Houses for Sale in Gran Canaria | EstateAgentPower.Com

Discover the Process and Requirements for Buying a House in Gran Canaria

NIE number, reservation contract, sales & purchase agreement and buying costs are some important factors to consider when buying a house in Gran Canaria. Let’s explore the buying process and essential requirements.

1. NIE Number and a Spanish Bank Account

Do you want to purchase a house or other real estate in Spain as a foreigner? If so, you must obtain an NIE Number, a personal identification number that enables foreigners to purchase real estate in Spain. Foreign buyers can procure a simple NIE Number by applying for it at any Spanish Embassy in different countries. Another requirement to buy or sell a real estate property in Spain is a Spanish bank account together with the NIE number.

2. Understand the Buying Costs and Determine Your Budget

It is useful to know the buying costs of house purchases to establish your buying capacity accurately. The largest cost of buying a house in Spain is the transfer tax in real estate transactions ranging between 6 to 7% based on the age of the house being new or used. Registration fees and expenses related to registration of the purchase agreement are other costs involved in buying a house in Gran Canaria.

3. Find Your Dream Home

Once you are done with the financial planning and other requirements it is time to search for the perfect home. Online property portals are the best way to find a diverse range of houses at the best prices in Gran Canaria. You can turn to estateagentpower.com to find your dream home anywhere in the world.

After finding your desired property you should arrange viewing and inspect the property in person. Make an offer on the property if satisfied with the property conditions and the asking price.

4. Sign a Reservation Contract

Once the seller accepts your offer, you should execute a reservation contract with the assistance of a legal professional. A reservation contract includes all the agreed terms such as the price, the time limit for signing the purchase agreement, and other legal obligations. This contract also prevents a seller from offering the property to another buyer during the specified period. The reservation contract empowers you to carefully check the property's material and legal conditions before signing the actual purchase contract.

5. Sign the Sales and Purchase Agreement

The next step is to sign a provisional sale and purchase agreement with the seller to proceed with the deal. At the time of signing this contract, you must pay a 10% initial deposit of the purchase price. After all legalities and formalities sign the final transfer of ownership contract and pay all outstanding balance. A solicitor will help you to sign the final documents in the presence of a notary.