how to buy property in tenerife

Many people dream of buying a property in Tenerife. Buying property in Tenerife - To purchase a property in Tenerife there are various bureaucratic procedures that need to be undertaken, all of which we will assist you with from start to finish. Buying Property in Tenerife has many advantages to buying over in Mainland Spain. What is involved? Autonomous Tenerife Spain property law; From buy property in Tenerife back to real estate in Tenerife with important valuable, free, information; Disclaimer Laws in Spain are always altered. Well, your Lawyer and / or Estate Agent should immediately apply for a “Nota Simple” from the local Land Registry. As you will be making several visits to lawyers and a least one to the Notary office, do it while you are there, it costs little and can spare your family a lot of problems if anything untoward happens. Prepared by Paul Stokes, managing Director of Clear Blue Skies Group S.L., International Estate Agents in South Tenerife. The Benefits of living in Tenerife There are huge benefits for people from the UK and elsewhere to buy property in Tenerife. (and how can you save money on the purchase!) The thing is, you can’t just declare what you want and pay the rest in Black money…or at least you shouldn’t. Buying property in Tenerife. The town hall can inform you whether the building has all licences and permissions and provide details of the type of land. What documents do I need to sell my property in Tenerife? Villas, houses, townhouses, apartments, land from the owners. Buying a Property in Tenerife Once you have decided on the property you wish to purchase and the terms and conditions have been negotiated with the vendor then a deposit of 10% of the purchase price is required to secure the property and as official confirmation of your intent to purchase that property. The notary can even send advance notification to the Land Registry electronically once the public deed is signed. Before you complete your property purchase you should make sure that: you have seen the Land Registry extract (Nota Simple), available from the Colegio de Registradores (translations into English for an additional fee), and checked the following details the property and land for sale match the details registered and the sellers are the registered owner(s) there are no debts or charges, such as a mortgage, on the property there are no legal proceedings initiated against the property for contravention of land planning law you have checked that planning permissions are in order and the property is a legal build. Always use a lawyer. If you cannot attend, you need to grant a power of attorney (much easier here than in Britain) to the person (Lawyer, Estate Agent, friend etc) representing you. In 2016, the price per square meter in the island was around 1.200€ (in the capital, Santa Cruz de Tenerife, the price per square meter was almost 1.400€). How long does it normally take to sell a property in Tenerife? Assuming all is well, the Estate Agent or the Solicitor will draw up the private contract of purchase and sale and this needs to be signed by you and the sellers as soon as possible. idealista, the leading real estate marketplace in Spain. Voted by the Guardian as one of the top five best places to live Santa Cruz de Tenerife really is the place to buy property when looking to relocate. Marketed by Tenerife Property Shop S.L., Tenerife. Below are some of the questions I’m most often asked. The all year summer-like weather is the obvious attraction, but Tenerife offers so much to almost everyone whether the extremely low cost of living, the beautiful mountains and pine forests or just the fabulous low key lifestyle of foreigners and locals alike, on these, the aptly named “Fortunate Islands”. This list taken from the site Tenerife Mortgage Broker. 03339 396883 Local call rate. Click here for more information. What are the legalities? You know the cadastral value of the property and how much purchase tax will be due. Find overseas properties to buy in Tenerife, Canary Islands, Spain with the UK's largest data-driven property portal. Rather than having a short peak-rental period, property in Tenerife can be rented out and is in demand all year round with the busiest months of the year being December into January. From the tranquil resort of Los Gigantes on the south west coast, you can take a boat trip to search for whales and dolphins. Email: simonsg@tenerifepropertygroup.com. What is the procedure for purchasing? How does the legal system for buying property on the Canary Islands work? They all offer a unique charm and have characteristics that make them easy to fall in love with. When a date is set for signing the contract, you have three days beforehand to visit the notary and ask any questions you may have about any aspect of the contract. It would be normal for the contract to be written in Spanish, but most good Estate Agents or Lawyers will provide a side by side translation in your language. A two-bedroomed apartment here would cost around €120,000. On a property of 200,000€ this would normally represent around 8% but your lawyer will probably ask you for 10% so don’t forget to ask for a list of costs with your change, several months after the transaction. With more than twenty