The Process of Buying a Property in Tenerife

The process of buying property in Tenerife begins with the choice of a real estate agency . The real estate market in Tenerife is full of real estate services. How to choose the most reliable and qualified partner for such an important task as buying property in Tenerife? A real estate agency must meet the following requirements:

1. Professional training for work in Spain (specifically in Tenerife), knowledge of local legislation and knowledge of Spanish. Must have a specialist diploma.
2. Legal support with the opportunity to consult with a lawyer or notary. More details about expenses and taxes on the purchase in the article 'Costs and taxes on the purchase of real estate in Tenerife.'
3. Experience with banks, namely in obtaining mortgages and opening accounts on favorable terms.
4. Properly designed and regularly updated by new sites.
5. Competitive prices and a wide range of offers and services.

Excellent! You have found a partner to help you buy and arrange property in Tenerife. Further it is very important to understand, what exactly are you looking for :

• apartment, studio, villa, townhouse, duplex, etc.
• number of bedrooms
• location, remoteness from the ocean, etc.
• determine the budget for the purchase and consider the possibility of requesting a mortgage
• your personal preferences

Once you have decided which property to buy on Tenerife, you can begin to select an object , perhaps the most important part of the process. Be prepared that this is real work and focus all your attention on this important matter. All the charms of the island will not go anywhere from you. Real estate agency should prepare for you at least 4-6 views per day. We strongly recommend that you make notes after each viewing, since for 3-4 days all information will be mixed up in your head and as a result, you will make the wrong choice. A realtor is required to provide you with a sheet with information about each object viewed or send it by mail. As the saying goes, 'Everything is relative.' After reviewing a sufficient number of objects, you can begin to analyze and select your favorite property.

Your dream home is selected. The next step is opening a bank account number . The agent must give you full information on the contents of the account and the rules for working with the bank in the future. It is especially important to consider the point that you may need a mortgage. You can read more about mortgages in our article 'Mortgages in Spain'. For the free transfer of funds to your Spanish account, it is imperative to provide the bank with a declaration of income and a certificate of employment. Otherwise, the money may not be credited to your account. To control your account you will have online access, you can also order a debit card if you wish.

The object has been selected, the bank account has been opened, it is time to sign 'Advance agreement' , after which the property you have chosen is withdrawn from sale. Before this, it is necessary for the real estate agency to check the object for burdens, debts and confirm the amount of the utility bill. The amount of the advance, as a rule, is 10% of the value of the property, and the term of the advance agreement is up to 3 months, so that you have enough time to transfer funds and / or obtain a mortgage.

It is worth paying attention to the issue of Agent Powers of Attorney . This document is a normal practice in Tenerife. Not everyone has time to travel there and back. You can write a Special Power of Attorney (for part of the actions) or for all actions related to the purchase. Do not write out a General Power of Attorney to avoid abuse. The power of attorney must be written out for specific actions: opening an account, obtaining a foreigner's number, signing a deed of purchase, etc.

The last step before signing is getting N.I. (alien identification number) or in Spanish N.I.E. The realtor will prepare the necessary package of documents and with you or by proxy from you will go to the Commissariat to obtain a number. The document itself is valid for three months, but the received number is assigned to you forever and in the future can become your residence number. You can read about obtaining a residence permit without the right to work here.

Well, you are ready for the crucial moment, namely, signing the main official document with the notary public - Deed of purchase (Escritura Publica) , which is then assigned its own registration number of the record, sheet , volumes for registering it in the register of ownership. If you also requested a mortgage loan, then a representative from the bank will be present at the signing to sign the mortgage agreement. The signing also takes place the latest financial settlements. Payment is usually made through a bank check, a less popular method through bank transfer, which is not so safe, since in the case of a bank check for signing it is easier to refuse the transaction in case of new circumstances.

After 2-3 weeks, our company will order for you an extract from the Property Register , where you will be listed as property owners in Tenerife!

After signing, our Real Estate Agency will help you re-register in your name and bind to your account number: utility bills, electricity and water, annual property tax, municipal garbage collection quota, etc. For more information about the costs of maintaining real estate in Tenerife, see the article 'Costs of maintaining real estate in Tenerife.' We will also be happy to help you with home furnishings, satellite or Internet TV and will offer you our team of specialists in large and small repairs.

If you wish, you can give us your rental housing for operation. The correct delivery of your property will help you recover part of the costs of maintenance.

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