Buying Tenerife Property
Once I’ve chosen a property, what next?
In order to secure a property you will need a 10% deposit after which a private sales agreement will be drawn up, clearly stating the terms and conditions of your purchase. You will also need an N.I.E. number for all business transactions, and a Spanish bank account. We will arrange all of this for you, assist and advise on transfer of funds and arrange finance, if required.
Who carries out the conveyancing?
We at CML Tenerife will ensure that there are no inherited debts by confirming that community fees, electricity, water, and local rates etc., have been paid up to date and receipted. Prior to signing the Title Deed the Public Notary has a personal responsibility under Spanish law to obtain from the land registry a valid certificate confirming that there are no mortgages, debts or encumbrances associated with the property being sold.
Where do I stand legally?
Professional advice on which investments may or may not be suitable will be provided so that you can make an informed but balanced decision. The purchase of property in Tenerife must comply with Spanish law and all legalities leading to the final transaction are supervised by ourselves right down to bank standing orders for electric; water; community etc., However, should legal representation be required, then the services of our lawyer can be made available.
Are you qualified legal advisors?
No. We do not profess to offer legal advice but can refer you to a professional network of legal personnel that will competently be able to deal with all legal aspects of your sale or acquisition.
What other expenses can I expect to pay after the purchase?
When the Purchaser, Vendor and the Public Notary have signed the title deed or escritura, you will be expected to pay approx. 10% of the property value declared on the Title Deed or escritura. This variant allows for property purchased directly from a builder or respectively a resale, and includes Notary fees, land registry charges, Plus Valia, transfer taxes and a lawyer.
Are there any other hidden charges?
No. The running costs of your property include community/water and electric charges, normally payable by standing order, and a small annual local property tax. In addition to this, you will as a property owner, be expected to make an annual return to the local tax authorities declaring income received, if any, and being taxed accordingly.
What about community charges?
By law, a developer must establish a community to run communal services. From then on the committee will determine the community charges to be levied and are proportionately determined according to the size of property within the complex. The umbrella of this service varies from complex to complex but usually includes all garden, lift and pool maintenance.
Do I need to be a resident to buy a property in Tenerife?
Not at all. However, if you wish to make Tenerife your home, you will need to obtain residencia. This is a very simple procedure, which can be arranged for you if required.