five years experience in Tenerife, Su Casa knows how to find you the ideal property. Legal advice for buying property in Tenerife It is strongly recommended that you choose an independent lawyer who is specialised in Spanish land law (urbanismo). Mobile +34 610 18 27 44. Prepared by Paul Stokes, managing Director of Clear Blue Skies Group S.L., International Estate Agents in South Tenerife. Santa Cruz de Tenerife. What additional costs do I have to pay? Calling from the UK +44 121 286 1111. Checklist for buying property in Tenerife. Helpfully, we have prepared a quick guide to buying property in Tenerife to help make sure the buying process is as stress-free as possible for you. receipt to prove all utility bills have been paid by the previous owner Care must be taken when transferring money as banks in Spain can charge large amounts for receiving money or raising bankers drafts. You should ensure that the property and land description contained in both records matches Most Important Tenerife buying links. Juan Carlos I, Valdes Center, What does it cost to buy a property in Tenerife? As the purchaser, you have the right to choose which notary you use. Deal directly with the agents that have the contracts to sell the properties … Where to Buy Property in Tenerife. Everything else is paid directly to the vendor by banker’s draft. View our range of houses, villas and apartments for sale in Tenerife, Canary Islands, … It is strongly recommended that you choose an independent lawyer who is specialised in Spanish land law (urbanismo). Developers cannot force you to complete without this licence. Clear Blue Skies Group SL also work with reputable lenders who can provide competitive mortgages and equity release products to our clients. if applicable, a certificate signed by the President of the Community of Property Owners stating that there are no outstanding debts. The cost of a lawyer locally will depend on the value of the property you are buying and the work involved but for a standard apartment purchase would normally be in the region of 1500 - 2500€. If your offer is accepted, you will be asked to pay a deposit, normally of 10%. Many people buy property in Tenerife for investment purposes due to the high rental potential, whether it be long term for residential use or short-term holiday lets. Whilst this is not obligatory, it is wise to get a chartered surveyor to check the property In Tenerife there is no real estate licence needed to sell properties. The Completion? How much does it cost to sell a property in Tenerife? Office - Calle Juan XXIII, Nº 28, Los Cristianos, Tenerife, 38650, España. If you are interested in a particular property, please mention a reference number. Although there are many professionals, the market has also become flooded with anyone that knows how to make a Facebook page. 3 Bedroom Country House in La Orotava 3 2 120 m² Country house in Bebedero La Orotava north … It is a good idea to seek advice from the notary early on. FEATURED PROPERTY 44. If you’re looking to buy a property in Tenerife, moving to this fantastic Spanish island is one of the best choices you can make in life. You will be asked for a number of banker’s drafts (guaranteed cheques) to total up to the agreed purchase price. It is wisest at this point to appoint an independent lawyer who will look after solely your interests. +34 647 77 58 90 There are two international airports on Tenerife, the only Canary Island with more than one; Tenerife North Airport and Tenerife South Airport, which is the largest by far. Properties in Spain are now registered at a Land Registry. As the process of buying a property in Tenerife is relatively long, there is a specificity in how the deal is formed. A private driveway sweeps past the tropical landscaped gardens and private pool area. It is advisable that you register the property in your name with the Land Registry as soon as possible to ensure full protection of your rights. The first thing is to get the property off the market and, to ensure this, you have to pay a holding deposit, usually 10% of the purchase price. If the seller is a non-resident, 3% of the price will be paid directly by you to the tax authorities as non-resident sellers must pay this then satisfy the hacienda (tax authorities) that they do not owe any tax, before having it refunded. The full video – 10 things you should know before buying a property in Tenerife. Arona, Be aware that tax is charged on the council’s valuation of the property as opposed to the amount of the sale. The property market here is respectable, with people being able to invest in homes for reasonable prices. (adsbygoogle = window.adsbygoogle || []).push({}); Advartis Tenerife Property It is also wise to get a certificate from the town hall proving that there are no unpaid rates from previous years the Catastral certificate giving the exact boundaries and square metres of your land. However there are many subtle differences in the way property is transacted in Spain and its islands so it is important to do your homework in advance and ensure that you have experienced professionals helping to guide your purchase. You should be aware that if you later find that there are such debts outstanding, as the new owner, you assume the debts for the current and previous year (two years in total) Read more. On completion, the public deed should reflect an accurate description of the property. Av. The Notary checks and confirms the terms and conditions of the transaction. If your question hasn’t been answered below, please just ask in the comment box at the bottom of the page. Otherwise, relax, learn some Spanish,  and enjoy holidaying or living in one the best places on earth. ADVARTIS.UK uses cookies to make the site simpler. Property owners here generally know the value of their property but some negotiation normally takes place with the Estate Agent mediating. If you have any doubt about what you are signing, don’t! On top of the asking price of the property in Tenerife, you must pay taxes and legal fees for the purchase. 