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Buying in Spain and Tenerife
Spain and Canary Islands Purchase Process
Once you have decided on a property you will need to put an offer in to see if it is accepted.
Please find our simplified purchase process information below.
- Offer accepted – Once your offer has been accepted you will need to place a 10% deposit into a client account. At this point you will need to appoint a local lawyer.
- Nota Simple – Having paid your deposit your lawyer should immediately apply for “Nota Simple” from the local town hall which tells the lawyer if there are any charges, mortgages or embargos against the property.
- Purchase Agreement – Suffice to say that your lawyer is happy he will then draw up a purchase and sale agreement to be signed by both you and the seller. Only Spanish language contracts are valid in Spanish law.
- Completion – In between 4-6 weeks the transaction will be ready to complete at the offices of the local notary. If you do not plan to attend then you need to grant power of attorney to the person representing you. At this point you will be asked for a number banker’s drafts to total up the agreed purchase price. You will also be required to settle all monies due for taxes and transaction costs and after that is complete you will then be the new owner of the home.
For more detailed information on buying in Spain and the Canary Islands, contact us.