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   What is a Traspaso

    

WHAT IS A TRASPASO?



We get many clients asking us what is a traspaso sale? or What is a bar traspaso? The word traspaso is used a lot in the sale of bars, restaurants, cafes and shops for sale in Lanzarote and other parts of Spain. But as with many Spanish based words or phrases the use of it by foreigners has encouraged it's use incorrectly. The word traspaso is a masculine noun and can be translated as transfer. It is used in the shortened version rather than traspaso de negocio which translates to transfer sale as a going concern.

Firstly it is important to say that a Traspaso now has no legal validity in Spain or the Canary Islands. Although the term is still used in the transfer of business premises you will be purchasing a lease agreement along with adjoining fixtures, fittings and paperwork. This does mean that the price is therefore more flexible and the terms of the rental agreement can then also be flexible and not fixed to the same terms as the outgoing tenant. You might be offered a traspaso for sale but it is important that you do not sign a traspaso sales contract as this would not be legally valid. This is why we always advise our buying clients to use a lawyer when purchasing a business here.

To be able to sell a traspaso there has to be something to transfer and this must include the licence paperwork and therefore the business and premises should have a licence or have a complete licence application that an engineer is prepared to sign off as legal! You can't traspaso an empty unit or local unless the fittings are still in place as they were on the licence from the previous owners this is shown by the 1:50 plan that should be presented by the owners. Many times we witness bars and restaurants being offered for sale as a traspaso sale but not including the three main ingredients!

It is important therefore that when you are considering to buy a business in Lanzarote you consider does the traspaso contain these three things:

  • A rental (lease) contract that allows you to run your specific business in that premises. For a period of time stipulated in the contract and which is renewable between you and the landlord. This contract should be prepared and signed by the landlord or their legal representative with power of attorney
  • The fixtures and fittings that come with the inventory. This inventory should be specified at the time any reservation fee or agreement is converted in to the purchase contract with a secure deposit being placed.
  • The transfer of the existing licence or existing licence paperwork (as agreed in the purchase contract).

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