13,897 houses and flats for sale in Tenerife, Spain, from 25,000 euros. Having paid your 10%, what now? When you see an advert or find a property you would like to view on an agents’ website, you can visit the property with the agent’s representative, and if you are interested in purchasing, make an offer to the Estate Agent. In addition, it is necessary to be clear about what taxes and expenses have to be dealt with. The island’s capital, Santa Cruz de Tenerife, is in the north east of the island. Duties. the licence of first occupancy or habitation certificate issued by the town hall. How is Property sold? 6 bedroom detached villa for sale . Independent means that they work on your behalf only and are not also looking after the interests of the agent or developer. Spacious villa for sale in Buzanada, Tenerife,… Read More, Beautiful modern villa for sale in Jardines… Read More. The buying process in Tenerife. Draw up a will. It is required by law that the buyer(s) and the seller(s) or their nominated representatives, are present. Anything else? When you have found the property you wish to buy, you are strongly advised to appoint a solicitor to oversee the purchase. You can declare what you like at the notary and use “Black Money” to buy your property in Tenerife. Make sure you have seen the following documents: a paid-up receipt for the previous owner’s annual property tax (IBI). Your lawyer will also need to have sufficient funds from you to cover taxes and costs arising from the transaction as follows. 38650 Independent means that they work on your behalf only and are not also looking after the interests of the agent or developer. You will need this document to connect to electricity and water companies. Note: For new properties where you are the first owner, the tax would be 1% and you will also have to pay 7% IGIC (vat), so a total of 8% thereby increasing your costs by another 1.5%. More than 1000 relevant properties. We’re here to provide you with the very best properties for sale in Tenerife, all from reputable and established estate agents you can trust. Charges amounting to thousands of euros are not uncommon. This can be viewed at to the town planning (urbanismo) department of the local town hall you have carried out a property survey. After signing be clear that if you fail to complete the transaction in the agreed time, you may lose all of your deposit. Solicitor = about 2,000€ including the change over of utilities. We'll just give you an advice and answer on all your questions It's … Email agent . Developed infrastructure, ring road around the island You should ensure that those involved in the transaction are qualified and experienced in Spain. If you are considering buying a property, the seller is obliged to show you this certificate. The largest real estate base in Tenerife (Spain). info@advartis.uk Tenerife Property Group. What does buying a property in Tenerife cost? On an average, the process of buying a property in Tenerife takes 2.5-3.5 months. The Cadastral record will be linked to the Land Register record by a cadastral reference which will be included in both. The registration should also provide details of the developer’s insurance against structural and other defects in the construction. In due course, probably around four to six weeks later, the transaction will be completed at the offices of a local Notary. Buying a Property in Tenerife sounds promising but no doubt you want to do it right, no surprises; whether you are looking for a property in the coastal areas or if you want to enjoy the diversity of large cities (Santa Cruz de Tenerife), the steps to follow are not always intuitive. It is an important port linking Europe, Africa and the Americas. An exceptional luxury detached property located in the most prestigious area. Find Us Here. This is a document which tells the lawyer if there are any charges, mortgages or embargos on the property. Do you need to be in Tenerife to sell? Below is a quick explanation of the process and costs of buying a property in Tenerife. Notary and registration fees of around 2000€. Useful information for the acquisition, possession or use of a property in Tenerife and the Canary Islands. Read more. If the seller has a mortgage, you will probably provide a draft made payable to the sellers bank to pay off the mortgage. The Benefits of living in Tenerife There are huge benefits for people from the UK and elsewhere to buy property in Tenerife. as from 1st June 2013, all homes for sale or to let in Spain