesn't do this automatically, and as the new owner, you're responsible for this. We ensure that this is arranged for you. Transfer taxes: After signing the authentic deed, you must handle the declaration and payment of this tax yourself. The notary doesn't take care of this. Of course, we ensure that this is arranged for you.
• Cadastre: You must inform the municipality and the cadastre of your new property. Annually, you will have to pay property tax, known as Ground Tax or Cadastre Income (KI), called Impuesto sobre los Bienes Inmuebles (IBI) or SUMA in some municipalities. For all our clients, we ensure that this tax is automatically collected from their bank account, so you never pay late and avoid fines.
• After the purchase: Congratulations, you are now the proud owner! But there are still many administrative matters to be dealt with. We also take care of these formalities, including:
  • Payment of the notary's bill 
  • Collecting your authentic deed from the notary 
  • Cancellation of the mortgage Payment of registration fees for registration 
  • Transfer of the water connection + signing of contract + direct debit of water bills 
  • Transfer of the electricity connection + signing of contract + direct debit of electricity bills 
  • Registration with the municipality for the Basura tax (waste collection) + direct debit of Basura 
  • Registration with the comunidad (homeowners association/syndicate) + direct debit of comunidad costs (if applicable)