How To Buy Tenerife Properties
Tips on buying Tenerife properties – learn what to do. Important information for buyers – when browsing our catalog of Tenerife properties, you have to understand some nuances:
First Browse – Then Contact Us
Due to the market dynamic, there are no real estate companies that are able to present all properties at once as long as the market changes rapidly.
Therefore, on the pages of our website there is an indicative list of properties for you to learn prices, types of properties, and location. To check the best options that are available at the time, contact us in person.
Best Properties Are Available At Your Request
After you complete the online form, indicating your preferences, we process it for you and send you the list of the matched properties at the best prices on the market.
Come To See The Most “Delicious” Offerings In Person
It is better for you to see properties on your own eyes once than read about them hundreds of times – before making a purchase, you will be shown dozens of property objects so you could see all the advantages of every property and decide on what property suits your and your family preferences better.
Check out our indicative catalogue of the property and send your request so we could make up a list of matched properties at the best prices on the Tenerife property market for you!
Property Buying Process Step By Step
At first thought, the Tenerife property buying process may seem to be complicated and our company is here to not only make everything possible for you to enjoy the process of buying your house on the paradise island, but also to help you with all legal and regulatory matters.
A) Property selection, deposit payment and contract signing
Once the property is chosen, our company completes a title exam. If everything is fine, you can sign a contract for the sale and pay a deposit for the property – 2000 – 5000 Euros.
B) Bank account opening and meeting with a lawyer
The same (or next) day you open an account in a Spanish bank with our assistance. Opening a bank account is free of charge and takes about 20 minutes.
All you need is an international passport and a personal income tax return (form NDFL-2) translated into Spanish and notarized (with our assistance).
At the same time, a Spanish lawyer will help you to represent a power of attorney in the name of our company to register you for an NIE number that is needed for obtaining a mortgage and making further tax payments (the service is free of charge).
C) Deposit payment and funds transferring
According to the contract for the sale, within two weeks after the sale is complete (i.e. after you come back home), you have to pay the seller 10% of the transaction amount as a deposit.
A deposit will allow you to reserve the property for up to 3 months (the reservation period is covered by the contract for the sale).
During this period, you have to transfer the remaining funds on your Spanish bank account.
If you obtain a mortgage, our agency will get a real estate loan from your Spanish bank for you.
D) Deed of land purchase and final payments
Before the reservation period is over, you have to come to Tenerife to sign the deed of land purchase and complete the final payments.
Your personal presence can be replaced with the power of attorney presented to our company. In such a case, we will sign the necessary documents for you and the final payments will be complete per the check issued by your bank.
After signing the deed, you will have to pay a purchase tax that makes up about 8% of the declared value.
If a mortgage is obtained, you have to pay bank extra money for it. In such as case, lawyer draws another deed, which increases the sum of expenses for up to 10% of the declared sum in the deed.
Our company will help you to renew the contracts of utilities, telephone, alarm, condominium fees (HOA analogue) and municipal fees for the new owner, i.e. you. The only thing that is required for this is your handwritten authorization.