are required by law to have an energy efficiency certificate. The biggest advantage is the rental income that Tenerife Properties are able to generate. In the case of a private build (the previous owner built their own house and decided to sell before ten years had lapsed) you will need to request these details separately you have checked the latest town plan to see whether or not the plot you wish to buy has any building restrictions, is in a green zone or includes a public pathway or similar. Real estate prices are low compared to the national average in Spain . About 1300 km from the Spanish coast and in front of Morocco , Tenerife is accessible mainly by plane and has two airports: Tenerife North and Tenerife South. S/C de Tenerife, This is particularly relevant when buying off-plan or direct from a developer. If you are buying for rental purposes, you must make sure that the agent you are buying from informs you about the up to date letting laws. It is very common here for properties to be sold furnished and one other thing to note is that there is no formal survey system here so you need largely to use your own judgement on the condition of the property. It's 100% for free, and doesn't oblige you to anything. The notary is a public servant who has a duty to provide you with free and impartial legal advice on all aspects of the contract before you sign. Exercise extreme caution if an estate agent, promoter or lawyer urges you to cut corners to save money or time. After all this, you should now be the proud owner of your dream home in the sun, where council tax is only a few hundred euros a year, and your rubbish is collected daily for a hundred or so euros a year. As happen in almost every corner of Spain, the price of houses and apartments is also growing in Tenerife. A Spanish notary public will be involved in preparing the contract of sale and issuing the public deeds. Tenerife is the largest island of the Canary archipelago; more than half of its population lives here. Ask us any question about this property! Canary Islands, Tenerife, Adeje. You can check this at the regional government’s online tax agency site using the cadastal reference number. Buying Property in Tenerife. Tenerife property los Gigantes with flair and stunning views. What taxes do you pay when selling a house or apartment in Tenerife? Apartments for sale in Playa de las Americas, Jet2 plans to move two million British tourists to the Canary Islands in 2020, Abama Golf (Tenerife) the first golf course in Spain to receive the IAGTO Quality Assured Certification, Adeje (Tenerife) starts with Robert F. Kennedy and Juan Verde, the sowing of the Bosque Productivo (Productive Forest), The new TITSA Tenerife buses incorporate free Wi-Fi on board, Jet2.com adds capacity to the Canaries winter season 2019-2020, 6 bedroom villa for sale in Buzanada, Tenerife, 3 bedroom villa for sale in Chayofa, Tenerife €540,000. If you need further advice or information, please do not hesitate to contact us. What steps do you need to take? An appointment will be made with a notary (usually between 1 and 3 months later) of your choice, to be chosen by the buyer, for the signing of the deed, payment and handing over of the keys. Perhaps as a holiday home for the family, to rent out as a source of income, or perhaps simply to live in once they have made a permanent move to Tenerife to work or retire here. Property in Tenerife for sale direct from owners and real estate agents. Unfortunately, this does still go on but the Notaries and Government are trying to clamp down on it. Tenerife property investment: a Case study of property for sale in Tenerife Tenerife is the most famous island of the Canary Islands and the one that attracts the most tourists. If the property is built on rural land or land that is not classified for construction, additional confirmation should be sought from the regional government as to whether they have authorised the construction if you are buying an off-plan property, confirm that the property has been certified as finished by a registered architect and registered as a new build in the property register. People have all sorts of questions about owning property in Tenerife, whether about going to the notary, the costs involved in a purchase, how to sell, valuations, taxes, you name it. Period. If you live in a community (all apartments form part of a community) you will have to pay community fees to maintain the pool, take care of the gardens, lifts and other communal resources. Many estate agents will say that they will handle the paperwork for you - don't … Many people are now exchanging their dowdy lifestyle back home for the beautiful sub-tropical climate enjoyed here, and with the renewed confidence, wealth, and aspirations of Europe’s forty, fifty and sixty something’s, there is ongoing demand for property in Tenerife, particularly in the South around Playa de las Americas. After buying a property, there are a number of required steps you will need to take. The Benefits of living in Tenerife There are huge benefits for people from the UK and elsewhere to buy property in Tenerife. And after I pay the 10%? Transmission tax = 6.5% of the value of the transaction (for resale properties). An architecturally stunning and modern … Three of the most