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Buying Property in Tenerife
Guide to buying property in Tenerife.
If you are thinking of buying property in Tenerife you will want to understand how the Tenerife property market works. We have compiled a short guide to help you.
Once you have found a suitable property in Tenerife for you and the offer is accepted, you will be asked to pay a deposit usually 10% of the agreed price to remove the property from sale. This deposit is normally paid into the client account of the Tenerife Estate Agent or the lawyer who will act on your behalf. At this time a purchase contract between the Buyer and Seller is drawn up and signed by both parties, this document stipulates the time frame for completion and when further payments etc are to be made. This document will be in Spanish with a translation into your language if required.
When the deposit has been received into the lawyers client account the lawyer will apply for a “Nota Simple” from the town hall in which the property is situated. This document tells the lawyer who owns the property in Tenerife and if there are any debts E.G. mortgages etc on the property. As these debts remain with the property until settled it is important that the lawyer is aware of any of these prior to signing at the Notary. You will also need to apply for your N.I.E number for your Tenerife property before signing at the notary as this is now required at the Notary office at the time of signing. This can be done by yourselves, your lawyer or representative or by your Tenerife Estate Agents.
After all the checks have been done approximately 6 weeks after payment of deposit the purchase will be completed at the public notary. The notary will check that all documents are in order. It has to be noted that both buyers and sellers or their nominated representatives have to be present at the notary office. Bankers drafts to the value of the purchase price will required at this time, if there is a mortgage on the property then a cheque to cancel this made payable to the mortgaging bank will also be drawn up.
When you are buying property in Tenerife you will also need to have funds available to cover your total costs of buying the Tenerife property. These include the services of the lawyer and property transfer tax.
Property transfer tax is payable at 6.5% of declared value of purchase on second hand homes or 5% IGIC tax if buying a new build.
You will also have to pay notary and registration fees, this varies from property to property but expect to pay around 1300€ for this.
Your lawyers fees at around 1800€ depending the amount of work needed to complete the sale.
You will also have to pay the Plus Valia tax, this tax varies and a approximate amount should be requested as soon as practical.
Finally, for anyone buying property in Tenerife, once the sale has been done you should always ask your Tenerife Estate Agent or your lawyer to arrange a will to cover your Tenerife property.
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