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John van de Vrande:  (+34) 636 191 380 Email: info@tucasatenerife.com

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The process when buying a property in Tenerife

What should the real estate agent check  before the transfer?

The broker is looking out for those who buy the legal status of the property, the identity of the sellers, marital status and conditions and whether they have the legal status to sell. This check they ask to register the extract, called "copia simple", an up-to-date excerpt from one page with the details of the owners, mortgages and other debts and expenses.

In addition, check the broker or all the bills are paid, such as real estate taxes: the Impuestos the Bienes Inmeubles, electricity bills, water, waste, and as an association of owners is a declaration by the administrator that there is no open unpaid bills .

Furthermore, the broker checks the legality of the buildings and that the number of square meters corresponds to what is actually in the "escritura" position, both the number of meters in the buildings of the property, if applicable. If this is not correct, the owner must be a technical architect or surveyor who registers the meters so that come in the new escritura and thus legalized and up-to-date.

 

N.I.E. number

The first thing you need to buy a house in Spain, an NIE number. Because without NIE in Spain you can have a home in your name. NIE (Numero de Identidad the Extranjero) is a tax number that the Immigration Service will give you when you stay request.

MORE INFO ABOUT THE REQUESTS YOUR NIE NUMBER

 

An bank account at a Spanish bank

To purchase a property, you must open an account at a Spanish bank. If you want to emigrate and so resident and also going to pay tax in Spain, you must open a resident account. If you keep your address in England, you must open a non-resident account.

The money you need for buying this home, you can transfer with a SWIFT number you from English bank. You must then ask you Spanish IBAN number. You would do well to be up to € 25 000 several times over. This keeps the cost of the transfer lower.

MORE INFO ABOUT OPENING A BANK ACCOUNT

 

Preliminary contract for a home;

The preliminary contract is a private agreement between the seller and the buyer. In this preliminary contract, which is drawn up by a lawyer or the real estate agent you can find the following:

• Names of the seller, their passport numbers, DNI or NIE, address and mariage status.

• Names of buyer, their passport numbers, DNI or NIE, address and marital status.

• Registry information and address, and description of the property

• Amount of deposit, usually 10% of the purchase price and when and how satisfied.

• Purchases of property.

• Deadline for the deed.

• That the property is sold free of charges, loans, mortgages and tenants.

• There are no arrears of payment

• Who pays the notary, tax and Plusvalia

• The legal district in the event of a dispute in the future

• The date of signature

 

Spanish notary

The broker makes for you before the stated deadline has passed an appointment at the notary. The notary will take you:

your passport

• Your NIE

• A certificate from the bank indicating that the source of all payments.

• The bank checks for payment and possibly cash

In the preliminary sales contract is also indicated for whom the costs. Usually go on a cost buyer and that means that the buyer pays the notary. The fees of the notary are legally established by the College of Notaries and vary not. You do not notary to pay cash. He will usually sign a permission which will be debited from your account fees charged by him.

The buyer pays the transfer tax. In Spain, the Impuestos sobre Trans Patrimoniales (ITP) The seller pays rule the Plusvalia, a property tax on the increased value of the land which pays the seller after the transfer as a final settlement to the municipality. The agency assists the seller in this payment and check that this is done because if the seller does not do the new owner is liable to pay this.

The total cost of the transfer can be read here PURCHASE COSTS

The staff at the notary office prepares the "borrador" for the escritura in draft. The broker checks this and possibly log on as a translator. If everything is in order, the real escritura on official notarial paper expressed and comes within the notary to read this, and then it is signed by both parties, the notary and possibly the translator.

 

Copia Simple

If you walk out the door and signed the deed at the notary, you are the proud owner of a beautiful house in Tenerife. The previous owner has handed you the keys and you can enjoy your new property. You have a "copia simple" by the notary, this is a copy of the escritura, the deed. The notary transfer of ownership now report to the registry so that there is the property in your name is written within two months.

 

WE HELP YOU WITH ALL THESE STEPS !!



 

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The prices you find on this web always include the commission of our agency. We never charge any additional or “hidden” commissions on top of that. Apart from the property price the buyer will only pay the taxes and the notary expenses that round up to 8% of the value declared in the title deed.