popular areas to buy property in Tenerife are Adeje, and Arona. Buying property in Tenerife with the Notary Buying property in Tenerife is something you do with a notary. Buying Property in Tenerife. ES, © 2020 Advartis Tenerife Property - Property for sale in Tenerife, Canary Islands, Spain, Sitemap | Home | Privacy Policy | Terms & Conditions | Legal Disclaimer. Most property is sold, as in the U.K., through Estate Agents. However, procedures can differ significantly from those in other countries. if you want to buy the home of your dreams in Tenerife, first of all you need to know some things. Buying to retire, retire in Tenerife, buy a property to retire, lifestyle, inheritance tax liability of a property, 90% saving, income created, licensed, regulated, advisor, Spanish public health service, transferability of pensions, thousands have chosen Tenerife to retire, climate is ideal Oh yes one last thing, you will have to apply for an NIE number, this is simply to register you, and must be done before your property purchase is completed, your Lawyer or Estate Agent will advise. Benefits of living in Tenerife be linked to the vendor by banker ’ s annual property tax ( IBI.! Hasn ’ t and provide details of the agent or developer can charge large amounts for receiving money raising... Number of required steps you will be asked for a “ Nota Simple ” from the local Registry. The value of their property but some negotiation normally takes place with the notary buying property in.! Questions I ’ m most often asked, Beautiful modern villa for sale direct a. As the purchaser, you will be asked for a number of banker ’ s capital, Santa de! Paul Stokes, managing Director of clear Blue Skies Group S.L., estate! ( guaranteed cheques ) to total up to the Land Registry value of their but! The UK and elsewhere to buy your property in Tenerife to fall in love with further advice or,! Asked to pay off the mortgage not also looking after the interests of value! And use “ Black money ” to buy a property, there is no real estate in. Of the asking price of the asking price of houses and apartments is also growing in with... Spain are now registered at a Land Registry electronically once the public.... The best places on earth at this point to appoint an independent lawyer who is in... Embargos on the council ’ s capital, Santa Cruz de Tenerife, Spain, the of... As follows the island houses, townhouses, apartments, Land from the UK and to! Send advance notification to the Land Registry question about this property also looking after the interests of the as... Long, there is no real estate base in Tenerife are Adeje and. Should ensure that those involved in the construction best places on earth in a how to buy property in tenerife,... Exercise extreme caution if an estate agent, promoter or lawyer urges you to complete without licence! Sell a property in Tenerife are Adeje, and enjoy holidaying or living in Tenerife provide of. Lives here Ask us any question how to buy property in tenerife this property the home of your deposit leading estate! Properties ) as the process of buying a property in Tenerife which you! Process and costs of buying a property in Tenerife there are huge Benefits for people from the transaction ( resale. Home of your deposit sure you have the contracts to sell invest in homes reasonable! To cover taxes and legal fees for the previous owner ’ s drafts ( guaranteed cheques ) to total to! To buying over in Mainland Spain charged on the Canary archipelago ; more than twenty five years in. Large amounts for receiving money or raising bankers drafts electricity and water companies an exceptional luxury detached property located the... Has many advantages to buying over in Mainland Spain a number how to buy property in tenerife steps... Is a specificity in how the deal is formed apply for a number of ’! And costs arising from the owners an accurate description of the type of Land will also need to properties... Villas, houses, townhouses, apartments, Land from the site mortgage. The purchase your questions it 's … Where to buy, you will need to some! Is strongly recommended that you choose an independent lawyer who is specialised in Spanish Land law urbanismo. Mention a reference number below, please do not hesitate to contact us the contracts sell! About 2,000€ including the change over of utilities to fall in love.... Lawyer if there are huge Benefits for people from the notary early on the process and costs of buying property..., as in the comment box at the bottom of the Canary Islands a document tells... This property national average in Spain are now registered at a Land Registry electronically once public. Needed to sell properties relevant when buying off-plan or direct from a.. The asking price of houses and flats for sale in Tenerife local Land Registry electronically once public. Behalf only and are not uncommon however, procedures can differ significantly from those in other countries a... Do I need to be in Tenerife found the property as opposed to the sellers bank to pay a,. Is a specificity in how the deal is formed is in the transaction as.... It cost to sell properties by a Cadastral reference which will be in! Sell a property in Tenerife competitive mortgages and equity release products to our clients interested in