The process of purchasing property in Tenerife
1. Agreement and deposit
You have chosen a property that you like. Then we check the object for legal purity.
We check whether the object has any encumbrances, debts and the fact that the seller is the actual owner of this object, or has a power of attorney from the owner for the right to sell.
We sign a deposit agreement with you, pay a deposit in the amount of 5-10% of the value of the object.
We issue you a foreigner’s number (NIE), this is a mandatory document for opening an account, registration of real estate. Submission of documents and obtaining NIE takes place on the same day, the cost is about 16 euros per person.
The service of filing documents and obtaining a NIE is provided by us free of charge. Then we open an account with a local bank.
The following documents are required to open an account with a Spanish bank:
- The passport
- Tax return for the previous year, which must be translated into Spanish.
- The employment contract or contract of employment must also be translated into Spanish with the seal of the translation agency
2. Transfer of funds under the Agreement
According to the terms of the Agreement, you transfer to the seller a part of the cost of the object, which reserves the property for you, the amount is negotiated when signing the Deposit Agreement. We discuss the terms of registration of the purchase and sale of the object with you when paying the deposit, as a rule, you will have from 1 to 3 months in order to transfer the necessary amount for the purchase to your account in a Spanish bank or submit documents for obtaining a mortgage.
3. Signing a purchase / Sale agreement, payment
To sign the bill of sale, you need to fly to Tenerife, if this is not possible, then we can conclude a deal on your behalf by proxy. In the presence of a notary, the bill of sale is signed, the keys are handed over and the final settlement of the transaction takes place. Payment for the purchased property is made by check issued by your bank in Tenerife.
Then you will need to pay the purchase tax. Renew contracts in your name for water, electricity, utilities of the complex, municipality. All these payments are authorized from your account and their payment will not cause you any additional trouble.
With a power of attorney, your personal presence is not necessary, on your behalf we can make all the necessary agreements for the change of ownership in all necessary instances.
Successful investment!
Do you have any questions? Contact us!
