When purchasing a property in Tenerife there are additional buying costs to consider and these are as follows:
It is advisable to carry out a number of searches prior to purchasing a property in Tenerife to ascertain if there are any debts or charges outstanding on the property
On the purchase of a second-hand property this amounts to 6.5% of the declared sales price and is payable within 30 days of the signature of the title deed. On the purchase of a new property this is 5% and is payable in stage payments as the property is being constructed.
Payable to the Notary Public on signature of the title deed.
Payable to the land registry office upon registration of the title deed.
Plus Valia Tax
Payable to the local Town Hall after signature of the title deed.
As registered agents we can attend to all these and other matters associated with the purchase of a property in Tenerife, including:
- Setting up a bank account.
- Obtaining NIE numbers.
- Dealing with all paperwork in respect of electricity, community charges, water, rates etc.
- Advising on yearly tax obligations.
If you are buying or selling whether through an agent or privately and require any assistance or advice with any of the legal formalities, please contact us and we will be pleased to quote for our services.