Tenerife property for sale with Ocean Breeze Properties, Fañabe

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Buying Property in Tenerife

Buying property in Tenerife, is much the same as in the UK, the main difference is that the signing of the purchase deed ("escritura") must be witnessed by a Notary Public ("Notario"). The first thing you will need before purchasing a property is an NIE number (Number of Identification for foreigners) which is essential for any financial dealing you have. Also you will need to set up a bank account, this is a simple process and we will be happy to help you with this.

Appointing a Solicitor

We recommend you hire an independent solicitor who can help you with obtaining your NIE number whilst preparing all the necessary paperwork. The NIE number can take anything from 1-5 weeks and we strongly recommend that you apply for one as soon as you arrive in Tenerife even prior to finding your property.

Paying a deposit

When you do find your property you will need to secure it with a deposit of normally 10% for a re-sale property, rising to 25% for a new development direct from the constructors. Contracts will then need to be drawn up.

The Purchase Transaction

For these transactions, the most important document is the purchase deed ("escritura"). Before you sign it, all the receipts and necessary paperwork have to be checked to see that there are no debts outstanding on the property. Your appointed solicitor will carry out the necessary searches and obtain the following documents:-

  • "Nota Simple" (clearing data from the registration office)

  • Checking that all IBI (local council rates) have been fully paid and up to date

  • Collecting the most recent electricity and water receipts signed and approved by the President of the community where you are buying

  • Obtaining a copy of the Deeds ("escritura")

You will need all the originals of these documents on the day of completion at the Notary office. The Notary will refuse to sign the deeds if any of these documents are missing.

Taxes and other costs

There are naturally other costs associated with buying property in Tenerife. In total we recommend you budget approximately an additional 10% for taxes and fees. These are as follows:-

  • Notary Public fees

  • Property Register fees

  • Administrative Agency fees

  • Taxes, Local Capital Gains. According to Law, this is paid by the seller.