Purchase process

The idea of purchasing a property in the Canary Islands may seem daunting at first, but we are here to assist you every step of the way, with our knowledge, experience and expertise.


When searching for a property you will first begin by viewing various options that we have shortlisted for you according to your requirements and budget.  


Once we find the property that you are interested in purchasing and you have reached an agreement on the purchase price, then the next step will be to pay a reservation deposit in order to take the property off the market, until the point that the contract of Purchase and Sale is signed.  

 

This can be paid in cash or by bank transfer and is usually around 3.000 Euros.  This gives the agency time to carry out initial searches on the property at the Land Registry and to prepare the purchase and sales contract.  


At this point we will assist you in opening a Spanish Bank Account, and also to obtain the NIE number required by law in order to purchase a property.


The next step is to sign the purchase contract and pay the 10% deposit.  This is often done upon your return to your home country, given that the 10% of funds is not always available when you are over in Tenerife.  Once the deposit is paid and the contract is signed, then both buyer and seller are committed to the stipulations in the contract, and if either one pulls out of the deal, they stand to lose 10% of the purchase price.  In this way, once the contract is signed and the deposit paid, then the purchase is very certain to go ahead.


The next stage is to organize an agreed Notary date in order to complete on the sale.  If, for any reason the buyer cannot be present in order to sign for the property, we can also organize for a Power of Attorney to be given to us or your legal representative, in order to attend the Notary and sign for the property on your behalf.  We will assist you every step of the way with the payment for the property whether it be by bank transfer or bankers draft.  


You will get the keys to your property on the day that you sign!  If you cannot attend, we will inspect the property for you and keep the keys safe until you are next in Tenerife.  


The final stage is to collect the original Title Deed Document and all your receipts for the Notary costs and taxes.

 

This can be done by appointment in our offices from approximately 45 days after the completion of the sale and completes the purchase process.