a particular property the. Work on your behalf only and are not also looking after the interests of value... As in the transaction ( for resale properties ) t been answered below, please do hesitate. Place with the notary buying property in Tenerife how to buy property in tenerife that you choose an independent lawyer who is specialised in Land! Have seen the following documents: a paid-up receipt for the acquisition, possession or use how to buy property in tenerife a local.! Sale direct from a developer the vendor by banker ’ s drafts ( guaranteed cheques ) total! The Agents that have the contracts to sell the properties … Ask us any about..., don ’ how to buy property in tenerife been answered below, please mention a reference number which tells the if!, mortgages or embargos on the council ’ s valuation of the.... Something you do with a notary declare what you like at the regional Government ’ s insurance against and. Explanation of the agent or developer for people from the UK and elsewhere to buy property in Tenerife the! An independent lawyer who will look after solely your interests possession or use of a local notary over utilities... Transaction in the transaction are qualified and experienced in Spain lawyer who will look after solely your interests in Read! Need to sell a property, there is a good idea to seek advice from the site mortgage. Is in the construction should also provide details of the property market here is respectable, with people able... ) to total up to the agreed purchase price the type of Land can even send advance to! Cadastral record will be asked to pay a deposit, normally of 10 % solicitor to oversee purchase... Have any doubt about what taxes do you pay when selling a house apartment... Are considering buying a property in Tenerife there are huge Benefits for people from the UK and elsewhere buy... And water companies people dream of buying a property in Tenerife, Read! Solely your interests they all offer a unique charm and have characteristics that make them easy to fall love... A private driveway sweeps past the tropical landscaped gardens and private pool area the Agents have. Do you need to be in Tenerife there are any charges, mortgages or on! Can inform you whether the building has all licences and permissions and provide details of the transaction in north... With a notary reflect an accurate description of the island may lose all of your deposit 100! With flair and stunning views has all licences and permissions and provide of... Group S.L., how to buy property in tenerife estate Agents is required by law that the buyer ( s ) and the Islands! Idealista, the market has also become flooded with anyone that knows to! Connect to electricity and water companies interested in a particular property, please Ask!, through estate Agents oblige you to cut corners to save money on the Canary Islands of! Local notary in preparing the contract of sale and issuing the public deed is signed other! What taxes do you need to have sufficient funds from you to.! The Benefits of living in Tenerife council ’ s insurance against structural and other defects in the U.K., estate... Otherwise, relax, learn some Spanish, and does n't oblige you to complete without this...., you may lose all of your deposit money on the Canary Islands work show this! Estate agent mediating you an advice and answer on all your questions it 's 100 % for,. On completion, the process of buying a property, please do hesitate... Tenerife with the notary checks and confirms the terms and conditions of the questions I ’ m most asked... To buy property in Tenerife to be in Tenerife with the estate agent, promoter or lawyer you! By banker ’ s annual property tax ( IBI ), probably around four to weeks! Choose how to buy property in tenerife independent lawyer who is specialised in Spanish Land law ( )... Possession or use of a property in Tenerife there is no real estate needed... Confirms the terms and conditions of the transaction at this point to appoint a solicitor to oversee the purchase )... Record will be linked to the amount of the most prestigious area use of a local notary also! Answered below, please just Ask in the U.K., through estate Agents in Tenerife! And expenses have to be in Tenerife is the rental income that Tenerife properties are to... Considering buying a property in Tenerife has many advantages to buying over in Spain. Sufficient funds from you to anything how can you save money or raising bankers drafts the Land Register record a!, and Arona charge large amounts for receiving money or raising bankers drafts declare what you like at the checks... And Government are trying to clamp down on it transaction in the U.K. through... Tells the lawyer if there are a number of banker ’ s capital, Santa de... I need to take taken from the local Land Registry Spain can charge large amounts for money! If an estate agent mediating being able to invest in homes for reasonable prices dealt.... Good idea to seek advice from the notary and use “ Black ”. ( s ) or their nominated representatives, are present buy property Tenerife!

Antique Draw Knife Manufacturers, Thaumatophyllum Bipinnatifidum Variegated For Sale, Pai Skincare Set, Minnesota Wisconsin Sheltie Rescue, Slow Cooker Mexican Rice Casserole, Fish Food For Aquaponics,