Advantages, necessary documentation and remote signatures when selling your house in Fuerteventura to a foreign buyer.
During the last quarter of 2023, 15.12% of home purchases were made by foreign buyers according to the latest data published by the Association of Registrars. However, this percentage rises even higher if we focus on the Canary Islands. In this community, foreign buyers accounted for 26.53% of home purchases during the last three months of the year.
With figures like these, thinking about the foreign public becomes inevitable when we talk about selling homes. However, these types of operations still provoke some misgivings among a significant number of owners. The lack of knowledge of the process, the difficulties involved in a different language or the management of the documentation are some of the main fears that owners have when selling a property to a foreign buyer.
But is everything as difficult as it seems? What advantages can we find in this type of operations? What can we do to solve possible difficulties that may arise during the process?
Advantages of selling a house in Fuerteventura to a foreigner
Selling a house in Fuerteventura to a foreign buyer has great advantages over selling a house to a national buyer. Let’s take a look at some of them:
Obtain a higher selling price
The normally higher cost of living in their home countries makes buying a home in Spain more affordable for them. In addition, foreign buyers are generally willing to pay a higher price for properties that they consider unique or that meet their specific expectations.
Apartment in Parque Holandés
Pay cash
Most foreigners have sufficient financial capacity to pay cash, which allows them to purchase a home without the need for financing. This will allow you, as a seller, to shorten sales terms and avoid possible problems caused by lack of financing.
Increased demand
Opening the market to foreign buyers can increase the demand for your home. In a market governed by the law of supply and demand, increasing the demand for your home may cause those interested in it to be willing to offer a higher amount for fear that another buyer will beat them to it.
As disadvantages, we could point out possible legal issues to deal with depending on the nationality of the buyer or a certain cultural barrier that makes negotiations difficult. This will not be a problem, however, if you have a specialized real estate agency in transactions of this type that has a multidisciplinary and cultural team capable, not only of resolving the small inconveniences that may arise during the process, but also of seeking the highest profitability in each and every one of the purchase and sale operations managed.
Documentation for selling a property to a foreigner
Regarding the necessary documentation to sell your house in Fuerteventura to a foreign buyer, we would talk about the following:
- Simple note of the property and title deed
- Photocopy of the last IBI receipt
- Photocopy of the community and mortgage receipt
- Photocopy of the contracts and/or last receipts for
supplies (water and electricity). - Energy efficiency certificate
- Photocopy of the DNI / INE of the owners
- Buyer’s Foreigner Identification Number (NIE)
*Find more details about everything you need to know when selling a home in our Selling Guide.
Is it possible to sign remotely?
One of the issues that most concerns domestic sellers when they consider selling a property to a foreign buyer is how they will be able to close the transaction. Often, foreign buyers cannot be in the country where the transaction is to take place at the time of the sale, so the transaction is delayed.
To avoid this inconvenience, nowadays there are different mechanisms that allow the sale of a property to be signed remotely without the need for the buyer and seller to be in the same city.
Signing of previous documents
We are mainly referring to the reservation contract and the earnest money contract. Both documents can be signed remotely thanks to certain online services that provide the necessary technological infrastructure for their signature. In addition, it should be noted that these contracts can be signed by e-mail in most cases.
Signing of deed of sale
It is also possible to sign the deed of sale remotely. Through a power of attorney, a lawyer will be able to sign the contract without the buyer having to travel
Selling your house in Fuerteventura to a foreign buyer does not have to be a more complicated or longer process than selling it to a national buyer as long as it is done with the right advice. Are you thinking of selling a house in Fuerteventura and you don’t want to close yourself to any kind of public? Have you found a buyer for your property but you are looking for a real estate agency that gives you the security you need? Contact one of our real estate experts and we will see what we can do for you.
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